The 'Old (Wrong) Way' -- deposit 100% of your pay check to your Bank Checking account, pay bills, and then save a portion for your goals. This results in fixed (lower) savings in your brokerage, as expenses (not savings) are made the priority.
The 'New (Right) Way' -- deposit 100% of your pay check to your Brokerage account, save for your goals, and then pay a portion for your expenses. This results in variable (high) savings in your brokerage, as savings (not expenses) are made a priority.
MYRA users can quickly switch their direct deposits to their MYRA Brokerage account (Individual or Joint Brokerage) simply by linking their payroll account. MYRA automatically updates the payroll settings within seconds.
When instant account funding is unavailable, users can ask MYRA to contact their employer on their behalf to switch their direct deposits. MYRA has partnered with Plaid, a trusted third party to make the experience seamless.
Deposit switch is available to MYRA users with an account from the largest payroll providers including ADP, Paycor, Zenefits, DoorDash, Postmates, and more.
How It Works
Step 1: Log into your MYRA App
Step 2: On your DASHBOARD, go to your MYRA Brokerage account, and click on the 3 dots, and select Deposit Switch.
Note: MYRA uses Plaid to connect to your employer's payroll provider.
Step 3: Select your employer, or payroll provider.
Step 4: Enter your credentials for your payroll provider (e.g. ADP)
Step 5: Select if you want a switch a part of or your entire direct deposit to your MYRA Brokerage account.
Step 6: Confirm your deposit switch request.
Step 7: Congrats, you're all set! Your direct deposit has been updated in real-time. Your pay check will be deposited to your MYRA Brokerage from the next pay cycle.