withdraw money from etrade

How to Withdraw Money from ETrade

July 18, 2022

ETrade is a financial services platform that offers an electronic trading platform for financial assets. Its headquarters are in Arlington, Virginia, U.S. The company gets revenue from interest income on margin balances, payment for order flow, commissions for order execution, and management services. The company has 30 branches. You will learn about how to withdraw money from ETrade shortly.

Since it is a trading platform, you must withdraw your profits when necessary. That is why you should learn how it goes about to be sure about every process. Even when you deposit your money in a savings account, you will one day need to withdraw your finances into your bank account. And by the way, trading is one of the most profitable businesses in the world, although sometimes it may be disastrous.

ETrade operates online, and you can open your account online by providing all the necessary details. Again, you can trade online right from your palm using your smartphone. That makes it convenient as you do not need to move to the nearest branch to carry out, you’re trading or withdrawals. When operating an online account, you should use a secure connection. Apart from accessing your account on the platform’s website, you can use the ETRADE Mobile app.

How to open an ETrade account

withdraw money from etrade

If you plan to trade at ETrade, you must begin by opening your account on the platform. As I have mentioned, you can open your account online by visiting the platform and navigating to the open account section to proceed. You must choose the kind of account you would like to open. The company offers three types of accounts which include the following.

  • Brokerage account
  • Retirement account
  • Bank account

The brokerage account allows one to invest in markets. That means you can invest in stocks by buying ownership shares in public companies. The small shares are called the company’s stock. When you invest in a stock, you always hope the company will grow and make profits for you to get high amounts of dividends. However, the company may lose, meaning low value for your shares.

On the other hand, the retirement account allows you to save for your retirement moments. No one would like to live a miserable old age, and thus the need to save some money to use for your retirement. Usually, people employed by the government, companies, and NGOs allow some deductions to go to their retirement accounts during the payment period.

When you open a bank account, you can use it to manage your finances. You can make bill payments, send money to others, etc. You can even keep funds for your everyday usage in your bank account. After choosing the most appropriate account, you can then open it by providing the necessary details.

What do you need to open an ETrade account

The following are the essential items you should have when opening your account, have a look.

  • A residential address.
  • Date of birth.
  • Social Security number or Employment Identification Number.
  • Contact information of your employer (current) if applicable.
  • The bank account details you’ll use to fund your ETRADE account.

With all those with you, you will be in a good position to open an account and start enjoying various services.

How do I found my ETrade account

After opening your account, the next thing is to add funds to it so that you can begin performing various transaction activities. As I have mentioned, you need to add a bank account to fund your transactions. There are four ways you can add money to your account using your bank account. They include the following.

i) Transfer money

The transfer takes about three business days to complete. It involves moving money between your accounts or from outside financial institutions. The process is usually free to undertake.

ii) Wire transfer

You can make a wire transfer from another bank to your ETrade account. A wire transfer is an electronic payment method between accounts from different financial institutions where the funds reflect within the same business day.

iii) Transfer an account

Another option you can use to add finances to your account is by transferring an account. The process involves moving all of your assets from an outside financial company to ETRADE or Morgan Stanley Private Bank. It takes 10+ business days for the transfer to complete.

iv) Deposit a check

Check deposit is among the most used ways to deposit funds into bank accounts. The process finishes within five business days. You can choose to deposit a check in your account using two convenient ways. They include mail deposits or mobile check deposits using the ETRADE Mobile app.

How to Withdraw Money from ETrade

Once you have made enough profits or need money from your retirement or bank account, you can withdraw them. You can use two main transfer methods to withdraw funds from ETrade. They include;

  • Wire transfer
  • ACH (Automated Clearing House) transfer

When withdrawing finances by using the ACH method, you need to navigate to the Transfers homepage by tapping on the “Balances” under “Accounts” or by hitting on the “Transfer” menu next to the “Alerts” icon. After that, you can click the “Transfer Money” tab to navigate to the “Transfers” page. You can then select the source of money and the amount you want to transfer. Remember that you can withdraw money from three different types of accounts.

When transferring money, you need to have a verified external bank and must verify one if not yet. You only need to add an external funding source that you will use for your transfer.

When transferring money using the wire transfer, you can follow the same process with ACH, although the transfer will be faster and cost you $25 per wire. However, to proceed, you must click on the “Wires” tab from the “Transfers” page.

Bottom line

ETrade is a financial services platform that offers an electronic trading platform for financial assets. Its headquarters are in Arlington, Virginia, the U.S. You can open an account online for your trading activities. Apart from a brokerage account, you can open a bank account or a retirement account. ETrade transaction activities happen online. You can manage your account using the ETRADE Mobile app.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.