Transferring Money

How do I deposit money into my Fennel account?

Once you have successfully connected your bank to Fennel, you may deposit money into your account at any time by going to your “Wallet” in the “Settings” menu. Alternatively, there should be a prompt to deposit cash on your portfolio tab if you currently do not own any securities. The ability to deposit additional funds will also appear on the screen when you are purchasing a security. Fennel permits up to 3 linked bank accounts.

Currently, Fennel does not permits deposits to be sent in via wire transfer or paper check.

Is there a limit to how much I can transfer in and out of my bank account?

Customers are limited to cash movement of $50K in or out in a day.

How long does it take to deposit money?

After a deposit is initiated, it typically takes 1-2 full business days for funds to settle, depending on which day and time the transfer is initiated. However, it may take up to 5 business days to deposit money into and out of your Fennel account.

How do I cancel a transfer?

An ACH may be cancelled by the customer prior to it being "Completed”. In general, that completed time is 2:30 CST, but that time may be earlier in some cases (i.e., the ACH was requested early in the day). There is no charge for cancelling. To do so, go to the “Settings” menu and view your list of transactions. Once you find the pending transfer you are looking to cancel, click on transfer and select the “Cancel” option.

How do I withdraw money from my Fennel account?

You may withdraw your funds from Fennel at any time. Please navigate to the profile tab and select on the manage wallet button and then specify which bank account you would like your money to be transferred into and allow up to 5 business days for the transaction to be completed.

When can I cash out?

There are two parts to cashing out: selling your securities and transferring funds into your bank.

You can sell your securities during regular market hours, which are Monday through Friday, from 9:30 am to 4:00 pm ET (with the exception of certain stock market holidays).

After selling your securities during trading hours, you can then initiate a transfer to your bank account of your available cash balance. A cash withdrawal can take up to 5 days to process.

Can I set up recurring deposits or investments?

Fennel does not currently support recurring deposits.

How do I prevent bank transfer reversals?

You can prevent a bank transfer reversal by making sure your banking information is kept up to date. If you are withdrawing money from a bank account to deposit into your brokerage account, please make sure there are sufficient funds in your bank account in order to avoid any bank transfer reversals or associated fees.

Customers that have non-sufficient funds are charged by APEX $30 directly from their account.

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