When linking your bank account using Plaid, you enable the ability to pull funds from that bank account directly into your Uphold account via the ACH network.
There are two ways to link your bank account via ACH. Depending on which you choose, you may be subject to a 65-day withdrawal restriction. You can get step by step guides to both processes here.
- The first is via Bank Credentials Authentication which does not entail a 65-day withdrawal restriction.
In this case, Plaid takes the account logins you provide, encrypts the financial data requested (such as an account balance), and then supplies it to Uphold with a secure connection. Plaid obscures your login data to protect you, only sharing the information required by Uphold to support the deposit request.
Funds deposited via ACH using Bank Credentials Authentication are instantly available to start trading and can be withdrawn once they are settled, after just 4-5 business days.
- The second is via Micro-Deposits Authentication which does entail a 65-day withdrawal restriction.
In this case you enter your bank account information, and wait up to two business days, after which time you’ll receive two small deposits (less than $1.00) in your bank account. You then enter the exact amounts of each of the deposits into the Uphold app. This confirms you own the bank account, but does not provide Uphold with any information, such as your account balance.
Funds deposited via ACH using Plaid Micro-Deposits Authentication are instantly available to start trading but are subject to the 65-day withdrawal restriction.
You can learn more about why we impose a 65-day withdrawal restriction in this circumstance here.