How to withdraw money from J.P. Morgan Self-Directed Investing

One of the most common fears about trading online is, can I get my money back? And even if that's a given, will I face any extra costs, delays or difficulties as I try to withdraw my uninvested funds?

J.P. Morgan Self-Directed Investing is a trustworthy broker that honors all withdrawal requests, but the process is not the most convenient. Read on to learn about potential costs, waiting time or restrictions.

Withdrawal at J.P. Morgan Self-Directed Investing is fast but options are limited

J.P. Morgan Self-Directed Investing is one of many brokers I have tested throughout the years. I used my own money for trading - and then tried to get it back. Here's how it went:

• No worries - J.P. Morgan Self-Directed Investing is a reliable broker that lets you access your funds any time.
• You can use only bank transfers to withdraw funds.
• In most cases, you can get your money back within 1 day.
• J.P. Morgan Self-Directed Investing charges $0 for basic withdrawals, but some methods may cost more.
• Read our full review of J.P. Morgan Self-Directed Investing for detailed funding and trading conditions.

Gyula Lencsés, CFA

First, let's see if J.P. Morgan Self-Directed Investing is available in your country?

Let me start with the good news: J.P. Morgan Self-Directed Investing is considered a legit and trustworthy broker, where your money is in good hands, and you can withdraw it whenever you want to.

How to tell if a broker is trustworthy? In our view, a broker is considered legit if its operations are overseen by at least one top-tier regulator. At BrokerChooser, we only recommend such regulated brokers.

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Unfortunately, the online trading industry is plagued by a large number of unregulated or scam brokers. Many of these simply refuse to return your money, or require outrageous percentage commissions before doing so. If you've heard about any broker that you're unsure about, check it against our scam broker list or discuss it in our Forum.

So how to actually withdraw funds from J.P. Morgan Self-Directed Investing? At J.P. Morgan Self-Directed Investing, you can only withdraw your money using a bank transfer. This puts J.P. Morgan Self-Directed Investing at a slight disadvantage over brokers that also offer withdrawal to credit/debit cards or electronic wallets such as PayPal.

Remember, you can only withdraw funds to bank accounts that are in your name.

Withdrawing money from J.P. Morgan Self-Directed Investing - a step-by-step guide

You can withdraw money from J.P. Morgan Self-Directed Investing by following these steps:

• Log in to the account
• Select 'Pay & Transfer'
• Select 'Transfer money'
• Select the You Invest Trade account as 'Transfer from' and the other account as 'Transfer to'
• Enter the amount you wish to withdraw
• Initiate the withdrawal

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Whatever method you use, withdrawals from a brokerage account are rarely instant. That said, when I tested withdrawal at J.P. Morgan Self-Directed Investing, it took just one business day for the money to reach my account. That's about as good as it gets in this business!

Strict withdrawal times are not the only factor to keep in mind when you need to retrieve money from your broker account. The most important thing is that you can only withdraw uninvested cash from your brokerage account. If all of your funds are invested, you need to close some or all of your positions first to make the necessary amount of cash available in your broker account.

Converting your assets to cash often takes additional time. For example, if you sell a stock, it will take another day (or most likely two) for the transaction to settle and for the cash proceeds to appear in your brokerage account.

So what I would normally do is think ahead depending on how urgently I needed the money. For example, if I needed $1,000 cash on Monday and it was still all tied down in stocks or some other assets at J.P. Morgan Self-Directed Investing, I would probably

• log in to my J.P. Morgan Self-Directed Investing account as much as a week earlier, to sell stocks or other assets worth $1,000 (or maybe a bit more to cover any withdrawal fees; see next chapter).
• Then I would check back a day or two later (around the middle of the week) to see if the asset sale has been completed and if the cash has appeared in my broker account.
• If yes, I would then initiate the withdrawal, so that the money arrives in my personal bank account or on my card (whichever applicable) by next Monday at the latest.

While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. But I have good news: basic withdrawal at J.P. Morgan Self-Directed Investing is free of charge. See the table below for details and possible exceptions, and also how J.P. Morgan Self-Directed Investing's fees compare to some of its immediate competitors.

Conversion fees

In addition to any withdrawal fees, you should also be aware of potential conversion fees. These usually apply if your bank account or card is denominated in a different currency than the funds you are withdrawing from your broker.

At J.P. Morgan Self-Directed Investing, the following account currencies are available: USD.

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