If you have not already done so, set up an EFT link between Folio and your bank. This will allow you to transfer money out of your Folio account easily when you need to.
Set up Folio EFT bank link for withdrawals:
- Main account screen: click on “deposit or withdraw money.”
- Then “bank links” subtab and “add new bank link”
- Follow the instructions, verify the two micro deposits within a few days (Folio will prompt you with emails)
Getting cash into your Folio account:
Mail a check
Make your check payable to FOLIO Investments, Inc. Write your account number on the check and mail to:
FOLIOfn Investments, Inc.
PO Box 10246
McLean, VA 22102-3888
Overnight & Express Delivery Address:
FOLIOfn Investments, Inc.
Attn: Cash Management
8180 Greensboro Drive, 8th Floor
McLean, VA 22102
To deposit funds to your account by wire transfer, you will need the following information:
Folio Investments, Inc.
Our Bank for Wires:
US Bank NA
One US Bank Plaza
St. Louis, MO 63101
For Further Credit:
[Your Folio Account number]
Your bank or financial institution may charge you a fee for this service.
Electronic Funds Transfer (must be initiated through your bank)
Folio Investing uses a correspondent bank for EFT transfers. Below is the information to use when setting up an EFT link from your bank to Folio:
Bank: UMB Bank
Routing/ABA Number: 101218856
Account Number * : **********
- Enter your UMB account number, NOT your Folio brokerage account number.
Your UMB account number can be found by going to: “deposit or withdraw money” and then “Deposit type: EFT initiated at your financial institution.”
Getting cash out of your Folio account:
If necessary, sell securities (consult Folio’s online help to utilize their “window trading” options) to free up the cash that you wish to transfer out. Note: Securities require 3 business days to settle and the EFT transfer out typically takes another 2 business days so it can take a week from the time you place the trades until the cash arrives in your bank account.
Electronic Funds Transfer (initiated at Folio Investing)
From the main account page:
Select “deposit or withdraw money” then “withdrawal” subtab.
Withdrawal type: EFT initiated here (no fee)
Transfer to: If your bank info doesn’t appear here, click on “add new bank link” and follow the instructions.
Enter the amount and the date (make sure you allow 3 business days from the trade date if you just placed trades)
Click continue and confirm the transaction.
Transferring Accounts to Folio
Liquidate holdings at your current brokerage firm:
Before initiating an account transfer to Folio Investing, you should contact the current brokerage firm and liquidate securities. There may be tax consequences or fees involved with liquidation so please consult with us beforehand as to which securities you should liquidate.
Note: for IRA accounts, do NOT instruct the broker to distribute funds out to you, just liquidate securities to cash within the account. For taxable (non-IRA) accounts, you may incur taxes on securities sales. Make sure you determine the tax consequences and pay the IRS if necessary.
Transfer accounts to Folio:
IRA accounts: Once your accounts are opened at Folio and securities liquidated at the carrying broker(s), go to “account quicklinks” and “transfer securities” and enter the required information to transfer each of your outside accounts to Folio.
Taxable (non-IRA) accounts: Once your accounts are opened at Folio and securities liquidated at the carrying broker(s), have the other brokerage firm wire, electronically transfer, or mail a check for the funds to you. You can then fund your taxable Folio account using one of the cash methods shown above (wire, EFT, or mailed check).
Previous employer retirement plans: After opening your Folio accounts, contact the plan administrator or HR department and complete the paperwork to roll over the funds to your IRA account at Folio.
Note: most brokerage firms charge a transfer out fee (typically $50) for each outgoing transfer.