Why do I have to transfer funds to IRESE?
To place bids and trades on the exchange,
you have to transfer money to IRESE from your bank account first.
In the same way that you transfer funds to your brokerage account before buying stocks,
you have to have funds in your IRESE account to bid on listings or existing shares.
How do I add my bank account?
Go to "Home > My IRESE > Account > Bank Accounts" and click "Add Bank Account". Take me there
Be sure to have a check from your bank account handy.
If you are adding a second, third, or other subsequent bank account, you will be required to fax a copy of a check or a statement from your account to IRESE so that it can be verified.
When you add a bank account to IRESE requires you to provide the following information:
- Bank name: Type in the name of your bank exactly as it appears on your check.
- Account type: Choose whether you are adding a checking or savings account. If you're not sure what type of account you have, contact your bank.
- Account holder name(s): Enter the full name(s) of the account holder(s) as they would appear on a check or bank statement.
- Routing number: Type in the routing number that appears on your check in the lower left corner between the symbols (this is the first block of numbers, and will be nine digits long). For more explanation, see below.
- Account number: Type in the account number that appears on your check (it's the second block of numbers, after the routing number) and before the symbol on your check.
- Re-type Account number: To verify that you entered a correct account number,
please re-type it again.
- Primary Account: By selecting this option you choose this account as
"primary for all automatic transactions" as primary for all automatic
transactions.
- Verify Account Balance: By selecting this option you certify that the
bank account specified above has a positive account balance. Please acknowledge
positive account balance.
When you add a bank account, we require that you verify ownership of your bank account.
Learn more about account verification.
What does it mean to "verify" my bank account?
Before you can transfer money to or from your bank account, you must first verify ownership of that bank account.
After you add your bank account, in order for us to verify that you are the owner of your bank account, you are required to verify the account.
Learn more about bank account verification.
How do I transfer funds to or from IRESE?
Go to "Home > My IRESE > Account > Transfers", and click on "Transfer money". Take me there
You'll be asked to make the following choices:
- Amount: Enter the amount that you wish to transfer. You can transfer between $25 and $100,000 at one time.
-
Direction: Choose the direction (to or from IRESE)
-
Account: The bank account from which funds will be transferred.
-
Date: Date that you want your transfer to start. Default date is to the
current date.
-
Frequency: Choose every week or month if you want your transfer to
start every week or month on the date you specify, for the specified period of
time.
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Estimated completion date: After filling out the other fields on this page, this field will show you the date and time when you can expect your transfer to complete.
You will be asked to confirm your transfer and authorize the withdrawal or deposit to your external account.
have confirmed the transfer, if the start date is today, the transfer will be initiated. Transfers with future start dates will be initiated on the specified start date.
How long does a normal transfer takes?
Unless your transfer is eligible for instant transfer (see below), it takes four
business days to complete a normal funds transfer from your bank account to
IRESE.
The transfer processing calendar is based on banking business days. Weekends and
bank holidays do not count as business days. With regard to holidays, if the
holiday falls on Saturday, it is not observed, and if the holiday falls on
Sunday, it is observed on the following Monday. Holidays include: New Year's
Day, Martin Luther King Day, Presidents' Day, Memorial Day, Independence Day,
Labor Day, Columbus Day, Veterans' Day, Thanksgiving, and Christmas.
Transfers are only processed on business days as defined above. A transfer is
processed on the same day if the request is received before 3:00 PM Pacific
time; otherwise it is processed on the following business day. Use the table
below to estimate the transfer completion date and time.
Transfer completion day and time
(all times Pacific)
Why does it take so long to transfer funds to IRESE?
Because transfers only occur on business days, and IRESE only initiates
transfers once a day at 3:00 PM Pacific Time, your transfer may take longer than
you expect based on when it starts and how many weekends and holidays are coming
up.
Here's what happens behind the scenes when you transfer funds from your bank
account to IRESE:
- Day 0: You initiate a transfer of funds
If Day 0 is a Friday after 3:00 PM, then Day 0 is actually the following Monday.
If Monday is a bank holiday, then Day 0 is actually Tuesday.
- Day 1: Funds are withdrawn from your bank account
- Day 2-3: Funds are received by IRESE and IRESE waits for the 3-day
ACH return window to close
before making funds available in your account. Because this transfer can be
cancelled or marked failed within 3 business days by your bank, IRESE does not
give you access to these funds until the transfer cannot be cancelled. This
added wait is standard practice for electronic funds transfers and provides an
added level of security for funds in your external bank account.
- Day 4: Funds will be available in your cash balance for bidding after
9:30 AM on this day.
The money already came out of my bank account, but hasn't appeared in IRESE account. What's going on?
Based on the ACH funds transfer schedule (see above),
funds you transfer to IRESE will leave your bank account two days before they are made available to you on IRESE.
This delay is typical and to be expected.
The reason for the delay is that IRESE waits for the 3-day ACH return window to close before making funds available in your account.
Because any funds transfer can be cancelled or marked failed within 3 business days by your bank,
IRESE does not give you access to these funds until the transfer can no longer be cancelled.
This added wait is standard practice for electronic funds transfers and provides an added level of security for funds in your bank account.
How much can I transfer at once?
You can transfer as little as $100 and up to $100,000 at one time.
Can I cancel a funds transfer?
You can only cancel a funds transfer which is not yet processing (that is, a status of "Scheduled").
Go to "Home > My IRESE > Account > Transfers", and then click "Edit" next to the transfer that you want to cancel, select "Cancel Transfer". Take me there
Are there any fees for funds transfers?
No. There are no fees for funds transfers.
What method does IRESE use for transfers?
Bank transfers are done through an ACH (Automated Clearing House) transfer.
ACH is a system of the U.S. Federal Reserve Bank that provides electronic funds transfer between banks.
For example, the same kind of fund transfer transaction that is used for direct deposit of paychecks.
Funds from ACH transfers may take two to four business days before they become available in the destination account.
Where can I see my previous transfers?
Go to "Home > My IRESE > Account > Transfers", and then click use Filter to select your past transfers.
You can filter by Date, Status or Transaction #. Take me there
Do Investors earn interest on deposits?
Investors do not currently earn interest on deposits to their IRESE account.
Because of rules associated with pooled accounts, such as the ones that we use to hold your money,
we are not allowed to earn interest on those accounts.
IRESE encourages Investors to transfer money to IRESE as needed to invest or trade,
while leaving a modest amount available for immediate bidding on interesting opportunities or trade deals.
How much cash you keep in your IRESE account will depend on how frequently, and in what amounts, you bid.