I received an update from Sogo Invest on their ACH policy.  There has been a great discussion on their transfer policy in a previous post with an interview with Sogo’s President, William Yeh.

Since that discussion is getting a bit long, I thought I’d start a new post on the ACH topic.  Below is the latest reply from Sogo Invest management concerning their ACH fund transfer policy.  It’s refreshing to see a company so receptive to customer feedback!

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As mentioned in our earlier post, SogoInvest has now officially adopted a faster ACH fund transfer policy. The entire funding process now proceeds as follows:

Day 1: Initiate the ACH transfer on Sogoinvest.com. If the submission time is prior to 5pm EST, the transfer will process the following day. Requests submitted after 5pm EST will be processed 2 days later (on Day 3).

Day 2: Funds are withdrawn from your outside bank account. Overnight, going into Day 3, the funds are posted to your SogoInvest account.

Day 3: Prior to market open, funds are available for trading. Your cash balance and buying power is increased.

For example, if you initiate a transfer on Monday (before 5pm), funds are moved on Tuesday, and you can trade using those funds on Wednesday morning.

If you have any questions, comments, or concerns, please feel free to contact us via email, secure message center, or phone.

Regards,

SogoInvest Management

Brokers, Investing