How to set up a one-off withdrawal
To set up a one-off withdrawal on the Elevate account, follow these steps:- Go to the client’s account and select New work > Payments Out.
- Choose the product wrapper you want to make the payment from
- The payment out type will be Single Payment Out
- Make sure the Destination Account is the correct bank account. If Elevate Cash is the only option available, the client’s bank account has not been verified and will not be available for selection until it has. Please see “How do I add and/or verify a bank account” section for support.
- Click Next
- You can select a ‘Total order value’ or target specific asset values.
- You can Cap Payment by selecting ‘Yes’ and entering a value. If more cash is raised by the sale only the set maximum value will be paid out.
- Click Next to review the information you have entered. Once happy, you can submit the request.
The payment will go via BACS as a default and this takes 5 days from authorisation, if paying direct from assets please allow a couple extra days for confirmation of sell trade valuation from fund manager.
How to set up a regular withdrawal
To set up a regular payment out of a GIA/ISA, follow these steps:- Go to the client’s account and select New work > Payments Out.
- Choose the product wrapper you want to make the payment from
- The payment out type will be Regular Payment Out
- Make sure the Destination Account is the correct bank account. If Elevate Cash is the only option available, the client’s bank account has not been verified and will not be available for selection until it has. Please see “How to Verify a Bank Account” section for support.
- Click Next
- Click to add regular payment out
- Confirm the payment amount, frequency, start date and, if applicable, end date. The start date must be at least 10 working days in the future. If you wish to set an end-date first untick “or until notified” then enter the date required.
- Click Save. If you need to amend the payment after you’ve saved it, click Edit or
- Click Next
- Select the assets to be sold to generate money for the payment. This must total 100%. If you choose a model portfolio, the platform will disinvest proportionately across the funds. If you select discretionary managed assets, DM Product Cash will be used to fund the payment. The DM will need to make sure there is enough cash available 5 working days before the payment due date.
- Click Next to review the information you have entered. Once happy, you can submit the request.
How do I add and/or verify a bank account?
- On Elevate, go to New Work > New or Amend Product Payment
- Step 2, click Add under the Bank details section.
- Complete the required bank detail fields. Complete the fields as accurate as possible to give the best chance of auto verification.
- You can tick below to add details to use account for Withdrawals and/or Direct Debit.
- Continue through the new business process, the Validation step will confirm if a bank account has auto verified.
- Review your request, produce any required documentation and submit.
Verification
If we have been unable to verify the bank account details for any reason, you can send us one of the following documents so that we can confirm these details:- Original/certified copy of the client’s current bank account statement (including online accounts) – dated within three months and containing client name, sort code, account number.
- Personal cheque for the investment.
- Voided personal cheque – stating account name, sort code, account number.
- Letter from the branch manager – on headed paper, listing account name, sort code, account number, branch address.
- Pre-printed paying-in slip from client’s bank account – containing the client name, sort code, account number.
- Certified copy of passbook – showing transactions made in last 12 months and containing client name, sort code, account number.
When will my client receive their payments?
You will select the payment date when setting up the withdrawal (between 1st and 28th of each month). We will make the payment using the BACS payment system and if the payment date is a non-business day, payment will be made on the last business day before the payment due date.Frequently asked questions
Why has the client bank account I added not auto verified?
There can be multiple reasons for why the bank account did not auto verify and in this scenario bank verification will be required. The below will be accepted;
- Original/certified copy of the client’s current bank account statement (including online accounts) – dated within three months and containing client name, sort code, account number.
- Personal cheque for the investment.
- Voided personal cheque – stating account name, sort code, account number.
- Letter from the branch manager – on headed paper, listing account name, sort code, account number, branch address.
- Pre-printed paying-in slip from client’s bank account – containing the client name, sort code, account number.
- Certified copy of passbook – showing transactions made in last 12 months and containing client name, sort code, account number.