About Max
Why Max?
Trillions of dollars sit in U.S. bank and brokerage accounts,
often not fully insured and under-earning their potential. As
a result, American households are missing out on billions of
dollars of interest income each year. We’re here to change
that.
We believe in bringing efficiency and transparency to markets.
With our patented approach to cash management, we’re able to
help you earn more on your cash, without it leaving your own
bank accounts.
If you’re frustrated that the cash sitting in your bank or
brokerage account isn’t earning enough, Max can help.
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What does Max do?
Max can help you earn more on your cash, no matter
where you bank or invest. Max also helps you obtain
more FDIC insurance coverage, up to $2.25 million per
individual or $9 million per couple.
With Max, you can link your existing checking account
or new Max Checking account to higher-yielding savings
accounts at some of the nation’s leading FDIC-insured online
banks. The Max Common Application makes it easy to open new
accounts in as little as 60 seconds.
Max then keeps an eye out for changes in interest
rates, helping your money automatically flow to the bank(s)
that offer the best rates, while keeping your balances below
the FDIC insurance limit at each bank. To help you earn even
more, many of the banks on the Max platform offer
preferential rates available exclusively through Max.
Max also helps you maintain a target checking account
balance each month and includes a number of other helpful
features that make it easy to manage multiple bank accounts,
including the ability to see all balances on one screen,
transfer funds with one click, and obtain all 1099-INT tax
forms in a single PDF.
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Is Max for me?
Max is designed for individuals, couples, and those
holding trusts who are interested in earning higher yield
while benefitting from increased FDIC insurance coverage.
There is almost no limit to the amount of cash that
Max can optimize for you. There is also no minimum
balance requirement, however, most of our members use
Max to optimize between $50,000 and $5 million of
cash. Many of our members are introduced to Max by
their financial advisors, who can make it even easier to get
started.
FDIC insurance is a function of the number of bank accounts
linked to Max and how those accounts are titled. An
individual can link nine online savings
accounts to Max to obtain up to $2.25 million
of incremental FDIC insurance. Joint accounts can be insured
for up to $4.5 million. Couples seeking even greater FDIC
insurance coverage can open three Max accounts — one
in the name of each spouse and a third in their names jointly,
with corresponding sets of online savings accounts — to
obtain up to $9 million of FDIC insurance coverage. FDIC
insurance for revocable or living trusts varies according to
the FDIC’s rules governing revocable trusts. As Max
adds support for additional online banks, the amount of FDIC
insurance coverage available will increase further.
If you have tens of millions of dollars in cash, or hold cash
within an irrevocable trust or business account, you might be
interested in our partner solution for complex trusts,
foundations, non-profits, and commercial accounts, which can
address extremely high-balance accounts. More information is
available at MaxForBusiness.com.
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How much can I earn?
The leading “brick-and-mortar” banks currently offer between
zero and 0.15% annual percentage yield (APY) on deposits. By
contrast, because of their lower overhead costs, the leading
online banks currently pay between 0.20% and
0.75% APY on deposits. Rates are constantly
changing, but at current interest rates, a typical customer
can expect to earn an additional 0.55% to 0.75% on deposits
every year by using Max.
See how much you can earn with Max:
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Is there a minimum balance required to join Max?
There is no minimum balance required to use Max. Many
of our members start by optimizing smaller balances, and then
grow their balances over time as they become comfortable with
how Max works. While the typical Max member
holds many multiples of the FDIC insurance limit in cash,
we’ve worked hard to make Max accessible to anyone who
seeks to more intelligently optimize the cash that they hold
in their bank or brokerage accounts.
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How does Max work?
Max works by helping you take advantage of the higher
interest rates offered by online banks, automatically
instructing your banks to transfer your cash between your own
bank accounts in search of the best interest rates. A number
of leading financial institutions operate online banks,
passing on their lower operating costs to their customers in
the form of higher interest rates. These banks are FDIC
insured in the same manner as their “brick-and-mortar”
counterparts. Several of the banks on the Max platform
offer preferential rates, available exclusively through
Max.
First, you select a “brick-and-mortar” bank or brokerage to
serve as your checking account. You can link your existing
account or open up a new Max Checking account in 60
seconds. (Learn more about the benefits of
Max Checking.) Then, Max
analyzes your cash balances and recommends opening additional
savings accounts with online banks to help maximize FDIC
insurance coverage and interest income. Many of these accounts
can be opened in as little as 60 seconds using the
Max Common Application. Max then monitors interest
rates daily, and, as rates change, periodically helps move
your money between your own accounts so that you can earn the
highest interest rates available. Max also makes sure
that your cash is parceled out in $249,500 increments per
bank, which is just below the current FDIC deposit insurance
limit. You can choose to override this feature, and forego
full FDIC insurance in order to earn even more on your cash.
Max only supports nationally-recognized banks that
offer FDIC insurance, competitive rates, a compelling user
experience, and good customer service.
For your convenience, Max can also treat all your
online savings accounts as one virtual account, so that you
can easily instruct Max to move money from checking to
savings, or savings to checking, and Max automatically
figures out where to send your money so that you earn a high
return. You still retain full control over each of your
accounts individually, so you can move, deposit or withdraw
your money whenever you want from your own banks. Furthermore,
you retain full access to your existing “brick-and-mortar”
banks, with continued access to teller services, ATMs, and
your existing direct deposit and bill pay relationships.
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How long does it take to set up?
Getting started with Max typically takes approximately
5-10 minutes. After this one-time setup process, you can earn
more forever.
Start with your existing banking or brokerage relationships
and Max will suggest opening savings accounts at
online banks that offer superior interest rates. The
Max Common Application helps you open accounts at multiple
online banks simultaneously. If you already have savings
accounts at online banks, you can link your existing accounts
to Max right away. For detailed step-by-step
instructions, download the
Max Setup Guide.
Max requires that you link one checking account and at
least one online savings account to Max to begin your
first optimization. You may open and link additional savings
accounts at any time.
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How much does it cost?
Max charges a quarterly fee of 0.02% (2 basis points,
or $20 per $100,000) on the cash being optimized in your
higher-yielding online savings accounts, subject to a minimum
fee of $12 every three months. The first quarterly fee is
billed upon the completion of your first optimization, and
then every three months thereafter, for a total of 0.08% per
year. Max does not charge any fees on the cash held
within your checking account, and there are no other fees,
account minimums, transfer fees or service charges.
Max operates independently, and is committed to
helping maintain the privacy of our members’ personal
information. Unlike many online businesses, we do not sell our
customer list or our members’ personal information. So as to
remain independent, our website contains no advertising or
sponsored promotions from banks. Refer to our
Privacy Policy for more detail on how
we safeguard your personal data.
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Can I cancel at any time?
Yes, you may cancel at any time. Max calculates and
bills your membership fee 15 days after the completion of your
first optimization and every 3 months thereafter. Upon
cancellation, no further fees will be payable, but no credits
are given for partial quarters.
Upon cancellation of your Max membership, you retain
full access to all of your bank accounts, but Max will
no longer automatically optimize your accounts, and you will
no longer have access to the Max Dashboard,
Intelligent Funds Transfers℠, Consolidated Tax Reporting
and other features. Upon cancellation, you may also no longer
benefit from the preferential rates on offer from several of
the banks, as these rates are available exclusively to
Max members.
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When was Max founded / when did Max launch?
Six Trees Capital LLC, the company behind Max, was founded
on July 1, 2013. The first beta version of Max was
made available to a select group of users in January 2014, and
following the completion of three months of intensive beta
testing and patent filings, Max was launched on an
invitation-only basis beginning in April 2014. Max
opened to the public in September 2014. Ever since, our
development team has been hard at work adding new features and
support for more banks.
Max is led by a management team with backgrounds in
banking, wealth management, and technology and is guided by an
esteemed Board of Advisors.
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Getting Started
How do I join?
You can join Max here. Enter
your name, email address and telephone number. Then, open a
new Max Checking account or link your existing
checking account and open or link one or more online savings
accounts. If you don’t already have online savings accounts,
the Max Common Application can help you open new accounts
in as little as 60 seconds. Finally, tell Max to start
your first optimization. Thereafter, Max works
automatically each month, helping you earn as much as possible
while keeping your funds FDIC-insured.
You can also download our one-page Setup Guide to help
walk you through the process.
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What happens after I join Max?
Max works quietly in the background, keeping an eye
out for changes in interest rates. Once a month, Max’s
computers analyze your balances to determine whether your
funds could be more optimally allocated among your own
accounts. If Max sees an opportunity for you to earn
more, or obtain more FDIC coverage, Max instructs your
banks to move funds between one another.
Max also helps restore your checking account balance
to your desired level each month. You can view your balances
at any time from the Max Dashboard, track the status
of each optimization, transfer cash back to your checking
account with the click of a button, or request additional
optimizations with our “Optimize-On-Demand” feature.
The accounts Max optimizes are your own bank accounts,
and you retain direct access to each account. You can view all
your balances in real-time via the Max Dashboard,
visible on any computer or mobile device.
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Optimizations and Funds Transfers
How often will Max optimize my accounts?
By default, Max optimizes your account balances
monthly. You may change the date of your monthly optimization
or suspend optimizations whenever you wish. You can also use
Max’s Optimize-On-Demand feature to request an extra
optimization in between scheduled monthly optimizations.
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What happens to my funds during an optimization?
Max sends transfer instructions, on your behalf,
instructing your banks to transfer your funds between one
another in search of the highest yield. During the funds
transfer process, the portion of your funds that are being
transferred may be unavailable for 2–3 days as they move from
one bank to another via the ACH network. All funds transfers
are managed by your existing banks; Max never takes
custody of your funds.
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What do I need to do on an ongoing basis?
Beyond initial account setup, there are no ongoing
requirements on your time; Max handles everything
else. Occasionally Max may recommend that you
establish additional online accounts as new online banks
emerge and your cash balances increase. Max will only
steer you toward banks that pay competitively-high interest
rates, and that offer a good customer experience. If at any
time you wish to change your Max settings, such as how
much money you desire to keep in your checking account
following each optimization, it’s easy to do so from your
computer, tablet or smartphone.
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Can I still access my accounts once I enroll in Max?
Absolutely. You retain direct access to each of your accounts,
can withdraw and deposit funds on your own, and can change
your Max settings at any time from your computer,
tablet or smartphone.
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Can Max help me transfer funds between savings and checking?
Yes. Max has an Intelligent Funds Transfer℠
feature. Between scheduled optimizations, you can direct
Max to send money from your checking account to your
basket of linked online savings accounts, or from these
savings accounts back to your checking account. Max
automatically determines the best accounts from which to draw
the funds, or into which accounts to deposit the funds, so
that you continue to optimize your cash. All funds transfers
are handled by your banks, and occur via the ACH network.
There are no incremental fees associated with these transfers.
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What happens at tax time?
Max includes a helpful feature called Consolidated Tax
Reporting. Each online bank will prepare a 1099-INT statement
for any accounts that have earned at least $10 in interest
during the year. With one click, Max will attempt to
gather the 1099-INT statements for all of your linked online
savings accounts and will deliver them to you by email in a
single password-protected PDF file that you can print or
forward on to your accountant. Please note that certain banks
report all interest-bearing accounts on a single 1099-INT
form, in which case your 1099-INT may also include information
about other checking accounts, savings accounts or CDs that
are not linked to Max.
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How can I donate the incremental interest I earn with Max to charity?
Max has partnered with
The Robin Hood Foundation, New
York’s largest poverty-fighting nonprofit, to allow
Max members to donate a portion or all of the interest
they earn with Max directly to Robin Hood’s efforts.
Robin Hood is a 501(c)(3) organization and your gift to
them is tax-deductible as permitted by law. Learn more about
donating directly to Robin Hood through Max.
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Do I need a mobile app to use Max on the go?
Max was built with responsive design, meaning that the
full functionality of the Max website is available on
any mobile device. There is no need to download an app. Simply
open www.maxmyinterest.com
in your mobile web browser and login as you would normally.
You can also create a shortcut in iOS or Android, so that
Max will appear as an icon on your home screen.
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Supported Banks and Account Types
Which bank accounts are supported by Max?
By opening a Max Checking account, you can link
Max to any combination of checking, savings, and
brokerage accounts at thousands of financial institutions
nationwide. You can also link Max directly to your
existing checking account at 18 of the largest
banks and brokerage firms in the country, including Bank of
America, JPMorgan/Chase, Citibank, Wells Fargo, First Republic
Bank, USAA, Fidelity (CMA accounts) and Charles Schwab Bank.
You then open/link one or more FDIC-insured savings accounts
at leading online banks including: Barclays, Ally Bank,
American Express, UFB Direct, Radius Bank, Sterling National
Bank, Quontic Bank, and Customers Bank. If you already have
online savings accounts, you can link your existing accounts
to Max. If you are new to online banking, you can use
the Max Common Application to help open multiple online
bank accounts in as little as 60 seconds by filling out a
single form.
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Checking
Do I have to link my main checking account to Max?
You can link any checking account to Max; it need not
be your main transactional checking account. Some members
elect to use a separate checking account with Max,
such as Max Checking, to manage excess cash separately
from their main checking account. Others elect to link
Max to their brokerage account, to earn more on the
idle cash within their portfolios.
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What if I don’t have a checking account at one of the banks that Max supports?
If you don’t have an existing banking relationship with one of
the banks that Max currently supports, you can open a
Max Checking account in as little as 60 seconds. You
can then easily link your existing checking, savings, and
brokerage accounts at thousands of financial institutions
nationwide to Max Checking, enabling you to earn more
across all your accounts. Many Max members choose to
use a second checking account (separate from their main
checking account) for the purpose of optimizing their excess
cash.
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Can I tell Max how much to keep in my checking account?
Yes. When you link your checking account to Max, we
will ask you how much money you prefer to keep in your
checking account. Max takes this Target Balance into
account when it optimizes your accounts, such that at the
completion of each optimization, your checking account balance
should equal your Target Balance. Should your checking account
balance exceed your Target Balance at the time of an
optimization, excess cash will be swept into your online
savings accounts; if your checking balance is lower than your
Target Balance, funds will be moved from your online savings
accounts back into your checking account. Should your needs
change, you can adjust the Target Balance for your checking
account on your Profile Page under the Linked Accounts
heading. We recommend setting a Target Balance that exceeds
your typical monthly cash needs or minimum balance
requirements, since Max’s quarterly membership fee
will be deducted from your checking account.
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Can I change my checking account after joining Max?
Yes. You can change your checking account at any time. Login
to Max, click on the gear icon next to your linked
checking account and follow the instructions on screen to
de-link your existing checking account. You will then have the
option of linking one of your existing checking accounts or
opening a new Max Checking account.
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What if my spouse and I maintain separate bank accounts?
If you and your spouse keep your assets separate, you can each
establish your own Max account and open two sets of
online bank accounts – one for you and one for your spouse.
Then link your online savings accounts to your checking
account, and link your spouse’s online savings accounts to
his/her checking account. This will avoid commingling of
assets while ensuring both of you are optimizing the returns
on your cash.
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What if my spouse and I have joint accounts?
If you and your spouse maintain joint accounts, you can share
one Max membership in either one of your names. Open
joint online savings accounts and link them to your joint
checking account, and then to Max. Opening joint
savings accounts at all nine online banks
supported on the Max platform will enable you to avail
yourselves of up to $4.5 million of FDIC coverage.
Note: Your and your spouse’s names should appear in the same
order on each of your joint accounts.
You can obtain up to $9 million of FDIC coverage by
opening three Max accounts (and corresponding sets of
online savings accounts), one for each spouse and a third
jointly. This method provides FDIC coverage up to
$2.25 million for each individual plus
$4.5 million for the joint accounts, for a total of
$9 million. Note: If you elect to establish multiple
Max accounts in order to maximize FDIC coverage, we
strongly recommend that you use a different checking account
for each Max account.
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How does Max protect against overdrafts?
Max automatically takes into account both the total
balance and available balance in your bank accounts when
determining your monthly optimization. As a result,
Max’s monthly optimization should never cause an
overdraft.
With Max, the manner in which you interact with your
existing checking account remains unchanged. This means that
if you write a check that exceeds your checking account
balance (and you don’t have a backup line of credit with your
bank) then you would run the risk of bouncing a check or
creating an overdraft situation, just as you would in the
absence of Max. Max does include a cash sweep
feature as part of its optimization, helping you restore your
checking account to your specified Target Balance each month.
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Savings
How many online savings accounts should I have?
To ensure your deposits can be fully FDIC-insured, you should
link at least one online savings account for every $250,000 of
cash you wish to optimize. The more accounts you link, the
more flexibility Max will have in helping you earn the
highest yields. You may open or link additional online savings
accounts at any time.
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How can I maximize FDIC insurance coverage?
Individuals can obtain up to $2.25 million of
incremental FDIC insurance coverage by opening
nine online savings accounts, and couples
can obtain up to $9 million of incremental FDIC insurance
coverage by opening a combination of individual and joint
accounts at each of these online banks. For members who need
more FDIC insurance coverage, we also have a partner solution
with The American Deposit Management Co. that can deliver up to $100 million
of FDIC insurance coverage per tax ID. You can learn more
here.
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Are there any fees associated with the transfers between my banks?
No, Max does not charge any incremental fees for the
transfer of funds between banks. None of the online banks
supported on the Max platform impose any ACH transfer
fees either.
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Are there limits on the number of transfers that I can make each month?
Under Regulation D, depositors are entitled to 6 outbound
transfers per month from a savings account (there is no limit
on the number of inbound transfers.) Max’s monthly
optimization is designed to use no more than 1 outbound
transfer per month from each bank. In between optimizations,
Max members can elect to make additional funds
transfers on their own. However, given that ACH transfers take
2 to 3 days to clear, it would be difficult to exceed the Reg.
D limitation on the number of monthly outbound transfers from
a savings account by using Max.
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Can I override the deposit limits for my savings accounts?
Yes. By default, Max assumes that at the completion of
each optimization, you desire to have no more than $249,500 in
each online savings account (this leaves a $500 cushion below
the current FDIC insurance limit of $250,000, so that accrued
interest can also be protected). If you indicate that you have
joint accounts, Max targets keeping your balances
below $500,000 per account. You may change this maximum
balance to be higher or lower than the pre-set default by
selecting the “Custom” FDIC Coverage option on your
Max Dashboard, and then clicking on the gear icon next
to each savings account to adjust the settings for each bank.
Then click “Save Your Settings” to confirm the change.
Note: FDIC insurance is provided by your banks, not by
Max. If you increase your per-account limits above the
FDIC insurance limit, your funds may be at risk in the event
of a bank failure.
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Other account types
Can I use Max for my business or commercial accounts?
Max currently serves individual and joint accounts as
well as revocable trusts. We have a partnership with
The American Deposit Management Co., a firm that serves business and
commercial accounts, including nonprofits and more complex
trusts. Learn more about using ADM’s service to gain more
yield and FDIC insurance for your institutional accounts
here.
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Does Max support trust accounts?
Support for trust accounts varies by bank. UFB Direct,
American Express, and Ally Bank permit clients to designate
accounts as held directly in the name of a revocable or living
trust. UFB Direct, Barclays, Ally Bank, and Radius Bank permit
you to specify a revocable or living trust as a Payable On
Death (POD) beneficiary by contacting the bank or specifying
the trust as a beneficiary on the bank’s website. Sterling
National Bank does not support trusts as POD beneficiaries at
this time. More information is available via the online bank
websites or by contacting their customer support staff. FDIC
coverage of trust accounts is detailed on the FDIC’s website
for trusts. Refer to our Support for Trust Accounts guide for
additional detail.
Online savings banks generally do not support more complex
trusts, such as irrevocable trusts, as they consider them to
be commercial accounts. Max is able to serve complex
trusts and commercial accounts through our partnership with
The American Deposit Management Co.
Please contact Max Member Services if you have further
questions regarding support for trust accounts. We suggest
that you consult your attorney or qualified estate planning
professional before establishing a trust account or
designating an account as a POD account.
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Security and Privacy
How secure is Max? How does Max protect my privacy?
Max never takes custody of your funds, and has been
tested by the same leading software security consulting firm
that consults for 19 of the 20 largest banks. Max also
has strict privacy policies and does not accept advertising or
sell member information to third parties. Read about the
extensive measures we’ve taken to
protect your privacy and the security of your accounts.
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How safe is my money and my data?
Max was designed from the ground up with security in
mind, and has been analyzed and tested by leading experts in
cyber security. Max uses banking industry-standard
256-bit EV SSL encryption, custom database architecture and
other security techniques to safeguard your information. All
passwords are encrypted immediately and cannot be accessed by
Max personnel, and Max disassociates your
financial data from your identity, to preserve anonymity. The
overall design of the funds transfer system embedded within
Max also provides additional safeguards to help ensure
that funds only move between your own accounts, via funds
transfers managed by your banks. Max never takes
custody of your funds, and access to your Max account
is protected by Multi-Factor Authentication.
To learn more about how we keep your data private and your
accounts secure, click here.
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Is Max beholden to special interests?
No. Max is not affiliated with any bank or brokerage
business. Max’s interests are aligned with those of
its members.
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How does Max make money?
Max charges a nominal membership fee, which is
calculated as a fixed percentage of cash being optimized in
any given quarter to help cover operating costs and
investments in new technologies. In this regard, Max’s
interests are aligned with those of its members.
Max does not bombard you with advertisements or sell
your sensitive personal data. Refer to our
Privacy Policy for more detail on how
we safeguard your personal data.
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Can I choose to share my Max account with my financial advisor?
If you wish to share read-only access to your Max
account with your financial advisor, you can do so by
adding your financial advisor’s name and email address
on your Profile page. Your advisor will then be able to see
up-to-date balance information for each of your linked
accounts, but will not be able to link new accounts, transfer
funds, or take any other action on your behalf.
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What if I have other questions?
Max is eager to answer any other questions you might
have. Please contact us.
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