Withdrawals from Monorail typically take 2–5 business days, depending on fund settlement and market conditions.
General Withdrawal Policies
Withdrawals typically take 2–5 business days to process, depending on your bank and account type. If funds are not immediately available, it may be due to settlement periods. Ensure that any pending transactions have fully settled before initiating a withdrawal.
📈 Stocks
2–5 business days
Timing depends on when your funds from a sale are fully settled
Steps to Withdraw Funds
To withdraw funds directly from your Monorail account:
Log in to the Monorail app.
Navigate to the Main Menu (☰).
Select the account you want to withdraw from (e.g., Stocks, Patriot Portfolio).
Choose the option to 'Withdraw.'
Enter the amount you wish to withdraw and follow the prompts to confirm the transaction. Processing Time: Withdrawals generally take 2–5 business days. Check your bank’s policies for their specific processing times.
🪙 Investing Portfolios
2–5 business days
Withdrawals begin after your funds have settled 🔒 Retirement Accounts (IRAs): To withdraw funds directly through the Monorail app:
Log into the Monorail app.
Tap the Main Menu (☰).
Navigate to Portfolios from your accounts list.
Select your retirement account (Roth IRA or Traditional IRA).
Tap Withdraw.
Follow the prompts to:
Confirm the withdrawal amount.
Select your destination bank account. Alternative Process:
If the withdrawal feature is unavailable in the Monorail app, contact Monorail customer support to request a withdrawal. After processing, Monorail will notify you when your funds are ready for transfer. Considerations:
Withdrawals from IRAs may be subject to IRS penalties and taxes if you are under age 59½ and do not qualify for an exemption.
A Form 1099-R will be issued for tax reporting purposes.
Withdrawals may not be available until all funds in the account have settled.
Steps to Submit a Liquidation Request
Liquidating a portfolio allows you to sell your assets and withdraw the funds:
Log in on the Monorail app or web platform.
From the dashboard, select your portfolio.
Open the 'More' menu (on mobile, it may appear as ‘•••’ while on desktop, it might be a gear icon).
Choose 'Liquidate Portfolio' or look for 'Request Liquidation.'
Specify the amount to liquidate (you can liquidate your entire balance or a partial amount).
Confirm the liquidation request.
Tracking Your Liquidation Request
In the app: Go to your portfolio, navigate to 'Recent Activity,' and look for a 'Liquidation Requested' entry.
On the web: Check your account under 'Activity' or 'Transactions' to see the status.
🔍 What Affects Withdrawal Timing?
Funds must be fully settled before they can be withdrawn
Transfers are made via the Automated Clearing House (ACH)
Timelines can vary due to market holidays or bank processing delays
Withdrawals are only processed on business days- Settlement periods may also depend on the type of asset being sold or specific bank policies.
Withdrawals from retirement accounts (e.g., IRAs) may take longer due to additional settlement requirements and tax documentation.
Early withdrawals from IRAs may incur IRS penalties and taxes unless meeting specific exemption criteria.
Monorail users will receive a Form 1099-R for tax purposes during withdrawal from IRAs.
Troubleshooting & Tips
If you encounter any issues during withdrawal or liquidation, consider these steps:
Ensure Your App is Updated: Check that you are running the latest version of the Monorail app.
Clear Browser Cache: If accessing via the web, clear your browser cache to resolve display issues.
Check for Settlement Holds: Pending transactions or unsettled funds may temporarily restrict withdrawals.
Contact Support: If you do not see options such as 'Withdraw' or 'Liquidate Portfolio' despite meeting all requirements, contact Monorail’s support team for assistance.
Alternative Support for IRAs: If the app’s withdrawal feature is unavailable for your IRA, reach out to Monorail Support to process the withdrawal request manually. They will notify you once funds are ready.
Need Help?
If you're experiencing any delays or have questions about a withdrawal, reach out to Monorail Support through the in-app messenger. We’re here to help.You can also check the 'Help' section in your app for support documentation or submit feedback directly if needed. For retirement accounts, make sure to check for age-related penalties or tax exemptions before withdrawing funds. Additional support regarding IRAs is available through the Monorail customer support team.