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.
What is Auto-withdraw
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. Withdrawals are processed on a Monday to their nominated bank account; allow 2-3 days clearance.
How does it work?
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 Lenders who elect Auto-Withdraw will receive an email on each transaction advising them of the amount that was withdrawn from their Lender account and deposited to their bank account.
How to set up Auto-Withdraw from your Lender dashboard
1. Sign in and select 'Funds'
Sign 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'.
2. Select 'Withdraw funds' then 'Auto-withdraw'
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.
3. Switch 'Auto-Withdraw ' on
Read the Auto-withdraw information and then, if you wish to activate Auto-withdraw, slide the switch to 'Yes'. Note: Auto-withdraw is not able to be personalised and will withdraw any Funds Available over $25 each Monday.
4. Save Auto-Withdraw
Click 'Save auto-withdraw'. Your Auto-Withdraw preferences will then be updated and saved.
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
Watch our how to switch on Auto-Withdraw video to help you set up this feature in your lender Dashboard.
Watch the video on our YouTube channel
Frequently asked questions
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?
There is no limit on withdrawals. From 1 April, 2020 we recommend switching on Auto-withdraw so any uninvested funds are transferred to your nominated bank account.
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.