How do I deposit funds into my account?

You can fund your account by:

  • Electronic funds transfer (EFT)
  • Check deposit
  • Wire transfer
  • Direct deposit/payroll deduction
  • Bill Pay from your bank

Open your Accounts page, select Transfer Money from the dropdown menu and open the Deposit tab. Then select a deposit type, and follow the instructions given.

For check deposits to an IRA account, use the check's memo line to specify your account number, whether the funds are a contribution or rollover, and the intended tax year of the deposit.

Users with Account Detail Viewer permission or higher may make any other type of deposit. Learn more about permission levels here. Other restrictions may apply.

What types of checks does Folio accept?

We accept the following types of checks:

  • Personal checks made payable to Foliofn Investments, Inc. Checks must be drawn on an account in your name at a financial institution located in the U.S.
  • U.S. government checks or federal or state tax refund checks payable to you and endorsed to us.
  • Corporate checks drawn on an account at a financial institution located in the U.S. Checks must have the name of a corporation on them, be made payable to Foliofn Investments, Inc., and have a reference to your name as it appears on your account with us.

The name on a check must exactly match the name on the account opened with us. Remember to write your account number on the check. For deposits to an IRA account, specify whether the funds are a contribution or rollover and the intended tax year of the contribution.

We do not accept the following types of deposits:

  • Cash
  • Money orders
  • Temporary checks (starter checks)
  • 3rd party checks (e.g., checks that are not made payable to you)
  • Post-dated checks
  • Foreign checks payable in foreign funds
  • Travelers checks

How do I transfer my account holdings from another brokerage?

If you already have an account here, you can make an online account transfer. If you don’t have an account with us, you must open the same account type as the account you are transferring (For example: Open a Roth IRA with us to transfer a Roth IRA from another brokerage.).

To make a securities transfer, open your Accounts page, select Transfer Securities from the dropdown menu, then follow the instructions given.

How do I transfer a portion of my holdings from another brokerage?

You have two options:

  • Select the specific securities and/or cash amount that you want to transfer.
  • Ask the brokerage currently holding your assets to sell specific assets and then transfer the proceeds to us as cash.

To make a partial transfer, open your Accounts page, select Transfer Securities from the dropdown menu, and then follow the detailed instructions given. You will be asked if you wish to transfer your entire account or just a portion of your account. To make a partial transfer, open your Accounts page, select Transfer Securities from the dropdown menu, and then follow the detailed instructions given. You will be asked if you wish to transfer your entire account or just a portion of your account.

How do I get assistance completing an account transfer?

Contact us and one of our Customer Service Representatives will guide you through the process.

Can I complete a transfer from one account type to a different account type?

Generally, transfers can only be done between the same account types and account owners (e.g., Roth IRA to Roth IRA). If you need more information, Contact us and one of our Customer Service Representatives will assist you through the account transfer process.

What types of securities can I transfer?

We accept the following types of securities:

We also accept cash when received as part of an account transfer.

To transfer other types of securities (e.g., bonds or options) you will need to sell those securities and transfer the cash. This may have tax implications so we recommend that you consult with an investment advisor or a tax professional.

How do I roll over a 401(k) or other qualified retirement plan?

First, decide whether to roll your qualified retirement plan into an IRA rollover or Roth IRA account. Once you’ve opened the appropriate account type, initiate the transfer process by opening your Accounts page, selecting Transfer Securities from the dropdown menu, and following the detailed instructions given. Qualified plans include:

  • 401(k)
  • 403(b)
  • Defined benefit
  • Employee stock ownership (ESOP)
  • Keogh
  • Stock bonus
  • Thrift or savings plans

You”ll need to confirm that your retirement account is a qualified plan and that all your assets can be transferred into an IRA rollover or Roth IRA account. Also be aware that if your rollover assets from a qualified plan are co-mingled with your regular IRA contributions this may disqualify the plan assets from being rolled back into a qualified plan at a later date. Contact your plan administrator for further information.

Can I transfer stock certificates?

No. However, you can convert physical stock certificates for publicly-traded companies into electronic form (also known as street name) and then transfer them to us using the Transfer Securities process. Check with the issuer of the security, your current broker, or your financial institution to see if they can convert your physical stock certificate into electronic form.

An exception to this rule is for stock certificates held in a Direct Registration Program/Dividend Reinvestment Plan (DRIP). To transfer a stock certificate in a DRIP, open your Accounts page, select Transfer Securities from the dropdown menu, click on the Transfer Security from a Direct Registration Program link, and follow the detailed instructions.

Is there a limit on the maximum amount that can be deposited?

There are no maximum limits on deposits by check, wire, direct deposit, Bill Pay, or EFT initiated at your financial institution.

What are the restrictions surrounding contributions to IRA accounts ?

Account Type Restrictions:

  • Beneficiary IRA accounts are not eligible for regular contributions.
  • Because contributions to SIMPLE IRA accounts must be made directly from the employer via payroll deferrals, SIMPLE IRA accounts are not eligible for contributions via EFTs initiated with us. However, contributions to SIMPLE IRA accounts can be made by your employer via check, wire, Bill Pay, or EFT initiated at your employer’s financial institution.

Age Restrictions:

  • The year you turn age 70½, you become ineligible to make regular contributions to traditional or IRA rollover accounts. However, you may continue to make rollover contributions to traditional and rollover IRAs, regardless of your age.
  • Regardless of your age, you are eligible to make regular contributions to Roth IRAs if you have earned income.

Amount Restrictions:

  • For 2014 and 2015, the maximum contribution to traditional and Roth IRAs is the lesser of $5,500 ($6,500 if age 50 or older) or your taxable compensation for the year.
  • IRA contribution limits do not apply to rollover contributions.

Rollovers

  • If you received a distribution from a traditional IRA, Roth IRA, or qualified plan, and wish to roll over those funds within 60 days, complete the IRA Rollover Certification Form and include it with your check. This form is located online on the Forms page, in the Help Center.

How will I know when funds have been deposited into my account?

You will receive a notification in your Message Center each time funds are deposited into your account.

To view your transfer activity, open your Accounts page, select Transfer Money from the dropdown menu, then open the Transfer Activity tab.

To learn when deposits will be available for trading or withdrawal, see our Funds Availability Policy.

How do I make a withdrawal from my account?

Open your Accounts page, select Transfer Money from the dropdown menu, and open the Withdrawal tab. Then choose a withdrawal type, and follow the instructions given.

You can withdraw funds from your account via:

  • Electronic funds transfer (EFT)
  • Check withdrawal
  • Wire transfer

You must have account permission as a Money Mover, Trader, Account Manager, or Account Creator/Owner to withdraw funds. Users with Account Detail Viewer permission are able to view transfer activity and bank links but may not make withdrawals. Learn more about permission levels here.

Is there a maximum limit on the amount that can be withdrawn?

The maximum amount that can be withdrawn from an account via EFT initiated with us is limited to $100,000 over a 30 calendar-day period. The maximum amount that can be withdrawn from an account via wire is limited to $25,000 over a 30 calendar-day period. Withdrawals by check or by EFT initiated at your financial institution may be for any amount up to the available cash in your account.

How do I set up check writing for my account?

Open your Accounts page, select Set Up Check Writing from the dropdown menu. Print and sign the Set Up Check Writing form, and then mail, email, or fax it to us.

Distributions from certain types of retirement accounts are not eligible for check writing.

Review our Special Services & Fees to learn more about the costs of setting up check writing capabilities.

How much time does it take for my withdrawal to complete?

  • EFT withdrawals initiated with us will complete in 1 - 2 business days after the start date.
  • Wire withdrawals are completed the same day they are processed.
  • Check withdrawals take 1 - 5 business days to receive in the mail, depending on the delivery option that you select (e.g., overnight vs. standard mail).
  • The cut-off time for processing all withdrawals is 12:00 noon ET. Withdrawals received after that time will be processed the following business day.

When can I schedule an EFT withdrawal?

  • One-time transfers can be scheduled to occur on business days only.
  • Repeating transfers can be scheduled for any day of the month. If the start date of a repeating transfer falls on a non-business day, the transfer will be processed the prior business day. However, if an instance of a repeating transfer falls on January 1 (or January 2 or 3 if these are non-business days) the transfer will be processed the following business day.

What are the rules surrounding distributions from IRA accounts?

Age Restrictions:

  • Withdrawals from an IRA account before age 59½ may be subject to an IRS imposed penalty of 10% of the distribution amount.
  • The IRS penalty for withdrawals from SIMPLE IRAs in the first 2 years of participation is 25%.
  • The day you turn age 59½ is the earliest date that you can take a normal distribution from an IRA account without incurring the early withdrawal penalty.

Amount Requirements:

  • You must take a required minimum distribution (RMD) each year, beginning in the year you turn age 70½.
  • Beneficiary IRAs are also subject to RMDs, beginning in the year after the year of the original IRA holder’s death.

Exception Withdrawals from IRA accounts:

  • To make withdrawals from an IRA account for disability, death, revocation, removal of excess contributions, IRA conversion, recharacterization or IRA-to-401(k) distribution, use the IRA Distribution Form, located on the Forms page in the Help Center.
  • Death distributions using the IRA Distribution Form only apply when paying the funds to an estate, charity, business entity, or the spouse satisfying the decedent’s RMD.

What if an account does not have sufficient funds for withdrawal?

  • Accounts must have sufficient available cash to pay for withdrawal requests, plus any fees.
  • Fees will be automatically deducted from the cash holdings. If cash holdings are insufficient to cover the requested withdrawal plus fees, the fees may be deducted from the requested withdrawal , or the withdrawal may be cancelled.
  • If a scheduled withdrawal has insufficient cash on its processing date to cover the requested withdrawal plus fees, we may create a debit balance in the account to cover the difference.
  • Withdrawal requests scheduled for a future date, either one-time or recurring, will be checked to see if they have enough available cash on the scheduled processing date. If there is not sufficient cash to pay for the requested amount, then for small amounts only, we will withdraw the requested amount and create a debit balance in the account to cover the difference. Typical reasons for insufficient funds that will cause withdrawal requests to either be rejected or cause debit balances insufficient funds are open purchase orders, unsettled trades, pending withdrawal requests, and market orders executed at prices different than anticipated.

What information is required to set up an EFT bank link?

Before making an electronic funds transfer (EFT), you will need to set up an EFT bank link using your bank’s routing and account numbers. After setting it up, you must also verify the bank link before it can be used to schedule transfers.

Bank links can only be established for accounts with identical account name(s). If the account with us and the bank account are not an exact match, such as in the case of an investment club account or corporate account, use the EFT Authorization Form, located on the Forms page in the Help Center, to set up the bank link.

What information is required to set up a wire bank link?

Prior to requesting a wire transfer, you will need set up a wire bank link using your financial institution”s FedWire routing and account numbers. The FedWire routing number is sometimes, but not always, the same as that financial institution”s ABA routing number. Please check with your financial institution to make sure you are using the correct number.

Wires can be sent only to accounts with identical account names.

How do I verify my new bank link?

New EFT bank links require verification before they can be used for transfers. Within 3 - 4 days after submitting a new bank link request, you will see in the account at your financial institution 2 small deposits of less than $0.50 each and a corresponding withdrawal. These transactions will come from UMB, our banking services provider.

To verify a new EFT bank link, open your Accounts page, select Transfer Money from the dropdown menu, open the Bank Links tab, click Verify, and enter the exact deposit amounts received by your financial institution. This will activate the bank link and make it available for immediate use.

If you are creating an EFT or wire bank link to an account on which you have Money Mover but not Account Owner permissions, then that bank link will need to be verified by an account owner before it can be used. This is to ensure that the account owner approves of any money transfers into or out of their account. The account owner can verify a new bank link by going to the Accounts page, selecting Transfer Money from the dropdown menu, opening the Bank Links tab, clicking Verify and checking the Verify checkbox. This will activate the bank link and make it available for immediate use.

For your account security, bank links that are not verified within 10 business days are automatically deleted.

How do pending order amounts affect withdrawals?

A pending order is a security order that has not yet executed.

  • Pending Buy Orders
    When you place a buy order, the buy amount will be subtracted from the cash available for transfer. This prevents inadvertent transfers of cash needed to settle pending trades.
  • Pending Sell Orders
    Until a sell order is executed and the trade has settled, the proceeds from the sale will not be added to the cash available for use or transfer.

How do I transfer funds between two folios within the same account?

To transfer money between folios, open your Accounts page, select Transfer within Account from the dropdown menu, and follow the instructions given.

Where is the CVV or card security code?

The Card Verification Value (CVV) is a 3 or 4 digit security code, usually located on the back of a credit card, above and to the right of the signature block. In the case of American Express, the CVV is located on the front of the card, directly above and to the right of the card number.