Depending on applicable regulations or business limitations, specific API requests may not be available for your use.

Create an ACH Push Withdrawal

Description

This request creates a withdrawal request by ACH push from a brokerage account.

Notes

• Please note that there are numerous restrictions related to withdrawals from different types of brokerage accounts based upon account and user characteristics (e.g., certain states have defined minimum withholdings from IRA accounts.) which will be checked when sent through this API and or when the funds are received at Folio. Learn more in the Folio Institutional Help Center.
• The system will reject attempts to create transactions after the 12:00:00pm the current date. If the current time is after 12:00:00, the transactions must be future dated.
• The system will perform an immediate cash availability check on a transaction if the request date is the current date prior to 12:00pm, otherwise, the cash availability check occurs on the requested date.
• The system will enforce withdrawal limits for the target account. The default system limit is $200,000.00 over a 30 day period.
• The system will reject transactions that fall on non-settlement days (holidays or weekends),
• The system will reject attempts to create transactions with account restrictions.
• The system will allow transactions to be created on unverified banklinks. However, the system will not process those transactions until the banklinks are verified, request date notwithstanding.
• The system will reject attempts to create transactions with amounts less than $00.01.
• The system will reject attempts to create transactions using deleted banklinks.
• The system will reject attempts to create transactions where the banklink is newer than the transaction. In other words, the transaction request date cannot precede the banklink creation date.
• The system will reject attempts to create transactions using banklinks with no explicit relationship with the account.
• The system requires that withholding information is provided if the withdrawal is from non-ROTH IRA account.
• The withholding types can be represented as fixed dollar('D') or percentage('P'). If you select those options, the witholding amounts MUST be greater than 0.00.
• To elect not to withhold, option NONE('N') must be used. Withholding amounts of 0.00 can then be used.
• Withholding types can be mixed and match. For example, state withholding can be a percentage, while fed can be a fixed dollar amount.
• The sum of state and fed withholding amounts cannot exceed the requested withdrawal amount.
• Different states can have different withholding amounts. Distributions from your IRA are subject to state taxes which vary by state. See State Income Tax table for more information. The system will verify state withholding amoutns in accordance with that state's tax rules.
• In terms of the error messages, process date equals request date.

Error Codes

Request URL

Request Data Fields

Request Example 1

POST /accounts/RA1234ABCD/cashtransfers/achwithdrawals HTTP/1.1
{
   "amount": "123.45",
   "banklinkOid": "807807807807807",
   "requestDate": "2014-08-28T00:00:00.000-05:00"
   "distributionReason": "N"
   "fedWithholdAmount": "10.00",
   "fedWithholdingType": "P",
   "stateWithholdAmount": "5.00",
   "stateWithholdingType": "P"
}

Response Example 1: Successful withdrawal creation

If the deposit attempt fails, the system will return a '400 Bad Request' with information regarding the nature of the error in the response body.
The error code is returned in the 'errorCode' field, while the 'message' field contains information about the actually error.

HTTP/1.1 200 OK
X-Powered-By: Servlet/2.5
Server: Sun GlassFish Enterprise Server v2.1.1
Location: http://api.uat.foliofn.com/restapi/accounts/RA0024900G/cashtransfers/achwithdrawals/2017612635063278223
Content-Type: application/json
Transfer-Encoding: chunked
Date: Sat, 05 Jul 2014 13:06:39 GMT

Response Example 2: Failure due to withdrawal request with non-settlement date of 11/11/2015 (Veterans's Day) and $0.00 amount in request body

If the deposit attempt fails, the system will return a '400 Bad Request' with information regarding the nature of the error in the response body.
The error code is returned in the 'errorCode' field, while the 'message' field contains information about the actually error.

HTTP/1.1 400 Bad Request
X-Powered-By: Servlet/2.5
Server: Sun GlassFish Enterprise Server v2.1.1
Location: https://api.uat.foliofn.com/restapi/accounts/RA1234ABCD/cashtransfers/achwithdrawals
Content-Type: application/json
Transfer-Encoding: chunked
Date: Sat, 05 Jul 2014 13:06:39 GMT
[
	 {
	  "type":"VALIDATION_RULE",
	  "errorCode":"transaction.rule.validation.error",
	  "message":"Error: processDate:The process date cannot be on a settlement holiday."
	  },
	  {
	    "type":"VALIDATION_RULE",
	    "errorCode":"transaction.rule.validation.error",
	    "message":"Error: amount:The transaction amount should be greater than $0.00."
	  }
]

Change Log

03/12/2020

1. Remove extra space

05/13/2016

1. Added additional info about the transaction.rule.validation.error series of errors.
2. Fixed type of word "banklink".

01/08/2016

1. Edited Request Data Fields
2. Modified notes section to add additional info about withholding types and amount values.

10/23/2015

1. Added Change Log
2. Error codes section
3. Description header
4. Added Notes section