How do I withdraw funds from my Growth Line of Credit?

When requesting funds from your Growth Line Of Credit with Ampla, there are several different methods of making the request, and several different timelines associated with the delivery of the requested funds. In this article we will outline how to request funds, when you can expect the funds to be delivered to your account, as well as common FAQs which arise in this process.

Requesting funds:

When you initiate a funding request you will open the Funding request page where you will need to:

• Specify the amount for the funding request
• Choose the delivery method (options outlined in the next section)
• Confirm the account the funds are being sent to

This option can be accessed from several different pages in the Ampla UI:

From the Line of Credit Page:

When requesting funds via the Line of Credit tab of the UI, simply select the Request advance button in the top right corner of the page. 

From the Banking Page:

In the banking tab of the UI, you can request additional funding by selecting the Move money dropdown in the top right corner of the page. Here you will have the option to Request advance which will take you to the next step of the request process.

Via a Send an ACH Payment:

The final way to access your funds via a funding request is you send an ACH payment, and draw directly from your Line of Credit instead of your Ampla Banking account. To do this, simply follow the below instructions;

1. Choose the Send payment option from the Move money dropdown in the Banking page.
2. After selecting a recipient, you can choose Ampla Funding Request as your Source account for this request.
3. You will then have the option to designate the amount, scheduled date for the ACH, and an optional memo. Please note that a funding request made in this manner needs to be delivered as an ACH, not a Domestic Wire.

When will your funds be delivered?:

When requesting funds you have three options for time; Expedited transfer, Standard transfer, or a Scheduled transfer.

Expedited transfer:

This is the quickest way to receive your funds the next business day and will carry an additional fee of 1.5%.  We suggest only to use this option if you have an urgent need for the funds. The 1.5% fee will be deducted from your Ampla Checking balance. You will need to confirm this transfer and the fee amount before it goes through, but after approval the funds will be available the next business day.

Standard transfer:

A standard transfer will process your advance request and deliver your funds during the next available standard transfer day. Payments are processed on Wednesdays and Fridays (not including bank holidays), and should arrive in your account before 5p ET.

For an advance to be delivered on Wednesday, requests will need to be submitted by EOD the Sunday prior.

For an advance to be delivered on Friday, requests will need to be submitted by EOD the Tuesday prior.

Scheduled transfer:

A scheduled transfer is designated for a future standard transfer day, and will be delivered on the day requested.

Holidays:

Please be aware that bank holidays will push payments to a later date in the week they occur. Even if a bank holiday occurs on a Monday, it will affect the following Wednesday transfer day, pushing it to the next Thursday.

FAQs:

When will I start getting charged interest on my requested funds?

You will not see interest charges on your requested funds until the day it is deposited in your account. So feel free to schedule requests in advance without worrying about being charged interest until they are processed.

Can I request an advance for a larger amount than my credit limit allows, assuming it will be available on the date of the request?

Yes, you can request an advance for a larger amount than you currently have available. However, on the scheduled transfer date, if you do not have enough available credit line for the request, you will not receive the transfer, and the request will be canceled. You will need to log back into the platform and create a new advance request to be processed on the next available transfer date. 

How and when will the 1.5% Expedited transfer fee be charged?

The 1.5% fee will be charged at the time of the request, and pulled directly from your primary Ampla banking account.

Can I receive an expedited transfer over the weekend, or on a bank holiday?

At this time we are not offering a transfer of funds outside of standard banking hours.

If you have any questions about the contents of this article, please reach out to support@getampla.com for assistance.