Using Plaid for Downpayment

[Rook-E]

Is using plaid similar to an ACH? Just wondering if I need to have my bank temporarily raise withdrawal limits? I am doing a large downpayment and don’t plan to pay until at the SC for pickup.

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[Gigahorse]

Is using plaid similar to an ACH? Just wondering if I need to have my bank temporarily raise withdrawal limits? I am doing a large downpayment and don’t plan to pay until at the SC for pickup.

Yes it is an outbound transfer so your bank will need to be notified and limit increase for the time window and for the purchase price.

 

[g7bupw9z]

What's the fee for using it?

 

[Guylouis]

Same as ACH

Quick & painless

 

[Rook-E]

What's the fee for using it?

I’m not sure, it’s the only option showing in the app for down payment, so I hope not.

 

[Rook-E]

Same as ACH

Quick & painless

Thanks!

 

[scohen2002]

It’s very easy it’s the same as if you were to give somebody your routing number and account number for a wire transfer. Plaid is a trusted service used by financial institutions. Just be aware that as soon as you configure and save, they will withdraw the funds. Which is fine if you have a delivery date and it’s coming up in the next few days. The app let me configure final payment and I did, and to my surprise they withdrew the money. I don’t have a Vin yet.

 

[Rook-E]

It’s very easy it’s the same as if you were to give somebody your routing number and account number for a wire transfer. Plaid is a trusted service used by financial institutions. Just be aware that as soon as you configure and save, they will withdraw the funds. Which is fine if you have a delivery date and it’s coming up in the next few days. The app let me configure final payment and I did, and to my surprise they withdrew the money. I don’t have a Vin yet.

That’s good information to know, thank you.

 

[cgladue]

does it let you do more then 1 Plaid Transaction ? i heard that Wealthfront has a 50k a day limit, so id need to do like 2 or 3 transactions

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