The most popular way of using Max is to link multiple funding accounts, such as any combination of your client’s existing brokerage, checking, and savings accounts, to an integrated free Max Checking account, which in turn links to two or more high-yield savings accounts. This way, funds can easily flow between financial institutions in search of the best yield.
Each Max Checking account has a unique ABA/routing number and account number so that it can be added as an external account at most custodians. Advisors can use Schwab MoneyLink®, Fidelity Electronic Funds Transfer (EFT), or whichever other process you typically use to link a client’s external account.
For the security of your clients, their Max Checking routing and account numbers are not shown on the Max Advisor Dashboard. Clients can look up their Max Checking routing and account number by logging into their Max Dashboard and clicking on “Checking” at the top of their screen. We suggest that you ask your client to share their Max Checking account number with you in a secure way.
If required by your custodian, a bank letter confirming that your client’s Max Checking account is in good standing can be used in lieu of a voided check or bank statement. To obtain such a letter, the client should call Customers Bank at 1-855-398-8159.
You can also help fund accounts for clients by sending a wire transfer to Max Checking, which is often the best option for larger deposits. Max Checking does not charge any fees to receive (or send) wire transfers. For more information on how clients can access their personal Max Checking wire instructions, refer to the article How do I add funds to my Max Checking account?
Note: If your client uses their existing checking account (such as Chase, Wells Fargo, etc.) instead of Max Checking to handle transfers between their savings accounts as rates change, you can simply move funds to your client’s checking account as you would in ordinary course and Max will then help your client reallocate these funds from checking to their higher-yielding savings accounts.
Funding Options for Clients
If your client will be handling the funding of their new Max Checking account, you can share this Knowledge Base article which explains the many ways that clients can fund their accounts.