We work with our bank partner, BBVA, to put the money you want to save into an FDIC-insured Demand Deposit Account (DDA). Once you confirm a deposit, we will transfer funds from your primary linked bank account to your Catch account.
Catch never moves money without your permission. You have control over whether you want to set money aside (including the amount and particular benefits), as well as the ability to adjust your set withholding percentage at all times. However, if you set up Autopilot, then we'll automatically transfer funds for you based on your rules.
The purpose of the back-end account with BBVA is to securely hold your savings in Catch. Any access you need to that account is done through Catch. You can make a direct deposit, withhold from a paycheck, and withdraw money back to your linked bank account at any time. See here for details on how to withdraw your money from Catch.
For Retirement Plans:
We also work with our bank partner, BBVA, to pull the money you want to set aside for retirement, and invest the funds in a brokerage account with Folio Institutional — a broker-dealer registered with the SEC, authorized to hold the cash and securities managed by Catch Capital Management.
You can withdraw your money at any time, however, withdrawing funds early may be subject to penalties.
As always, feel free to chat with someone on our team at firstname.lastname@example.org.