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Transferring cash with Autopilot

How do transfers work?

When you first turn on Autopilot, you set a maximum balance for your checking account or Cash Account.

Autopilot monitors your account continuously. When it detects that you’re over your maximum by at least $100, it will schedule a transfer of your excess cash to your Wealthfront account of choice. You can cancel the transfer in the 24 hours before the transfer is initiated.

 

What if my balance changes before my transfer is initiated?

Autopilot will check the balance of your Monitored Account one more time before initiating your transfer.

  • If your balance is the same, Autopilot will transfer the same amount.
  • If your balance has increased, Autopilot will not increase your transfer amount and will transfer the same amount. Autopilot follows this rule so you don’t transfer more than you’re comfortable with.
  • If your balance has decreased, Autopilot will only transfer the remaining excess cash (the minimum transfer is $100).
  • If Autopilot can’t connect with your Monitored Account, Autopilot will pause your transfer. Your transfer will be initiated only once Autopilot can make sure it won’t overdraft your account.

 

Can I use Autopilot if I have a recurring transfer set up?

Yes, Autopilot will detect recurring transfers from your Monitored Account to any Wealthfront Account. Autopilot won’t schedule a transfer if it sees that a recurring transfer will decrease your available balance below the maximum you set.

Keep in mind, Autopilot won’t be able to detect recurring transfers from your external checking account to other external accounts. To avoid an overdraft, we recommend setting your maximum balance to an amount that’s higher than all your monthly spending and withdrawals. Learn more about avoiding overdrafts

 

How is Autopilot different from recurring transfers?

With a recurring transfer, you always transfer the same amount at a regular cadence.

With Autopilot, you only transfer the excess cash you don’t need for bills, purchases, pocket change, and other savings destinations.

 

  Recurring transfer
Autopilot

What you control

You control the transfer amount and frequency

You control the amount of cash in your checking account

Pros

More certainty about the transfer amount and timing

More certainty about the amount in your checking account

More external protections against overdrafts

No cash drag (you’re maximizing your earnings)

Cons

You have to monitor your transfers to avoid overdrafts

More cash drag (you’re not maximizing your earnings)

You have to monitor your maximum balance to make sure you have enough cash for spending

 

 

How do I cancel a transfer or edit the amount?

Read this support article.

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Cash Account and Autopilot is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to institutions accepting and maintaining deposits. Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).

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