Here are answers to some common questions.
What is Dobot?
Dobot is a free, easy-to-use financial app that helps you save money for the things that matter most.
How does Dobot help me save money?
Dobot helps you save by visualizing your goals, and then makes saving easy by automating it. After you connect your checking account, Dobot's algorithm goes to work analyzing your spending patterns to calculate "safe savings amounts" that ensure you have enough to meet your spending needs while still saving. Every few days, Dobot will move small amounts of money into your Dobot savings. And if you want to add more money, you can transfer funds directly into your Dobot savings whenever you want. It's that easy.
What should I use Dobot to save for?
Anything you want! Whether you're saving for vacation, planning a wedding, building an emergency fund or boosting retirement savings, your Dobot financial goals are only limited by your own imagination.
Is Dobot safe?
Yes, very. We use bank-level security to anonymize and encrypt your personal information before it's stored on our secure servers, and we never store bank account log-ins. Your Dobot savings is kept in a bank with all its inherent protections and is FDIC-insured up to a balance of $250,000.
Does Dobot charge fees?
Nope, Dobot is a free financial app.
How do I know how much money has been saved?
The Transfers tab in the app displays a complete list of transactions into and out of your Dobot account. You will also receive weekly text messages highlighting your savings activity. You can also text Dobot at any time to receive your account balance.
Can I get updates without opening the app?
You bet. Text Dobot at (512) 961-8828 and use the following commands:
• Savings - view your Dobot savings balance• Activity - view your 3 most recent transactions• Save 10 - to save $10 (or any amount)• Tip - receive helpful insights about your financial health• Joke - just in case you need a laugh
In addition, we'll prompt you with other commands when following up regarding specific issues or opportunities.
Do I have to use the automatic savings feature?
Can I add or withdraw money anytime?
Of course. Just tap Dobot (top left corner of the app) to view a menu, then select the option you need. Follow the prompts, and with the push of a few buttons your money will be where you need it to be.
How long does it take to add or withdraw money?
Banks usually take 2-3 business days to send money out, so your Dobot savings may include pending transfers. Once the funds arrive, however, they are immediately available to be withdrawn. If you request a withdrawal before 3pm PT, your funds will typically arrive in your checking account the next day.
What if a transfer fails?
There are two primary reasons for a transfer failure:
1. Insufficient funds in your checking account to move to Dobot2. A lost connection to your bank
If a transfer fails, it is not automatically re-attempted. If you have automated savings turned 'On', then another transfer will be auto generated every few days. The algorithm for the automated savings takes into consideration your current checking account balance, so it may not generate a transfer if the balance is too low.
Getting set up
What are the requirements to use Dobot?
You need to have a checking account from a U.S. financial institution. You also need to be 18 years of age.
How do I connect my checking account with Dobot?
It's easy. Download the app or sign up here. Then create your Dobot account, establish your goals (don't forget to add photos!), and connect your checking account. Note that for certain banks you will need to provide your routing and account numbers, so have your checkbook ready.
Which banks connect with Dobot?
Dobot connects with over 9,000 banks in the United States. If you are unable to find your bank when connecting, tweet or email us with your bank's name and we'll let you know when it becomes available.
Can I use a prepaid card?
Unfortunately, prepaid cards are not fully supported and often fail. Our terms of service state that your funding source must be a checking account from a United States financial institution.
Can I use Dobot if I live outside the US?
Unfortunately, Dobot is only available to U.S. residents with a U.S. bank account at this time.
What if I have other questions?
Drop us a line at our contact page - we'll get back to you as quickly as possible.
How do I refer a friend?
You can share Dobot with your friends and help them start saving too!
Tap the Gift Box in the Account section of the app to share your unique referral link.
For every new user that signs up completely with your referral code, you'll be rewarded with $5 into your Dobot account; no limit! Once your friend's account is complete and they have made their first savings transfer, you'll see your referral bonus in your Dobot savings in 14 days.
Why haven't I received my referral bonus?
To receive your referral bonus, your friend must connect their bank account to Dobot and make their first savings transfer. Once that occurs, the referral bonus will be paid to you in 14 days.
Thanks for sharing Dobot with friends and family and, remember, there's no limit on the number of referral bonuses.
Why haven't I received my bonus for signing up?
When a friend refers you to Dobot, you must use the link, or code, they provided to receive your bonus. If you used the link, the phone number entered must match the phone number used to create your Dobot account.
To receive your bonus, you will need to fully connect your bank account (only US based bank checking accounts are acceptable) and have made your first savings transfer into your Dobot account. Once your account is complete and you've made your first savings transfer, your bonus will become available to you in 14 days.