Withdraw from Silo: How to Transfer Funds Out of Your Account
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Introduction
When you’re ready to take funds out of your investing account with Silo, the withdrawal process is designed for simplicity, transparency, and security. Whether you’re moving money to your bank or reallocating your assets, this guide takes you through the steps and explains key limitations and processing times.
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1. Initiate the Withdrawal
- Open the Silo app and go to the Transfers tab.
- Touch the “Deposit Cash” button, then select the withdrawal option.
- Enter the amount you’d like to withdraw. Note: there is a $100,000 maximum per withdrawal request.
- For security, you’ll be required to complete Two-Factor Authentication (2FA) to confirm your request.
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2. Key Limitations to Be Aware Of
- For the first 90 days after your initial deposit, withdrawals must go back to the same bank account from which the deposit was made. This helps protect against fraud and money-laundering.
- Keep in mind that this requirement expires after the 90-day window, allowing more flexibility later on.
3. Processing Time and What to Expect
- After you confirm your withdrawal, you’ll receive a notification acknowledging the request.
- Typically, withdrawals take about 4–5 business days to process and settle, depending on banking hours and volume.
You can check the status of your withdrawal via the History or Transfers section in your account.
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Conclusion
Withdrawing funds from your Silo account is straightforward: initiate the request, verify your identity, and wait for the funds to settle. Just remember the $100,000 limit and the 90-day rule for initial withdrawals. Once everything clears, you’ll have your money where you want it.
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