New Features - Online Money Movement

As part of our ongoing commitment to enhance your online experience, we are pleased to announce that several useful and convenient features have recently been introduced to our SiebertNet web site.

Online Money Movement Now Available!

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To access money movement on SiebertNet,
log in and see Service > Transfers.
Now you can submit requests directly through SiebertNet to move money to or from your Siebert brokerage accounts, when you want.

Create and monitor a variety of money transfers:

  • Check disbursements to your mailing address of record
  • Electronic Fund Transfer (EFT) to or from an identically registered bank account
  • Retirement Account Contributions by EFT
Approval Required On Each Request

While you can now access money movement automatically on SiebertNet.com, please note that all money movement requests submitted online are subject to review and approval by Muriel Siebert & Co., Inc., before processing of the request can occur.  You can monitor the status of your requests on the Pending Transfers screen, see Service à Pending Transfers.  If a request is disapproved for any reason, this will also be reflected on the Pending Transfers screen.

Linked Accounts and Eligibility

To access money movement on SiebertNet, log in and see Service > Transfers. When you access the Transfer/Withdraw Money page, you will find links to the eligible accounts that are linked to your User ID. However, please note that not all accounts linked to your User ID are automatically eligible for online money movement. We will only approve a request for an account on which you are also a named account holder. Money Movement can only be authorized by an account holder or someone authorized to request the issuance of funds from an account, i.e. someone holding Full Power of Attorney over the account. Please note that Limited Trading Authorization does not constitute authority to submit instructions to issue or move funds from the account for which Limited Trading Authority is held. Also, note that Corporate accounts are not eligible for Online Money Movement. Additionally, only the Partner, Trustee or Executor relationship on file may request a Check or EFT, respectively, for a Partnership, Trust or Estate account.

Cut-off Time is 4 PM ET

Online Money Movement requests are subject to a cut-off time of 4PM ET. Therefore, in order to have an online request potentially approved and processed the same business day, you must submit the request before 4 PM ET. Note that, in addition to the 4 PM ET cut-off time, EFT requests can take up to 2-3 business days to process after approval. See below for more details on EFT requests. Also please note that, due to overnight processing procedures at NFS, Online Money Movement requests may be unavailable between approximately 9:15 and 10:30 PM ET each evening.

Transaction and Account Limits

Online Money Movement transactions are subject to a $10 minimum amount and a $100,000 maximum amount for each transaction type. Online Check requests and, if specifically requested and enabled for your account, Online Journal Transfers of Cash are each subject to a cumulative maximum daily limit of $100,000 per account, while Online EFT requests are subject to a $250,000 cumulative maximum daily limit per account. Accounts with insufficient funds and accounts subject to a House Call or certain restrictions are not eligible for Online Money Movement. Online Check requests cannot be submitted for accounts with a Foreign mailing address on file.

Review Status on Pending Transfers page

After submitting a request, you can monitor its status on the Pending Transfers page, see Transfers > Pending Transfers. Initially, after you have submitted a request and prior to our review of it, you will see the status indicated as “In Review.” Once we have reviewed and approved your request, the status will be indicated as “Pending.” This reflects the fact that your request, whether Check, EFT or Journal Transfer, is being processed by National Financial Services LLC (NFS), our carrying broker. If we disapprove your request for any reason, you will see its status indicated as “Disapproved.” And, if you requested cancellation of a request and it was eligible to be cancelled, you will see its status indicated as “Cancelled.”

EFT Requests to Linked Bank Accounts

EFT (Electronic Funds Transfer) can be requested to or from a Siebert brokerage account and an identically registered bank account.  You are also able to use an EFT bank link to make contributions to an eligible Premier Select Retirement Account (i.e. Traditional, Roth, Rollover and SEP IRA Accounts).  If you already have EFT instructions on file, the linked bank account will appear on the Transfer/Withdraw Money screen.  You can also submit a request to have a new EFT link established.  After the new link is in place, it will then appear as a option on the Transfer/Withdraw Money screen.  If you request a new EFT link, you will need to provide a copy of a cancelled check for the bank account and allow up to 10 days for the link to become effective. Please note that accounts which are set-up for fully automatic EFT with a bank account are not eligible for Online EFT requests.

Cash Journals Transfers Also Available

Additionally, Cash Journal Transfers between individual and joint accounts and Contributions to Retirement Accounts by Cash Journal Transfers are also available upon specific request for such entitlement.  Please note, however, that such requests will also require receipt of written authorization for each request to be approved and processed.  For full details and online access to Cash Journal Transfers, or for assistance with Online Money Movement questions, please contact Customer Service at 800-872-0444, option #5, 8:00 a.m. - 6:00 p.m. ET, Monday-Friday, or send an email inquiry to CustomerService@SiebertNet.com.

Ineligible Transactions

Please note that Wire Transfers and Journal Transfers of Securities are not available through the new Online Money Movement service. 





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