Stop Investment Fund Transfers: A Guide To Prosper Protection

If you're looking to stop investment funds from being transferred in Prosper, there are a few things you can do. Firstly, it's important to note that you can only transfer funds to and from your Prosper investment account through an ACH transfer when signed into your online account. To stop a transfer, you can go to the History section of your Prosper account menu, click on Bank Account Transfers, and then cancel the transfer you want to stop. However, you can only cancel a transfer that has not yet been processed and is still marked as Scheduled. Additionally, if you want to close your investment account, you will need to contact Prosper, and you will have to withdraw or forfeit any remaining cash balance.

Cancelling a scheduled funds transfer

Firstly, it is important to note that you can only cancel a funds transfer that has not yet been processed. If the transfer is marked as "Scheduled", you can still cancel it. To do so, follow these steps:

• Log in to your Prosper account.
• Select "History" from the Prosper account menu.
• Click on "Bank Account Transfers".
• Locate the transfer you wish to cancel and click "Cancel" next to it.
• Confirm the cancellation by clicking "Change transfers now".

By following these steps, you will be able to successfully cancel a scheduled funds transfer in Prosper.

In addition to cancelling a funds transfer, Prosper also provides options to manage your investment account. You can transfer funds to and from your Prosper investment account through ACH transfers or wire transfers. It is important to note that Prosper does not accept or issue checks for transferring investment funds.

If you wish to close your investment account, you will need to contact Prosper, and their team will guide you through the account closure process. Please note that closing your account will result in forfeiting any remaining cash balance, active Notes, and potential recoveries on charged-off Notes.

Closing your Prosper investment account

Step 1: Contact Prosper

To initiate the account closure process, you will need to contact Prosper. You can do this by giving them a call, and their team will guide you through the next steps.

Step 2: Understand the Implications

Before closing your account, it's important to understand the implications. If you close your investment account, you will no longer be able to collect any additional cash generated from your outstanding active Notes or potential recoveries from past charged-off Notes. As a result, you will need to decide what to do with any remaining funds in your account.

Step 3: Withdraw or Forfeit Remaining Funds

You have two options for handling any remaining cash balance, active Notes, and potential recoveries on charged-off Notes in your account. You can choose to withdraw the remaining cash balance, or you can forfeit these funds. Withdrawing your funds will ensure you receive the money you have invested, but forfeiting the funds will mean you lose any remaining balance.

Step 4: Complete the Account Closure Process

Once you have decided on the fate of your remaining funds, Prosper's team will help you finalise the account closure. They will provide you with any necessary forms or documentation to complete the process. Make sure to carefully review all the information and ask any questions you may have before finalising the closure.

Step 5: Follow Up

After closing your account, it's a good idea to follow up and ensure that your account has been successfully closed. You can do this by contacting Prosper again or checking your online account to confirm the closure. Additionally, if you have transferred funds to another account, make sure to verify that the transfer has been completed successfully.

Withdrawing funds from your Prosper account

To withdraw funds from your Prosper account, you can transfer funds in and out of your general investment account with an ACH transfer when signed into your online Prosper account. There are no fees to transfer funds in or out of your Prosper account.

To protect against fraud, the initial transfer to your Prosper account can take up to 5 days to become available before you can invest. After you establish an investing account history, your account may qualify for instant transfers, which will allow you to invest the transferred funds immediately.

Each month, the first withdrawal from your general investment account can be any amount you’d like, but each additional withdrawal requires a minimum of $25. Depending on your bank, it can take 1-5 business days for a withdrawal from your Prosper account to arrive in your bank account.

You can also transfer funds into your Prosper investment account with a wire transfer, but Prosper does not offer wire transfers for withdrawals. To deposit funds with a wire transfer, contact the Investor Services Team.

If you want to close your investment account, you will need to call Prosper and their team will walk you through the account closure process. Please note that if you close your investment account, you will no longer be able to collect any additional cash generated from your outstanding active Notes or potential recoveries from past charged-off Notes. As a result, you will need to either withdraw any remaining cash balance or forfeit the remaining cash balance, any active Notes, and potential recoveries on charged-off Notes in order to close your account.

Instant transfers

It is important to note that, to protect against fraud, the initial transfer to your Prosper account can take up to 5 days to become available before you can invest. Each month, the first withdrawal from your general investment account can be any amount, but each additional withdrawal requires a minimum of $25. Depending on your bank, it can take 1-5 business days for a withdrawal from your Prosper account to arrive in your bank account.

You can also transfer funds into your Prosper investment account with a wire transfer. However, wire transfers are not available for withdrawals. To deposit funds with a wire transfer, you will need to contact the Prosper Investor Services Team.

Transferring funds to a Prosper IRA

To transfer funds to a Prosper Individual Retirement Account (IRA), you must first contact your custodian, Millennium Trust Company, by calling (800) 258-7878 or by visiting http://www.mtrustcompany.com/.

If you are looking to transfer funds from a taxable general investment account into a Prosper IRA account, you cannot simply convert the funds. Instead, you must first liquidate the funds in your taxable general investment account, then open a Prosper IRA account with one of their approved custodians and fund the account.

To open a new Prosper IRA account, first sign out of your existing account and create a new Prosper investment account, making sure to select “Prosper IRA” as the account type. You will need to use a different email address than the one linked to your general investment account, as each Prosper account needs a unique email address.

You may direct funds in and out of your Prosper IRA account by completing a transfer request with your IRA custodian and submitting it to them.

Frequently asked questions