How it works

Auto-Withdraw

How to set up Auto-Withdraw on your Lender account.

main computerAuto-Withdraw is a new feature for Harmoney Lenders, which allows lenders to automatically withdrawal 'Available Cash' over $25 from their account once a week, and deposits it into their bank account.

Auto-Withdraw

Auto-Withdraw

How to set up Auto-Withdraw on your Lender account.

Auto-Withdraw is a new feature, which allows Harmoney lenders to automatically withdraw 'Available funds' from their account and deposit it into their nominated bank account.

What is Auto-Withdraw and how does it work?

Following feedback from Harmoney Lenders, many expressed an interest for an easy-to-use automated, process for withdrawing funds from their Harmoney account into their nominated bank account. Auto-withdraw allows Lenders to automatically withdraw Funds Available from their Lender account once a week. A minimum of $25 will always be left in their account (why?). Withdrawals are processed on a Monday to their nominated bank account; allow 2-3 days clearance.

What do I need to know?

There are currently no personalisation options with Auto-Withdraw. The functionality is either turned on or off. Lenders who elect Auto-Withdraw will receive an email on each transaction advising them of the amount that was withdrawn from their Lender account and deposited to their bank account.

A step-by-step guide to setting up Auto-Withdraw

Click here to watch a video instead

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Step One:

Log in to your Lender dashboard, and click on the menu item in the header options named 'Funds'. On mobile, you would select the in the top right corner, then 'funds'.

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Step Two

Select 'Withdraw Funds' from the sub-header navigation, and then 'Auto-withdraw'. On mobile, this would be the same step, however the menu would now be vertical down your screen.

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Step Three

Read the Auto-withdraw information and then, if you wish to activate Auto-withdraw, slide the switch to 'Yes'.

Note: At this stage, Auto-withdraw is not currently able to be personalised and will withdraw any Funds Available over $25 each Monday.

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Step Four

Click 'Save auto-withdraw'. Your Auto-Withdraw preferences will then be updated and saved.

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That's it!

On your dashboard, the feature light will remind you that Auto-withdraw has been enabled.  You will receive a weekly email notifying you of the amount of the weekly withdrawal.  You can also see the details of all withdrawals in the 'Reports Deposits' Section.

Watch the video

FAQs

How often do withdrawals from my account happen?

They happen every week on a Monday or first banking day after Monday.

When will I see the funds appear in my nominated account?

Allow 1-2 business days for funds to show in your bank account.

Can I set the amount I want to auto-withdraw each week?

Not currently. Auto-withdraw will withdraw all funds over $25 if you have it turned on.

Why can I not auto-withdraw all the funds in my account?

Auto-Withdraw leaves $25 in your account so that there is a buffer if Borrower payments are reversed. You can read more about the reversal of funds here.