Building a brokerage on card rails
Starting today, members can fund their Public.com account using their debit card.
Card rails? What the heck are we talking about? Let us explain:
The gold standard to move money in and out of brokerage accounts has been “ACH,” the Automatic Clearing House. It’s the same type of transfer that’s most commonly used to transfer money between bank accounts.
ACH was invented in the 1960s. It’s reliable but can also be slow and doesn’t necessarily deliver equal access. Why? Because not all banks are created equal. Most banks don’t have a modern API that makes it easy for fintech services to connect your bank account or transfer funds. This inequality in technical infrastructure is actually creating inequality in access to financial services and in turn access to the stock market.
We’re extremely excited to announce that starting today, we’re making it possible to fund your Public account using your debit card. We believe debit cards even the playing field, as every card works equally well, no matter how technically advanced the underlying bank is.
Debit card funding offers Public members more choice in how they add money, making investing more inclusive, and ensures that people with banks that are less technologically advanced have the ability to participate in the stock market.
It also enables faster access: When you deposit money from your debit card, you receive instant access to those funds in Public. This is a massive improvement in speed compared to ACH deposits, which often have a 3–5 day settlement period.
Soon, members who have their card on file will also have the unique experience of being able to fund and buy a stock seemingly instantaneously.
For now, deposits from debit cards are limited to $1,000. Members have the option to use their debit card as an additional funding source or in place of linking their bank account to Public. You can also view our FAQ page for more information.
Offering the ability to fund your account with a debit card is just the beginning of our journey to build a brokerage app that can run entirely on debit card rails — an important step on our mission to make the stock market more accessible and approachable for everyone.
*This is not investment advice. See Public.com/disclosures/.
