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Transfer Times

We know how important it is to have access to your money when you need it, that’s why Painless1099 is designed to move money between your accounts as quickly as possible.

In this article, you’ll learn how long it takes for funds to move from your Painless1099 account to your linked bank account and from your linked bank account to your Painless1099 account.

 

Transfers from your Painless1099 account to your linked bank account:

Once a deposit lands in your Painless1099 account, our system immediately calculates and sets aside what should be withheld for taxes and then initiates a transfer of the remaining funds to your linked bank account. As soon as the system initiates a transfer, you’ll receive an email letting you know that we’ve processed your payment and that your funds are on their way to your linked bank account.

A deposit into a Painless1099 account will take 1-2 business days to transfer to your linked bank account, depending on the time of the deposit. For example, if your funds are deposited on Monday before 4pm EST, you can expect to see your funds in your linked bank account on Tuesday. If your funds are deposited into your Painless1099 account on Monday after 4pm EST, expect to see your funds in your linked bank account on Wednesday.

Here is a chart that shows transfer times as they relate to the time of deposits:

Time of Deposit

Transfer Time

Deposit made before 4pm EST

1 Business Day

Deposit made after 4pm EST

2 Business Days

 

Note: Your money won’t move on weekend and bank holidays. This means that if you receive a deposit on Friday before 4pm EST, your funds will be available in your linked bank account on Monday. If the deposit comes in Friday after 4pm EST, your funds will be available in your linked bank account on Tuesday.

Transfers from your linked bank account to your Painless1099 account:

If you make a deposit by transferring funds from your linked bank account to your Painless1099 account, you can expect these funds to be available in your Painless1099 account in 7-10 days. This deposit will be reflected on your Account Balance the next day, however won’t be available to be transferred out until 7-10 days.



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