If you are having issues with your withdrawal, then below you will find two of the most common reasons that a withdrawal might not be available for you currently.
No.1 - Settlement Period
If you have recently sold share positions then the resulting funds are displayed within your brokerage account.
However, after selling there is always a two business day (not including weekends) settlement period that occurs before you are able to withdraw this balance. This may be the reason you can see a balance but an available fund withdrawal of less than that.
No.2 - 30/60 day Hold
If you have been unable to withdraw for longer than the 2 business day settlement period. This is most likely due to the fact that your funds were previously deposited within the last 30/60 days.
DriveWealth, your clearing broker has a policy that means any funds deposited into your investing/brokerage account can be subject to a 30/60 day holding period before they are allowed to be withdrawn again.
The holding periods are as follows:
- 30 day hold for any deposits from ACH accounts, TransferWise, or MoneyCloud
- 60 day hold for any deposits made with a Credit or Debit card.
If, in the last 30-60 days you have made a deposit using any of those methods mentioned above, then your funds will be unable to be withdrawn until the relevant holding period has passed.
Unfortunately, this is a DriveWealth policy and MyWallSt has no control over this decision. As DriveWealth is the provider of your brokerage account you can read up on theirfunding and withdrawal policies here.
You can, of course, ask the MyWallSt Advisory team for more information in this regard. You can ask them directly via: email@example.com
MyWallSt Advisory handle all brokerage related queries.