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Withdrawals on Cowrywise: What you need to know

3 Mins read
Withdrawals on Cowrywise

Nothing makes you feel better than withdrawing your hard-saved or invested funds after months of exercising discipline.

After withdrawing, all you want is a notification from your bank that your bank account has been credited, your phone doing ‘tom-tom’, or a mail notification from your bank with the subject: Your account has been credited.

However, sometimes this does not happen. 😔

Let’s take a deep dive into some of the reasons why that can be the case.

Why you don’t get your withdrawn funds in the nick of time

1. Withdrawal timeline

It is a stale gist that withdrawals get processed after 24 hours on Cowrywise, but it’s harmless to bring it to your notice again. After initiating a withdrawal from your Stash, it takes 24 hours to get processed. There is a timer that shows you how much time is left. You are implored not to attempt cancelling it at any point in time, except if you need to change the amount or the receiving bank.

Wondering why it has to be 24 hours? Check these two articles: Stash is Getting a Major Upgrade and How Investments Work at Cowrywise.

2. Central processor downtime

Your withdrawal could be processed, but the central processor could be having a downtime. We want you to receive value for your withdrawal immediately, however, if the central processor for inter-bank transfers is not at an optimal service point, there might be a delay. To buttress this, see this article on Navigating Downtime on Cowrywise.

3. Recipient bank downtime

Ever experienced times when you send money to someone and they do not receive it immediately? Sometimes, it might not be the entire central processor, it might just be the bank. Once your withdrawal summary page shows processed, it means it has gone through, and if there is any delay, the bank might be your next option. At this point, you should reach out to your bank with the session ID on the withdrawal summary page.

4. Failed status

When last did you check the status of your withdrawal? Confirm if the timer is still on. If you notice that it’s failed, please do not cancel it. You have nothing to worry about, you can retry it for it to get processed immediately. You have 3 retry attempts to get the withdrawal processed immediately.

This can happen because of three reasons:

  1. The receiving bank downtime when it was to be processed
  2. An amount limit on your bank account (withdrawing more than your bank can take per time)
  3. Withdrawing to wallets and banks that are unavailable on the bank list, don’t even bother, please.

Factors that could stop your withdrawal from being initiated:

1. Incomplete withdrawal

Sometimes, you have not completely initiated the withdrawal and you think you have. After successfully withdrawing your savings or liquidating your investments to Stash, the funds in Stash have to be transferred to your bank account. Take note of the N25 withdrawal fee for amounts less than N50,000 and the N50 fee for amounts greater than N50,000. One of the ways to confirm you have withdrawn is the timer page you see. If you do not see this, please reconfirm your withdrawal.

2. The app version

Is your app up-to-date? You might be experiencing some challenges withdrawing because you are using an older version of the app. Always download the updated version of the app from your App Store. Alternatively, you can log in via the website to retry.

3. Authenticator code request

This means that you have 2FA set on your account. This is different from the security questions and answers you set. A code is supposed to be displayed on the authenticator app you set up. If you have changed your phone since you set it up, you might need to turn it off and on on your Cowrywise account. It’s pretty easy, go to your profile and go to Two-factor authentication under Security.

Read more on How Two-factor Authentication (2FA) Works on Cowrywise.

In conclusion..

We know you have worked hard saving and investing your money, and we are always here to ensure you enjoy the benefits of our products to the letter. Whether you choose to reinvest or withdraw, whatever your choice is— we are always here to help.

ALSO READ

Navigating Downtime on Cowrywise

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