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by Tommy Codey

So I think online banking is the future so I tried to live only using Wealthfront’s cash account. The first you’ll notice is that it’s almost never recognized as an accredited bank by other systems. You’ll need to have your account number and checking number at the ready and confirm a small transaction almost every time.

I decided to completely pull out when a landlord required a cashiers check for rent. Not only do they have no way to get you a cashiers check, their security rules do not allow cash transfers if the target bank is not in your name. They do not make exceptions even though I emailed and called them making sure that I was the one that initiated the transfer. Definitely made an already stressful situation even more stressful.

If you’re going to use their cash account always make sure to have another cash account with an accredited institution that have physical locations. The world is definitely not ready for pure online banking and Wealthfront does not do much to support you when they do need you.

by Katyleonard31

First, I’m a huge fan how simple wealthfront makes investing in stocks. This review is on the cash account only. I want to make a bigger purchase this weekend and was saving every penny for this - putting my savings on the cash account in anticipation that I can withdraw this cash easily when I want to make the purchase. I initiated the withdrawal on Monday morning and still don’t see any cash on my bank account (4 days later), even tho they tell you it takes 1-3 days for the cash to hit your account. They also freeze deposits you make for 5 business days until you can withdraw them again for “security reasons”. I also have a cash account with American Express and made the transfer at the same time as wealthfront. My cash from then arrived one day later! This experience with welthfront cash is very frustrating, especially because I know that I have the money, it’s just frozen on their account! Worst case, I have to take out a loan to make the purchase because wealthfront failed to make a transaction on time! Thanks for this, wealthfront!

by ShaneMan5

The one nice feature of this app is to have a place where all your accounts are linked. This allows you to see all your accounts on one platform, but there are many other apps that allow you to do this.

Returns through Wealthfront are extremely poor. My investment strategy is set to the most aggressive option. Now I understand that you see large swings with an aggressive investment strategy, but I only ever see large changes when I’m losing money. Markets are doing well and I make extremely small returns. Markets are doing alright and I lose money. Markets are doing poorly and I lose more money. Add in the management fee and I lose more money. Stay away from this app if you’re looking to make money.

I started this account to invest through something I didn’t have to monitor. I now see that I made a big mistake. After 2 years and a negative return, I think it’s time to take my money elsewhere. Could have made more money in a standard savings account than through Wealthfront.