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Withdrawable funds are the amount of money you are able to withdraw out of your EasyEquities account into your bank account or use to purchase a gift voucher.
Where for example, your EasyEquities account indicates that you have R500 worth of 'withdrawable funds', it means that you have R500 in your account that is not subject to any of the lock-ups we sometimes need to apply to client funds. These lock-ups include unsettled funds and locked funds.
Sufficient holdings to cover my withdrawal
This is best explained by way of example:
An Investor has an EasyEquities portfolio worth R15,000 and no available cash.
In order to buy a gift voucher for R1,000, she needs withdrawable funds to do so.
She does an EFT into her EasyEquities ZAR account for R1,000 on a Tuesday and the funds are allocated to her account.
In order to determine whether the R1,000 is 'withdrawable' (and can, therefore, be used for the gift voucher purchase) our system looks at her holdings and determines that she has R15,000 of holdings, which is more than sufficient to cover the R1,000 she wishes to use.
The system marks the R1,000 as 'withdrawable' and the client buys the voucher and sends it to her very happy nephew for his birthday.
Two days later (Thursday) the client needs to withdraw the R15,000, so she sells her entire holdings and uses early settlement to settle the funds a day later (Friday).
The system, however, would only mark R14,000 of the R15,000 as 'withdrawable funds', and it would continue to hold the R1,000 as protection until 14 days from the date her original R1,000 was allocated, have elapsed.
In this example, the client is able to withdraw her R14,000 of 'withdrawable' funds on Friday but would need to wait a further 11 days until the remaining R1,000 is unlocked and becomes 'withdrawable' at which point she can withdraw it to her bank account.
Credit card and debit card funds
Credit and debit card payments are locked up for ten (10) days.