Linking Bank Accounts: A Guide

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What Are Linked Bank Accounts?
How to Link Bank Accounts
How to Link Bank Accounts From the Same Bank
How to Link Bank Accounts From Different Banks
Pros and Cons of Linking Bank Accounts
Pros of Linked Bank Accounts
Linking accounts at the same bank allows you to get a consolidated statement, which provides a bird’s eye view of your banking information. Some banks offer incentives to link your accounts, such as free overdraft protection and/or no monthly fees. It makes it easier to make transfers between banks, and you may not have to pay for a wire transfer fee. It allows you to automate your savings by setting up a recurring monthly transfer from your checking account to your savings account.
Cons of Linked Bank Accounts
Depending on the bank, linking internal bank accounts and signing up for overdraft protection could result in overdraft fees. Third-party apps may not have the same built-in security features (such as multi-factor authentication) that banks have. Giving your bank information to a third party app could potentially leave it vulnerable to a data breach.
Is It Safe to Link Bank Accounts?
The Takeaway
Frequently Asked Questions
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About the Author
Chris Alexis has been putting pen to paper and fingertips to keyboard since his youth. He ultimately grew into an accomplished and award-winning writer who loves using the power of language to connect with audiences. He also strongly enjoys learning about who he is writing for so he can create something that will truly resonate with them. He has worked for a variety of companies, each of which have given him more experience and insight.
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