We know when you withdraw money, you want to see it in your account immediately. However, withdrawals take 5-7 business days to transfer back to your bank account, because there's a lot going on behind the scenes:
Once you request a withdrawal, we begin liquidating securities to create the cash to be sent back to your linked bank account. We use this opportunity to bring your portfolio closer back to the target allocation by selling the most over-allocated securities first. Within those securities, we also choose the highest cost basis tax lots. This approach is intended to help you pay the least taxes possible as a result of the withdrawal or even realize a tax-loss which can be used to offset gains elsewhere and reduce your tax burden.
After trading is complete, it takes approximately three days for the cash to “settle” within your WiseBanyan account before it is sent via an ACH transfer back to your linked bank account. It typically then takes one additional day for your bank to process the ACH and make your funds available.
Please note that the value of your portfolio today is subject to change by the time you receive your funds. If you submit a request to withdraw funds before 1:15 PM EST, we will strive to liquidate securities at 1:30 PM EST on that day in order to process your request. If you submit a request after 1:15 PM EST, we will strive to liquidate securities at 1:30 PM EST on the next business day. Please note that this is not a guarantee, and execution times for liquidation of securities to produce cash may vary. We are unable to reimburse clients for the difference in proceeds resulting from market fluctuation between the initial withdrawal request and when the withdrawal request is processed.