At Newday, we are here to serve you. That means protecting your data is a top priority for us. Here is a quick summary of how we are working to protect both your funds and data.
How Can I Be Sure That My Funds Are Protected?
Newday is an SEC (Securities and Exchange Commission) Registered Investment Advisor, meaning that Newday has a fiduciary duty to its clients. Newday accounts are held by registered broker-dealers regulated by the FINRA and the SEC, including Apex Clearing.
In addition, Apex is a member of SIPC insurance which acts as a safeguard against losses emanating from SIPC member brokerage firms’ financial failure. SIPC insurance protects securities in your account up to $500,000.
I Am Nervous About Linking My Bank Account. What is Newday Doing to Keep My Data Protected?
Newday is serious about data security and protection, abiding by the highest standards exerted by financial services all around the globe.
We employ a cutting-edge technology called Plaid, to make sure your information is completely encrypted and protected. As you link your bank account in the app, Plaid is working in the background, authenticating your account before making payment transfers.
Newday does not store your bank login information. Plaid will only allow Newday to retrieve your account information with an access token and all transfers of information between Newday and Plaid is secured with 256-bit Secure Socket Layer (SSL) encryption. For further information, please visit Plaid’s website.
Why Does Newday Ask For My Social Security Number and Address?
Personal information is collected for three main reasons:
- Record keeping requirements
- Anti-terrorist/anti-laundering laws (i.e. Patriot Act)
The Patriot Act requires financial institutions like Newday to obtain, verify, and record information such as your name, address, date of birth and social security number.
This allows us to identify each person opening an account. In addition, Newday does not perform a credit check.
We are constantly working to make sure you are presented with the best user experience. We understand the importance of protecting your information, and we thank you for trusting us during this process.