Withdraw funds (ACH & Wire)

How much cash is available for me to withdraw

You can see how much cash you have available to withdraw by going to Transfer on the Overview page > Withdraw > selecting the account you'd like to withdraw from. The amount available appears under Available to withdraw.

If you recently sold securities and don't see that reflected in this amount, it's because securities take one market day after the sell trade date to settle before you can withdraw the cash.

You're also not able to withdraw a recent deposit right away. You must wait five business days after depositing funds before you can withdraw them. This requirement helps prevent fraud and money laundering. See more in this article on deposit holds.

Withdraw via ACH transfer

1. Go to Transfer > Withdraw > select the external bank you want to transfer into. If your bank isn't in the dropdown menu, see our article on adding an external bank account.
2. Enter the amount you want to withdraw. You're limited to $100,000 in ACH transfers per day; if you want to withdraw more, initiate a wire transfer instead (see below). There's no withdrawal minimum.
3. Click Continue to review your withdrawal.
4. Review the information on the Review withdrawal page. If everything is accurate, click Confirm. If you need to make a change, click the back arrow at the top, next to Review withdrawal.

Keep in mind:

• For 60 days after your deposit, you're required to withdraw funds to the same account you deposited from, unless you provide proof of ownership of the new account and a reason for the change. Contact us for assistance.
• You can't withdraw recently deposited funds. You must wait five full business days after the deposit date before withdrawing them.

Troubleshooting a rejected withdrawal

If your withdrawal is rejected and your bank details are correct, this can sometimes be caused by the Plaid connection rather than an issue with your actual bank. Try unlinking and relinking your external bank account, then reinitiating the transfer. If that doesn't resolve it, contact us.

Withdraw via wire transfer

Before you withdraw

Your funds must be fully settled before you can withdraw them. Cash from sold investments takes one market day after the sell date to settle. Newly deposited cash requires a five-business-day waiting period before it can be withdrawn.

Wire withdrawals must go back to the same bank account used to make the original deposit. Frec doesn't permit third-party transfers, so you can only withdraw to an account you own, or to a wire that includes a memo. Wire transfers can only be sent to U.S. domiciled banks.

Initiating withdrawals

Go to Transfer > Initiate a wire > select the external bank you want to transfer into. You’ll need to enter:

• Transfer amount
• Receiving bank account number
• Receiving bank routing number
• Reason for wire transfer

Processing time

We must receive your wire withdrawal request by 12:15 pm PT on a day when markets and banks are both open for same-day processing.

Fees

There is a $25 fee charged to your account for all outgoing wire transfers. The $25 fee will be deducted from the wire amount if the balance is $25 or more (i.e. a $5,000 wire is actually $4,975). The minimum amount to withdraw via wire is $100.