Swan requires a minimum 10-day waiting period on all ACH deposits in order to mitigate the risk of customers reversing their ACH transfers. This means you cannot withdraw any ACH purchases for at least 10 days (for our full locking schedule read here). Unfortunately, we cannot reduce that waiting time, even if you are an established customer.
On the plus side, eliminating fraud through this conservative approach means we can offer you low rates on Bitcoin purchases.
When will my ACH deposit 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 3 pm PST will take two business days to transfer, while those submitted before 3 pm PST will usually take one, but sometimes up to two business days. For example, funds submitted after 3 pm 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.
- Deposited - The ACH deposit has settled.
If you are on a daily purchasing plan, then we will split your weekly ACH transfer into seven days.
Swan does not have the legal ability 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.