Similar to having a legal address that determines where you can vote and available school districts, a bank account on an investing platform is linked to your identity. The government requires that all funds under an investment account be returned and deposited from the legal owner of that account. For a custodial account on Bloom, this means the bank account must share the same legal name as either the teen or the parent.
Here are the steps to request a bank change! Please note that you can only have one bank account connected at a time, and the accounts should only be switched when necessary (ex, closed bank account or connected invalid one).
How to Change Banks
Navigate to Settings > Funding. Here you will see your existing bank. Then click "Change Bank" below it.
Statement
You will be asked to provide a statement to verify ownership over the bank. This is required for changing banks as we are not allowed to move funds from one bank to another without identity verification.
Any document that shows your legal name, and legal address (needs to match what you submitted to Bloom, routing # and account # works. The first page of a bank statement usually shows this information.