Scottrade Bank® FAQs
Opening & Funding an Account
Do I need to have a brokerage account before I can open an account with Scottrade Bank?
Yes. You must have an individual, joint, trust, Traditional IRA, Roth IRA or SEP IRA brokerage account with Scottrade, Inc. with at least $500 in equity before you are eligible to apply for a Scottrade Bank® account. In this instance, equity is defined as total brokerage account value minus recent brokerage deposits on hold.
Can I access my Scottrade Bank® account(s) from any of my Scottrade® brokerage accounts?
Your Scottrade Bank® account(s) will only be accessible when you are logged into the brokerage account you used to create your bank account(s).
Once I open a bank account, how much time do I have to fund the account?
You have 60 calendar days to deposit the initial $100 for checking, savings or money market accounts.* You have 10 calendar days to deposit the initial $500 for a certificate of deposit (CD) account.
How do I make deposits to my Scottrade Bank® account?
Hover over the Banking tab and click Transfer Funds. From this point you can move money from your brokerage account to your bank account or you can link an external account by clicking on the Manage External Accounts tab. You can also deposit checks into your Scottrade Bank® account by using the Mobile Check Deposit feature on the Scottrade Mobile® app.”
What is Scottrade Bank's routing number?
The routing number for Scottrade Bank is 081086674.
Should I use my bank or brokerage account number?
When making bank deposits, you must use the account number associated with your Scottrade Bank® account. For all brokerage deposits, use the account number associated with your brokerage account.
Why aren't my deposited funds available for immediate withdrawal?
A three-day hold will be placed on ACH deposit transactions initiated through Scottrade Bank’s online banking system but originating from external bank accounts. Transferred funds will not be available during the hold period while Scottrade Bank verifies the funds. During this time, your funds on hold will be calculated into the "current balance" of your account but they will not be included in your "available balance" for immediate withdrawal. Interest-eligible accounts will be credited interest based on the current balance of the account.
What if I withdraw funds from my Scottrade Bank® CD before the end of the CD's term?
If you choose to withdraw from your CD agreement before the CD reaches maturity, an early withdrawal penalty is assessed to your account based on the following scale:
- If your account has an original maturity of 90 days or less: The fee we may impose will equal seven days' interest on the amount withdrawn subject to penalty, not to exceed the interest earned.*
- If your account has an original maturity of 91 to 364 days: The fee we may impose will equal 90 days' interest on the amount withdrawn subject to penalty, not to exceed the interest earned.*
- If your account has an original maturity of 12 to 59 months: The fee we may impose will equal 180 days' interest on the amount withdrawn subject to penalty, not to exceed the interest earned.*
- If your account has an original maturity of 60 months or longer: The fee we may impose will equal 365 days' interest on the amount withdrawn subject to penalty, not to exceed the interest earned.*
*We may impose a penalty of 7 days' interest, on the amount withdrawn subject to penalty, if the withdrawal is made within the first 6 days after the deposit. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.
How do I add a joint account holder to my Scottrade Bank® checking account?
Joint account holders must be added at the time your Scottrade Bank® account is opened. To add another person later, you must open a new checking account, indicate joint ownership at the time the account is established, and then close your old account.
How do I add an external bank account?
You can register external accounts through your Scottrade Bank® account to establish online funds transfer capabilities. To learn how, read Add External Account in the Knowledge Center.
Is the interest rate fixed or flexible for Scottrade Bank® accounts?
The interest rate is variable and will fluctuate with market conditions for interest checking, savings and money market accounts.*
How long does it take to transfer funds and when will my transferred funds be available?
Please view the Funds Settlement Schedule in the Knowledge Center.
How much do checks cost? When will I receive my checks and deposit tickets?
Deluxe standard checks can be ordered for a discounted price by hovering over the Banking tab and clicking Order Checks. Checks will not be sent automatically when you open a Scottrade Bank® account. Your checks will arrive in 10-14 business days, however faster shipping options are available for an additional cost.
Can I use personal finance software to track Scottrade Bank® checking transactions?
If your financial software supports account data imported from Microsoft Excel, you will be able to use your personal software to track Scottrade Bank® checking transactions.
Online Bill Pay
How long does it take for a payment to reach one of my billers?
Payment time can vary by biller. Billers that accept electronic payments will generally receive your payment within two business days. If a biller only accepts paper-based payments, the transaction process can take up to four business days or longer in some instances. The Online Bill Pay system will automatically calculate and display the earliest available due date based on how the bill will be paid (by physical or electronic check).
What are e-bills?
E-bills are online bills that contain all the same information that you receive in your paper bill. You can use e-bills to view, print, pay or file your bills online. If you choose to receive email notification reminders within the Online Bill Pay system, you'll be notified if your account does not receive a bill at the expected interval.
How do I establish e-bills?
Billers that have established e-billing capability will display an option to register for e-bills through the Manage Your Bills section in Online Bill Pay. To retrieve your bill from the biller's website, you will be asked to provide the login information for your online account to your biller.
Scottrade Bank® ATM/Debit Cards
Will I receive an ATM/debit card?
You can elect to receive a Scottrade Bank® ATM/debit card when you fill out the online application to open a bank account. Scottrade Bank® ATM/debit cards are issued by MasterCard and can be used wherever MasterCard is accepted. To order a Scottrade Bank® ATM/debit card for an established account, please visit the Banking tab and click Manage ATM/Debit Card(s). You will be given the opportunity to order a new card.
What do I need to do before I can start using my Scottrade Bank® ATM/debit card?
Activate your card by calling the Scottrade Bank ® Telephone Banking line at 800.726.8872. Press option 1 for Scottrade Bank then option 6 to activate your card. If you open a joint account and select the option to receive an ATM/debit card, both account owners will receive a card. Once you have opened a bank account with a Scottrade Bank® ATM/debit card, other eligible Scottrade Bank® accounts can be linked to your original card. Simply visit the Manage ATM/Debit Card(s) page within the Banking tab to select the eligible accounts you would like to link to your card.
I haven't received my Scottrade Bank® ATM/debit card in the mail. What should I do?
Scottrade Bank® ATM/debit cards are mailed 10 to 14 days after your account is open. If you did not receive your card during this time frame, please contact Bank Support at 855.265.2265, or email@example.com.
Will I get multiple Scottrade Bank® ATM/debit cards for each account that I open?
Each account owner will receive their own Scottrade Bank® ATM/debit card. Note: Only one debit card will be issued per customer, not per account. With most ATMs, you will be able to access all of your Scottrade Bank® accounts using a single card. Older ATM models may only allow you to access your most liquid account.
How much can I withdraw daily from the ATM?
You can withdraw up to $1,020 daily from an ATM using your Scottrade Bank® ATM/debit card.
Is there a maximum amount of purchases I can make using my Scottrade Bank® ATM/debit card?
$2,500 is the daily maximum amount for point of sale (POS) transactions.
Are there countries where my ATM/debit cards cannot be used?
Due to security concerns, there are several countries around the world in which your Scottrade Bank® ATM/Debit Card cannot be used. Please contact Bank Support at 855.265.2265 to see if the country you are traveling to is on our prohibited list.
Federal law limits the number of certain withdrawals on any savings account or money market account to 6 per month. Withdrawals at ATMs are not subject to federal limits.
Scottrade Bank does not issue a charge for cash withdrawals made at any domestic ATM. We will refund cash withdrawal fees applied to your account by a domestic U.S. ATM at the end of each statement cycle. The rebate will appear as a lump-sum credit on the same statement that incurred the initial ATM fees. If you close your account before the end of the statement period, you will not receive a refund. Scottrade Bank makes its best effort to identify those ATM fees eligible for refund. In the event that you do not receive a refund, please contact Scottrade Bank® Support at 855.265.2265. We reserve the right to terminate or limit reimbursements if we observe a pattern of fraud or abusive overuse, and to modify or discontinue the ATM fee refund program at any time.