As with all registered brokerages in the US, Public is required to comply with the SEC and PATRIOT ACT regulations regarding anti Money Laundering. For Compliance and in accordance with Anti Money Laundering Regulations, in order to withdraw to a different bank than you deposited from, our compliance department needs to verify the identity on the new account. This means that if you deposited funds from more than one bank account, we need to verify those accounts.
There could be a few reasons your withdrawal hasn’t been successful:
1. Bank of Origin:
Regulations require outgoing withdrawals to go back to the bank account of origination (where your deposits originally came from). If you would kindly re-connect to your original bank account your next outgoing withdrawal should be successful.
2. Deposits came from multiple different bank accounts:
Because we are in a heavily regulated industry, there are strict rules and regulations when it comes to the movement of funds.
Safety is always our #1 priority. In the event that a withdrawal is to be made to a different bank account that funds were deposited from, our compliance department does need to verify each account used. This means that if you deposited funds from more than one bank account, we need to verify those accounts.
All you need to do is please send us a photo or PDF of your new bank account statement and you will be all good to go with adding it.
3. Unsettled Funds:
You can always withdraw settled funds in your account. If there are unsettled funds in your account, those will need to settle before they can be withdrawn.
Settlement Timelines:
Deposits: Deposits are handled entirely by your bank. While deposits typically take up to 7 business days to settle into your account, each bank has its own settlement process and timeline, which is why we recommend reaching out to your bank if you ever feel that a deposit is taking too long.
Sold Stock: Funds from sold stock take 2 full business days to settle before they can be withdrawn.
Funds From Fractional Share Rewards: Each fractional share has a 90 day day holding period before it can be withdrawn. The great news is that if you didn’t want to wait 90 days, you can always use the proceeds to buy other stocks if you were interested in something else.
If you ever have questions, the team is always here for you, so feel free to give us a shout on the app’s Chat or via email at support@public.com.