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Withdrawing Funds to a Third Party
The Fund Transfers page lets you request a wire withdrawal of funds from your account to an eligible third party. Only wire withdrawals are allowed. A third-party withdrawal is a two-step process:
- Enter third-party information and submit it to us for approval.
- Upon approval of the payee information, create and submit a third-party withdrawal request using the approved information as the bank information for the withdrawal. Note that the actual withdrawal request is also subject to approval.
Who is eligible to withdraw funds to a third party?
- Individual, Joint and Trust accounts. Specifically, the primary account holder and any account user granted Funding access rights in an Individual account, either account holder in a Joint account, and any trustee in a Trust with Funding access rights are allowed to enter third-party withdrawal payee information and initiate third-party withdrawal requests.
- Advisor accounts. A Registered Advisor is allowed to enter third-party withdrawal payee information for a client if the client has approved additional authorizations for the advisor. Registered Advisors can use third-party withdrawal information that has been entered by a client to initiate a third-party withdrawal for that client. Clients of Registered Advisors can enter third-party payee information and initiate third-party withdrawals .
- Proprietary Trading Account STL Master Users and Pool Accounts. However, third-party withdrawals are NOT allowed to officers, traders or owners or the proprietary trading group organization. Specifically, the Master User and any account user granted Funding access rights are allowed to enter third-party withdrawal payee information and initiate third-party withdrawal requests.
- Hedge Fund accounts. Hedge Funds may request third-party withdrawals to vendors and administrators but NOT to individual investors in the fund or to the Fund Investment Manager. Specifically, the Fund Investment Manager and any account user granted Funding access rights are allowed to enter third-party withdrawal payee information and initiate third-party withdrawal requests.
- Fully Disclosed Broker accounts. Specifically, the Broker Master User and any account user granted Funding access rights are allowed to enter third-party withdrawal payee information and initiate third-party withdrawal requests.
The following accounts are NOT eligible to withdraw funds to a third party:
- Master and client accounts under an unregistered Advisor account (Friends and Family account and Family Office account with an unregistered Advisor)
- IRA accounts
- Non-disclosed and Omnibus Broker accounts
To enter third-party information and submit it to us
- Click Transfer & Pay > Transfer Funds.
- If
you have multiple accounts or account partitions, or if you have a master account and you manage one or more client or sub accounts, the Account Selector opens. Select the account you want to use for this transaction, or use the search function in the Account Selector to find the desired account. Click CONTINUE to submit your account selection and close the Account Selector.
- In the Transaction Type list, select Withdraw.
- In the Currency list, select the currency of your withdrawal.
- In the Method list, select Wire.
- Complete the fields in the Bank Information section:
- Enter a name for the bank information (it will be saved under this name).
- If you are sending the funds to a bank, select the country where the bank is located (Bank Country), and then enter your account number at the bank twice.
- If you are not sending the funds to a bank,select NO, and then complete all of the fields.
- As soon as you select the Bank Country, the Receiving Bank section appears. Click Search in this section to search for your bank.
- In the Bank Search popup, you can search by ABA (routing) number or by bank name. By default, Search by bank name? is set to NO, which allows you to enter a routing number and search for your bank that way. Select YES to search by bank name, and then complete the form and click Search.
- A list of all banks along with their routing numbers appears. Select your specific bank. Information for the bank you select will be entered into the Bank Information section of the Fund Transfers screen for your transaction.
Note: Note that for third-party withdrawals that are intended for the bank of a third party payee, you will want to enter information about that bank, NOT your bank.
- In the Third-Party Recipient section, set Is the recipient someone other than the account holder? to YES, and then enter information about the third-party payee in the fields that appear.
- Click CONTINUE to submit the third-party payee information to us for approval.
You will be notified when we approve the information.
To withdraw funds to a third party via a wire transfer
Once we approve your third-party payee, use these instructions to enter the actual wire withdrawal request.