How much cash is available for you to withdraw?
You can see how much cash you have available to withdraw by clicking “Withdraw cash” on the home page then click the “Withdraw cash” button and the “Continue” button. You will then see the amount available for you to withdraw under the title, “Available to withdraw.” If you recently sold securities and it is not reflected in this amount, it’s because securities take two market days after the day you sell them for the cash to settle in your account before you can withdraw those funds.
It’s also important to know that you will be prohibited from withdrawing recent deposits in your account immediately. You must wait five business days after your deposit of funds before you can withdraw them. This rule is in place to prevent money laundering.
You can make a withdrawal by going to the “Transfer” tab and selecting “Withdraw cash” and selecting the external bank you want to transfer into. If your bank is not in the dropdown menu, see below on how to link an external bank account. You are only permitted to connect one external bank account to your account. You will also be required to withdraw your funds to the depositing account for 60 days after the deposit unless you can provide proof of ownership of the new account and a reason for changing. You will need to reach out to email@example.com for assistance.
Once you select your external bank account, you can enter an amount you want to withdraw. You are limited to $100,000 in ACH transfers each day. If you want to withdraw more than $100,000, you can initiate a wire transfer as shown below. Once you enter the amount you want to transfer, make sure the box under “Transfer option” states “ACH (1-2 business days), then click “Review withdrawal.” Please review all of the information on the “Review withdrawal” page and if everything is accurate click “Confirm transfer.” If you made a mistake and need to edit the information, click “Back” at the bottom of the “Confirm transfer” button.
Keep in mind you are unable to withdraw recently deposited funds. You will be required to wait five business days after the day you deposited the funds in order to withdraw them. This requirement is in place to prevent illicit activity such as fraud and money laundering.
You’ll need to enter the following information for an outgoing wire transfer:
- Transfer amount
- Receiving bank account number
- Receiving bank routing number
- Reason for wire transfer
Keep in mind Frec does not permit third-party transfers, meaning you can only withdraw funds to an account you own. Wire transfers may only be initiated to U.S. domiciled banks.
We must receive your wire withdrawal request by 12:15 pm PT time on trading days when markets are open to be eligible for same-day processing.
There is a $25 fee charged to your account for all outgoing wire transfers. You can expect to see your wire withdrawal the next business day if you submit the transfer before the required cut off time of 12:15 pm PT on trading days.
The $25 fee will first be automatically deducted from your Frec Cash balance if your Frec Cash balance is $25 or more. If the funds in your Frec Cash account are less than $25, the fee will be applied to your loan amount.
Your funds must be completely settled prior to withdrawing them. Keep in mind the cash from securities sold is not settled until two (2) market days after the sell trade date. Additionally, you cannot withdraw recently deposited cash until you’ve waited five business days from the deposit date.