Money Transfer FAQs

Deposits are generally allocated on the next business day after it is processed. However, a starting deposit of $10,000 or more, or subsequent deposits that exceed the previous balance of an account, may be restricted from trading until Facet receives confirmation from your bank that the deposit has cleared. This can take between 5 and 8 calendar days depending on your bank. This is to ensure there are sufficient securities to cover any debit balances that may arise from a rejected deposit.

Deposits must first be cleared by the bank before they can be withdrawn, transferred, or converted to another account. This typically takes 6 business days.
Sometimes deposit requests are rejected by your bank due to insufficient funds, stop payments, exceeding daily ACH transfer limits at your linked financial institution, or your account is not eligible for ACH transactions. When this occurs, Facet’s custodian charges a nonrefundable $30 ACH Reversal Fee to cover the costs of returning funds to the delivering bank and reversing the deposit within the Facet account. Facet does not receive any compensation for the ACH Reversal Fee.
Generally, withdrawals arrive within 2-3 calendar days after the withdrawal has been processed. However, withdrawal requests that exceed the available cash balance will require trades to be placed in order to raise the requested cash. Trades settle after 2 business days, at which point the ACH withdrawal will be processed and sent to your bank and arrive in the 2-3 calendar day timeframe. Weekends and bank holidays can also cause additional delays from the date you request your withdrawal to when you will see the funds in your bank account. If you made a recent deposit within the last 6 business days, those deposits must clear before a withdrawal can be processed. If you require funds sooner, wire withdrawal requests are available, but may contain a fee both from Facet’s custodian and from your bank that receives the wire
  • Pending deposits can be canceled until 4pm Eastern Time on the same business day they are requested. To cancel a deposit follow these steps:
      • Go to the Transaction tab on your investment account page.
      • Click on the pending deposit or withdrawal that you wish to cancel.
      • If available, you’ll see a “Cancel Transfer” option. Select it to proceed with the cancellation.
  • Pending withdrawals can be canceled up until 3:30pm Eastern Time on the same day they are requested. To cancel a withdrawal follow these steps:
      • Go to the Transaction tab on your investment account page.
      • Click on the pending deposit or withdrawal that you wish to cancel.
      • If available, you’ll see a “Cancel Transfer” option. Select it to proceed with the cancellation.
  • Important: Deposits or withdrawals that have already been completed can no longer be canceled.
Unfortunately, we cannot change a pending transaction. You will have to cancel the current transaction and submit a new request with the necessary changes.
The daily ACH limit is $500,000 per bank account for both deposits and withdrawals. Any additional deposits or withdrawals submitted for the same day will be rejected. In some cases your linked financial institution may have daily limits lower than ours. Please verify with your current institution if your requested ACH transfer amount is within the limit to prevent unexpected ACH rejections that could result in a nonrefundable $30 ACH reject fee. If you wish to deposit or withdraw an amount larger than the daily limit, consider scheduling multiple transfers over multiple days. Alternatively, larger deposits can be sent as a wire direct from your bank to Facet’s custodian. Contact your planner to obtain the incoming wire instructions. For large withdrawal requests, Facet can process outgoing wires with a nominal fee of $25 (additional fees may apply with your bank who receives the wire).