The custodian for your Ellevest Digital, Premium or membership account, Folio, processes client withdrawal requests for taxable investment accounts and the Emergency Fund goal generally within 7 business days.
When you confirm the amount that you would like to withdraw, we sync up with Folio so that they can initiate the transfer to your bank account – this typically takes 1-2 business days. Folio then places an order to raise those funds by selling securities in your portfolio. It takes 3 business days for the trades to settle (Trade Day + 2 business days) which is the settlement period mandated by the Securities and Exchange Commission. Once the trades are complete, the funds will be transferred to your outside checking or savings account which generally takes 1-2 business days.
This same timing is also applied to withdrawing the funds from your Emergency Fund goal. For more information on the FDIC and the protections in place for your cash, please see this FAQ.
To withdraw funds from your investment goals, you can navigate to the Transfer Money dropdown in your Ellevest dashboard and select One-time transfer.
Neither Ellevest nor Folio charges any fees to withdraw funds from your investment goals or your Ellevest Save or Spend accounts. However, you may incur tax consequences as a result of withdrawing your funds from an Investment or IRA account.
The IRA withdrawal process requires additional steps due to the potential tax penalties for early withdrawals and may take longer to complete. (If you’re an Ellevest client, you can learn more about the process in this FAQ page.)