Withdrawals are always paid to the nominated bank account saved on your portfolio. If your withdrawal hasn’t arrived, or it was sent to a bank account that has since been closed, the steps below explain what happens and what to do. Your money isn’t lost.
When should my withdrawal arrive?
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Submitted before 2:00 pm (Sydney time) on a business day
Arrives the next business day.
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Submitted after 2:00 pm, on a weekend or on a public holiday
Processed the next business day.
Once submitted, a withdrawal can’t be cancelled or changed.
Select your situation below to see what to do.
Not arrived yet
- Check the timing. Allow until the end of the next business day after your request was processed.
- Check which bank account it went to. Your nominated bank account is shown on the withdrawal screen and in your account settings. Make sure you’re checking that account with your bank.
- Check the account is still open. If it has been closed, see the Sent to a closed account tab.
- Contact us. If the details are correct, the account is open and the funds haven’t arrived after two business days, contact us and we’ll trace the payment.
Sent to a closed account
When a payment is sent to a closed account, the receiving bank rejects it and returns the money to Selfwealth. You don’t need to ask your old bank to send it back.
- The funds are returned to us. This usually takes a few business days and depends on the other bank.
- We credit the funds back to your Selfwealth cash account. We’ll email you when this happens, and the amount will show in your cash balance again.
- Update your nominated bank account. See the steps below.
- Submit a new withdrawal request.
We can’t redirect a returned payment to a different bank account. It must go back to your Selfwealth cash account first, then be withdrawn to your updated nominated account.
Sent to an open account I didn’t want
If the nominated bank account on your portfolio is open and in your name, the withdrawal will be paid there and we can’t recall it.
Check that account, then update your nominated bank account before your next withdrawal.
How do I update my nominated bank account?
Individual portfolios can update this themselves in the mobile app or the new web app. The new account must be in the same name as your Selfwealth account, and you’ll verify the change with multi-factor authentication (MFA).
New web app
- Select your initials, then Account settings.
- Select Update Nominated Account, then select the pen icon.
- Enter the new BSB and account number, then select Update.
Mobile app
- Tap Accounts > Manage account > Bank details.
- Tap the pen icon.
- Enter the new BSB and account number, then tap Update.
Individual Portfolio
See How do I update my nominated bank account for my Individual portfolio?
Joint, company, trust and SMSF portfolios
See How do I update my nominated bank account for my company, trust and joint portfolio?
What about dividends paid to a closed bank account?
Dividends for ASX shares are paid by the company’s share registry, not Selfwealth. If a dividend was sent to a closed account, it is returned to the share registry, which will hold it until you update your payment instructions with them.
My Selfwealth portfolio is already closed.
If funds are returned after your portfolio has been closed, contact us. Once we’ve verified your identity and your new bank details, we’ll arrange payment for you.
Need help?
Our Customer Advocates can help you trace a missing withdrawal:
- Live chat: 24 hours a day, Monday to Friday
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Phone: 10am to 6pm Sydney time (AEST/AEDT), Monday to Friday