Cashing out your Stash account involves withdrawing funds from either your Stash banking or investment account to your external bank account or debit card. Whether you need cash for personal expenses or want to transfer your investments elsewhere, understanding the process is key. This guide provides a detailed explanation of how to cash out your Stash account, including step-by-step instructions, timelines, and important considerations.
Understanding Stash Accounts
Stash offers two primary types of accounts: banking accounts and investment accounts. Each has its own process for withdrawing funds.
Stash Banking Account
Your Stash banking account functions similarly to a traditional checking account. You can deposit, withdraw, and transfer money as needed. Funds in this account are usually available for immediate withdrawal without requiring you to sell investments.
Stash Investment Account
Your Stash investment account holds stocks, ETFs, and other securities. To access cash from this account, you must sell your investments first. This process can take some time due to settlement periods.
Withdrawing Funds from Your Stash Banking Account
If you wish to withdraw funds from your Stash banking account, there are several options to choose from:
ACH Transfers to an External Bank Account
Automated Clearing House (ACH) transfers are commonly used for moving money from your Stash banking account to an external bank account. To initiate an ACH transfer:
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Log in to your Stash account.
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Navigate to the transfer section.
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Choose your Stash banking account as the source and your external bank account as the destination.
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Enter the amount to transfer.
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Confirm and submit the transfer.
ACH transfers typically take 2 to 5 business days to process, depending on your external bank’s processing times.
Instant Debit Withdrawals
For faster access to your funds, Stash offers instant debit withdrawals. This feature allows you to transfer up to $1,000 from your Stash banking account to a linked external debit card for a 1% fee. The transfer usually completes in just a few minutes.
To use instant debit withdrawals:
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Ensure your external debit card is linked to your Stash account.
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Go to the transfer section in your Stash account.
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Select your Stash banking account as the source and your debit card as the destination.
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Enter the amount to transfer.
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Confirm and submit the transfer.
The availability of this feature may depend on your account status and location.
Withdrawing Funds from Your Stash Investment Account
When you want to access funds from your Stash investment account, you need to sell some of your investments first. Here’s how to do it:
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Log in to your Stash account.
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Go to your investment portfolio.
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Choose the investment you want to sell.
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Select the option to sell and specify the amount.
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Confirm and submit the sale.
After selling your investments, the proceeds will be credited to your Stash banking account. However, there is a mandatory two-business-day holding period before the funds are available for withdrawal.
Timing Considerations
Understanding the timing of your withdrawals is essential to managing your expectations:
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ACH Transfers: ACH transfers typically take 2 to 5 business days to complete, depending on the processing times of your external bank.
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Instant Debit Withdrawals: Transfers to linked debit cards are usually completed in a few minutes, but this can vary depending on the card provider.
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Investment Sales: After selling investments, the proceeds are not available immediately. A two-business-day holding period applies before the funds can be used.
Plan ahead to ensure you have enough time for your transactions to be completed, especially if you need the funds by a certain date.
Fees and Limits
It’s important to be aware of the fees and limits associated with withdrawing funds from your Stash account:
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ACH Transfers: There are generally no fees for standard ACH transfers.
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Instant Debit Withdrawals: A 1% fee applies to instant debit withdrawals.
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Withdrawal Limits: Stash may set daily and rolling limits on withdrawals. For example, the daily limit for ACH transfers is $3,000, and the rolling 7-day limit is $20,000.
Make sure to check your Stash account for the current limits and fees, as they may vary depending on your account status.
Special Considerations
There are a few factors that could affect your ability to withdraw funds:
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Unsettled Sales: If you have recently sold investments, the proceeds may not be available until the settlement period is over.
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Deposit Holds: If you’ve recently deposited money into your account, there may be a hold before you can withdraw it.
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Account Types: Certain types of accounts, like retirement or custodial accounts, may have restrictions on withdrawals or specific withdrawal processes.
If you experience any issues or have questions, it’s best to contact Stash customer support for assistance.
Conclusion
Cashing out your Stash account involves understanding the different account types, withdrawal methods, and processing times. By following the steps outlined above and considering the associated fees and limits, you can manage your funds effectively. Make sure to monitor your transactions and keep your account information up to date to avoid any surprises.
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