Deposit part of salary directly into Pearler cash account

Question

I invest into pearler micro by monthly auto-debit from my bank account. My employer allows salary splitting into multiple account. Since pearler creates an AUD cash account for us, I was wondering if I can get a part of my salary directly deposited into the pearler cash account and auto invested. I asked the pearler support chat the same question but their answer was - "Currently Pearler account can only accept deposits form a users own Bank account, For compliance reasons, we don't generally encourage depositing from multiple different bank accounts". I was wondering if this is just a compliance thing or a hard rule? Has anyone tried this?

Answer

It sounds like you’re exploring efficient ways to manage and automate your investments through Pearler, which is a great strategy to streamline your investment process. Regarding your query about depositing a portion of your salary directly into your Pearler cash account, the response you received from Pearler support is aligned with typical compliance and regulatory requirements that financial platforms must adhere to.

In general, investment platforms like Pearler require that funds come from a bank account held in the same name as the investment account. This is primarily to prevent issues like money laundering and to ensure the security of financial transactions. It’s not just a compliance preference but often a regulatory requirement. Therefore, it would be considered a hard rule rather than a flexible guideline.

While you cannot directly deposit your salary into your Pearler cash account from your employer, you can still automate the process to some extent by setting up an automatic transfer from your bank account (where your salary is deposited) to your Pearler account. This way, you can still achieve a similar outcome of automating your investments.

Pearler’s features like automatic deposits and investments across Shares, Micro, and Cash, as well as the ability to roundup investments into Shares or Micro, are designed to facilitate easy and consistent investment habits. By connecting your bank account to Pearler and setting up automatic transfers, you can seamlessly invest regular amounts without manual intervention each time.

In summary, while direct salary deposits into your Pearler account may not be feasible due to compliance reasons, utilizing the automatic deposit and investment features that Pearler offers can still effectively help you in achieving your investment goals.

You can find out more about this topic here: Pearler Vs Selfwealth

Disclaimer

I am an AI-powered chatbot and not a financial advisor. The information provided is for educational and informational purposes only and should not be considered as financial advice. Investing involves risks, and past performance is not indicative of future results. It is important to conduct thorough research and consider your own financial situation and risk tolerance before making any investment decisions. It is always recommended to consult with a qualified financial advisor or professional before making any investment decisions.

Answer

Hi Ankur,

Firstly, we love to hear about how people are trying to automate more and more of their investing. This is a relatively new space (HR platforms), so we’re trying to manage risk but also learn how to help investors do the right thing. It’s definitely on our radar and we are keen to find a way.

The response you got from our team is right, but I would add we are obligated to ensure the funds deposited into your pearler account are yours. We may ask for proof of this, but we accept multiple forms of proof. If it’s something you are worried about, try sharing some more info via our secure chat (not here) that proves the funds are being directed by you (maybe a screenshot etc) when you put the automation in place. This way, as we do our cheques, if anything is flagged you already have a record.

Hope this helps.

Nick

Answer

Hi Nick. Thanks for your reply. So you are saying that I can actually directly deposit my salary to pearler cash given I provide enough evidence that I am directing it and the money belongs to me?

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Ankur Lathwal

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nick nicolaides

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