When you initiate a deposit from your bank account into Public, most of the time we credit your account instantly for deposits up to $1000. This is called an “instant deposit”, and is really handy for users who qualify for it. Now we might blow your mind a little: while this makes the amount of money you transferred immediately available to invest, it won’t actually be deposited into your account for at least two business days.
This concept also applies when you’re selling stock. Money you’ve made from selling a stock will be immediately available to invest with Public, but those funds won’t be available to withdraw from Public for two business days.
We want you to be able to invest in stocks when the time is right, and we know that you don’t always have money in your Public account when that time strikes. That’s why we make money available to you right away, on good faith that you actually have the money in your bank account. (This is pretty standard in the industry, and it all happens behind the scenes so you don’t have to think about it.) This successfully deposited money from your bank account is what we mean when we say “settled funds”.
It’s important to know that different types of money exchanges take different amounts of time to settle. Transfers to and from your bank usually take 5 business days, and transfers to your Public account when you’ve sold stock take 2 business days.