Linking Your Bank Account
Why do I need to link my bank account?
Linking your bank account allows you to add funds to your brokerage account and initiate automated trading.
Is Plaid secure?
Plaid is an intermediary service that connects your financial accounts to share financial information (account balance, account numbers, account transactions, etc.) with Composer. Plaid does this by using encrypted, protected tokens to shield your actual account information. Plaid’s network includes more than 11,000 financial institutions and financial applications, such as Chase, Bank of America, Robinhood, and Wells Fargo.
How long does it take for my funds to arrive in my brokerage account?
Deposits can take up to 24 hours to appear in your Buying Power.
Is my money secure?
Securities products and brokerage services are offered by Composer Securities LLC, a broker-dealer registered with the SEC and a member of FINRA / SIPC. Composer doesn’t hold your funds directly.
Composer has clearing agreements with Alpaca Securities and Apex Clearing. Alpaca Securities and Apex Clearing are our brokerage partners responsible for executing trades for Composer users and act as the custodians of funds deposited in their brokerage accounts.
Alpaca and Apex are members of SIPC, meaning securities in your account are protected up to $500,000, with a $250,000 limit for cash (details and more information can be found at sipc.org).
Can I transfer funds from my other brokerage account?
You can transfer assets from another brokerage via an ACAT transfer. If you wish to transfer an IRA, this can be done in your account by:
- Go to your Profile in the top right, then choose Account & Funding.
- Under Manage Accounts, select the arrow to the right of your IRA and choose Transfer from a brokerage.
If you wish to transfer an individual brokerage account, please contact our team at help@composer.trade, and we can assist with your account transfer.
Can I make recurring deposits into my Composer account?
Yes! Check out this article for details on how to start recurring deposits.
Can I connect multiple bank accounts?
We don’t currently support users having multiple bank accounts or payments.