After linking your US Bank account you can submit your deposit.
An ACH is a transaction similar to a wire transfer but can only be conducted between accounts located in the US (such as Bank of America, Wells Fargo, Citibank, etc). To create an ACH transfer is an easy process where the customers provide their commercial bank info to Folionet, and the funds are transferred from the bank into the brokerage account (no need to contact the customers bank).
The basics of ACH:
- After the bank account is linked to the Folionet account, the customer can begin to transfer or withdraw funds.
- Once the client submit a deposit or a withdraw, this entries are transmitted electronically.
- The deposit time frame will be around 4-5 business days.
Deposit Time Frame:
Settlement time for any deposit takes about 4 to 5 business days.
Deposits Reversals:
A deposit reversal is a canceled transfer of funds. The cause of this reversal could be: wrong routing number, insufficient funds, wrong account type, wrong account number, or a declined transfer.
A deposit reversal is a canceled transfer of funds. The cause of this reversal could be: wrong routing number, insufficient funds, wrong account type, wrong account number, or a declined transfer.
When reversed, funds will be placed back in the originating account and your Folionet account will be charged a $30 fee. This $30 fee is charged by Folionets clearing partner APEX. Folionet is not authorized to waive fees after they have been charged to your account.
We encourage our clients to do the following steps before initiating deposits to their Folionet accounts in order to prevent deposits reversals:
- Confirm your account number and routing number.
- Verify that your bank account have sufficient funds for several days after you initiate your deposit.
- If you are using a Savings Account to deposit funds, please remember that some transactions limits per month may apply.
APEX Clearing Corporation & the ACH System
Apex is Folionets clearing partner. They partner with BMO Harris to handle all ACH transfers, trade confirmations, settlement, and securities delivery for Folionet.
