COL Financial account holders can withdraw funds from their portfolio.
Free cash can be withdrawn immediately. Cash from proceeds of a stock sale will wait for another 3 working days before this can be withdrawn and deposited to your bank account or be picked-up via check.
“Free cash balance” represents the un-invested value in your portfolio, the fund that has been sitting in your account that is not a result of selling your stock position within the last 3 business days. Can you withdraw the proceeds of a stock sale right away? No, since you have to wait for T+3 days before the stock sale proceed can be deposited to your account.
Example: You sold MEG stocks today May 5, 2017 (T), you will wait for 3 business days before you can withdraw the amount. For our sample situation, since T is May 5, you will get the money by May 10 (Saturday and Sunday are not counted in the reckoning of T+3).
This tutorial and guide is updated as of May 2017.
There are two ways to withdraw cash in COL:
- Fund withdrawal via direct deposit to registered bank account.
- Fund withdrawal via check, which account holder or duly-authorized representative can pick-up at the cashier of COL.
Funds can be withdrawn from free cash balances or from proceeds raised 3 working days after a stock sale.
The most convenient option would be cash withdrawal via direct deposit to bank account.
These are the steps for option 1.
- Login to your COL account.
- Go to the FORMS tab, click it.
- Scroll down until you reach the section “FORM NEEDED FOR WITHDRAWAL OF FUNDS”
- Click the PDF icon beside the line “ Withdrawal Form (Request for Withdrawal of Funds)”
- Download and save the blank PDF form.
- Fill-up the form by typing-in the required details:
- amount in figures
- amount in words
- COL account no
- ID Type and no – you will only fill this up if you will withdraw via CHECK pick-up. Skip if you will choose option direct deposit to bank account.
- Put a check-mark beside your preferred withdrawal option
- Check pick-up from COL Business Center
- Deposit to registered bank account.
- Once the form is filled, PRINT IT.
- Signed the printed form using ballpen / sign pen.
- [For Check Pick-up via Representative Only] Fill-up the authorization section if you’ve chosen to receive the proceeds via check thru a representative. Important – if you will authorize someone to pick-up the check from COL’s office, the authorized person must bring a valid ID of the account holder and his/her own ID, as well as the original signed withdrawal request form.
For Checks: If you want to encash the check, make sure to put a check-mark on the form beside the statement that says “Please uncross checks for Encashment”.
COL ADVISORY: Check deposits to BPI, BDO, HSBC, Metrobank, UnionBank and Security Bank will clear on the same day, while deposits to other banks will clear on the 3rd banking day. Payments may reflect in your bank accounts late in the afternoon or early evening depending on the bank’s processing capacity.
- After signing the form, take a picture or scan the form to get a soft-copy.
- Send an email to COL Financial at firstname.lastname@example.org and attached the scan/screenshot form.
iSensey suggest you use an email subject line like “Withdrawal – Your Surname” or something similar for easy identification by the personnel in charge of processing fund withdrawals.
Step 2 to 4 screenshot
Step 5 screenhot – This is how the COL withdrawal form looks like. Click to enlarge the screenshot image. iSensey suggest that you will download the form directly from the COL dashboard.
After sending the email, you will receive an automatic reply that goes something like this “Thanks for sending an e-mail to COL Financial Group, Inc. This message is to acknowledge the receipt of your e-mail and that we will be responding to it shortly.”
This confirms that you sent the form to the correct email, and that it has been received by their system.
You will get an official email acknowledgment with subject title “NOTICE OF RECEIPT OF WITHDRAWAL REQUEST”.
All details of your request will also be indicated, like this sample:
Once your request is process, you will get another email, this time from COL helpdesk, advising you about the withdrawal request and that your account has been debited for the same amount. This is the sample email for the “NOTICE OF WITHDRAWAL”.
For withdrawal request emailed BEFORE 11 AM cut-off time:
- Direct deposit – you will receive the cash proceeds within the day, usually early evening.
- Check pick-up – you or your representative can get the check after 3 PM on the same day.
For withdrawal request emailed AFTER 11 AM cut-off time:
- Direct deposit – you will receive the cash proceeds in your bank account the following working day.
- Check pick-up – you can get the check the following working day starting at 3 PM until 5 PM.
Remember that there is NO FEE to withdraw from your COL account.
If you select Option 1 – Make sure that your bank account is active, COL and bank account holder name is the same, and the bank account can receive check deposits. If the deposit fails because of bank details error, there is a P25 penalty fee. Update your bank details if something has changed since you first open a COL account.
Hope this helps you!
COL Financial is one of the most popular online platforms for stock investment. Other popular financial investment houses with online stock trading portal includes Philstocks, BDO Nomura, and BPI Trade.