Swan's bank requires a 10-day waiting period on all ACH deposits in order to mitigate the risk of users reversing their transactions. This means you cannot withdraw any ACH purchases for at least 10 days. Unfortunately, due to bank rules, we cannot reduce the waiting time, even if you are an established customer.
On the plus side, eliminating fraud through this conservative approach means we can offer you very low rates on automated Bitcoin purchases. Additionally, when your first ACH deposit clears you'll be buying Bitcoin according to your plan settings: weekly, monthly, or daily.
When will my ACH deposit complete and convert to Bitcoin?
Please watch your Deposits tab for the following statuses.
- ACH In Progress - We have initiated an ACH withdrawal from your bank. It is expected to settle into our bank within 1-2 business days, excluding holidays and weekends, as the ACH system does not work during those times. ACH transfers submitted after 3pm PST will take two business days to transfer, while those submitted before 3pm PST will usually take one, but sometimes up to two business days. For example, funds submitted after 3pm on Friday will take until the following Tuesday to clear. In certain cases, the ACH transfer time between banks can be as long as 5 days.
- ACH Clearing - The ACH deposit has settled into our bank and is now on a bank-issued mandatory 10-day clearing hold for fraud. There is a Bitcoin buy date below the status line. Your Bitcoin will be bought at the price on the day of the purchase.
- Deposited - the ACH deposit has settled and is pending a Bitcoin purchase. This will usually occur within minutes of the deposit completing, but may sometimes take until the end of the day.
If you are on a daily purchasing plan, then we will split your weekly ACH transfer into seven days.
Why is there a hold on my funds?
When your money is pulled via ACH from your bank account, there is a dispute window during which people may claw back the funds. In order to prevent ACH fraud, whereby a user deposits funds into Swan, buys Bitcoin, and then reports the ACH withdrawal as fraudulent, our bank places a 10-day hold on all deposits.
After activating your Swan savings plan, we will withdraw from your bank account on the first business day following your identity verification approval. This starts the 10-day holding period. On the day your ACH deposit is released from the hold, you are eligible to withdraw your Bitcoin. If you wish to avoid this 10-day waiting period you can wire funds to Swan, and that Bitcoin will be eligible for withdrawal 24 hours after purchase.
ACH withdrawals will continue on a regular basis, based on what you defined in your plan (weekly, twice a month, or monthly). The hold is applied to every deposit, and we cannot make an exception even for established customers, due to our bank's policy.
Swan does not have access or legal license to touch your USD funds. Swan does not and cannot use your USD funds for business operations. Nor does our custodial partner, Prime Trust, as a licensed and regulated trust company. Your USD funds are held for fraud prevention purposes only.