DRdrivewealth
Withdrawals

Create Withdrawal

Creates a Withdrawal.

post/funding/redemptions

Request

  • Base URL
    https://bo-api.drivewealth.io/back-office
  • URL
    https://bo-api.drivewealth.io/back-office/funding/redemptions
  • Auth
    HTTP bearer

Headers

Idempotency-Keystring
Example:a1b2c3d4-5e6f-7g8h-9i0j-1k2l3m4n5o6

A unique key (UUID) that is used to prevent duplicate requests. Should a network interruption occur, or you otherwise lost a response from the API, you can safely perform the request provided that you send the same value as the Idempotency-Key. DriveWealth Idempotency Keys are saved for 4 days. Within this time period, sending any request with a duplicate key will return the exact same response as the original request, including the same status code and payload.

Request body

accountNostring required

sensitive The user's unique account number, that is human readable.

amountnumber required

The amount of the withdrawal.

Accepts positive or negative values; regardless of the sign provided, the withdrawal is stored and processed as a negative amount in the system.

When liquidate is true, omit this field or send 0.

By default, the amount provided represents the gross amount of the withdrawal. Any associated fees or tax withholding for the request are deducted from this amount. The customer receives the amount net of these deductions. If there are no fees or other deductions, the customer receives the requested amount.

currency'USD' required

The name of the currency in abbreviation form.

type'ACH' | 'WIRE' | 'CASH_TRANSFER' | 'BULK_FUNDING' required

The method/form in which the redemption/withdrawal will be sent back to the user's external account.

bankAccountIDstring

The unique DriveWealth identifier that identifies each linked bank account.

iraDistribution'NORMAL_DISTRIBUTION' | 'EARLY_DISTRIBUTION' | 'EARLY_DISTRIBUTION_PENALTY_EXCEPTION' | 'DIRECT_ROLLOVER' | 'DIRECT_TRANSFER' | 'REQUIRED_MINIMUM_DISTRIBUTION' | 'DISTRIBUTION_TO_BENEFICIARY' | 'RETURN_OF_EXCESS_CONTRIBUTION' | 'QUALIFIED_CHARITABLE_CONTRIBUTION'

The type of redemption/withdrawal from an IRA type of account.

Note: Trump accounts follow specific requirements for external account transfers or distributions. Click here for more details.

iraDistributionSubType'SUBSTANTIALLY_EQUAL_PERIODIC_PAYMENTS_SEPP_72T' | 'DISABILITY_OR_DEATH' | 'HIGHER_EDUCATION_EXPENSES' | 'FIRST_TIME_HOME_PURCHASE' | 'MEDICAL_EXPENSES' | 'HEALTH_INSURANCE_PREMIUMS' | 'RESERVIST_DISTRIBUTIONS'

These types are only applicable for the distribution type EARLY_DISTRIBUTION_PENALTY_EXCEPTION. Click here for more details.",

liquidateboolean

Set to true to withdraw the full balance of a managed account. When true, amount must be omitted or 0.

notestring

sensitive A way to store a message/comment on the this object. Do not put personal or account data in this field.

remittanceInformationstring

For ACH, this field will be passed through on an addenda record used for additional remittance details to make it easier for a recipient to identify and apply payments. For wire payments, the field will be passed through as the "Originator to Beneficiary Information", also known as OBI or Fedwire tag 6000. This tag provides specific details about the purpose of the payment to the beneficiary. Character limit vary by bank and rail. Typical limits are 80 characters for ach payments and 140 characters for wire payments.

settlementProfileIDstring

A settlement profile identifier that links to a specific bank account for fund settlement.

metadataMetadataMoneyMovement

sensitive The metadata object allows for creating a maximum of 10 keys (max 36 characters) and each value cannot exceed 512 bytes. Do not put personal or account data in this field.

Example request

{
  "accountNo": "FFFF000005",
  "amount": 125.92,
  "currency": "USD",
  "type": "ACH",
  "bankAccountID": "bank_123e4567-e89b-12d3-a456-00000000004a",
  "details": {
    "beneficiaryName": "John Doe",
    "beneficiaryAccountNumber": "12345678901234567890123",
    "beneficiaryAccountType": "CHECKING",
    "beneficiaryRoutingNumber": "123456789",
    "beneficiarySwiftABA": "BOFAUS3NXXX",
    "beneficiaryBankName": "Bank of America",
    "beneficiaryBankAddress": "222 BROADWAY",
    "beneficiaryBankCity": "New York City",
    "beneficiaryBankProvince": "New York",
    "beneficiaryBankZip": "10038",
    "beneficiaryBankCountry": "USA",
    "intermediarySwift": "CHASUS3AXXX",
    "intermediaryBankName": "J.P Morgan Chase & Co."
  },
  "iraDistribution": "EARLY_DISTRIBUTION_PENALTY_EXCEPTION",
  "iraDistributionSubType": "SUBSTANTIALLY_EQUAL_PERIODIC_PAYMENTS_SEPP_72T",
  "iraTaxWithholdings": {
    "federalTaxPercentage": 0.1,
    "stateTaxPercentage": 0.1
  },
  "fees": [
    {
      "type": "FEE_STATE_TAX_CA",
      "description": "Fee - ACH",
      "amount": -5.99,
      "wlpFinTranTypeID": "123e4567-e89b-12d3-a456-00000000004c",
      "transactionCode": "FEE_STATE_TAX_CA",
      "finTranReference": "HG.123e4567-e89b-12d3-a456-00000000004e",
      "created": "2022-12-11T22:28:21.810Z",
      "currency": "USD",
      "symbol": "$"
    }
  ],
  "note": "Hey! Welcome to DriveWealth Developer Docs!",
  "remittanceInformation": "Withdrawal from investment account",
  "settlementProfileID": "settlement-profile-bank-account-1",
  "metadata": {
    "myCustomKey": "myCustomValue"
  }
}

Response

Creating a User's Account Withdrawal was successful.

idstring

The unique identifier of the redemption/withdrawal.

accountNostring

sensitive The user's unique account number, that is human readable.

categorystring

The category of the withdrawal.

currency'USD'

The name of the currency in abbreviation form.

amountnumber

The amount of the withdrawal.

paymentRefstring

The unique identifier of the redemption/withdrawal.

createdstring

The date and time the when the withdrawal was created.

accountIDstring

sensitive The user's unique account identifier.

userIDstring

sensitive A unique identifier created for each User on DriveWealth's platform.

transactionCode'DISBURSEMENT_ACH_BMO' | 'DISBURSEMENT_ACH_JPM' | 'DISBURSEMENT_ACH_MT' | 'DISBURSEMENT_ACH_RETURN_MT' | 'DISBURSEMENT_BULK_FUNDING' | 'DISBURSEMENT_CASH_PROMOTION' | 'DISBURSEMENT_CASH_TRANSFER' | 'DISBURSEMENT_WIRE_JPM' | 'DISBURSEMENT_WIRE_MT' | 'DISBURSEMENT_WIRE_RETURN_JPM' | 'DISBURSEMENT_WIRE_RETURN_MT' | 'FEE_AUM' | 'JOURNAL' | 'RECEIPT_ACH_BMO' | 'RECEIPT_ACH_JPM' | 'RECEIPT_ACH_MT' | 'RECEIPT_ACH_RETURN_MT' | 'RECEIPT_BULK_FUNDING' | 'RECEIPT_CASH_PROMOTION' | 'RECEIPT_CASH_TRANSFER' | 'RECEIPT_WIRE_JPM' | 'RETIREMENT_CONTRIBUTION_ACH_API' | 'RETIREMENT_CONTRIBUTION_ACH_API_RETURN' | 'RETIREMENT_CONTRIBUTION_ACH_VRN' | 'RETIREMENT_CONTRIBUTION_BULK_FUNDING' | 'RETIREMENT_CONTRIBUTION_CASH_TRANSFER' | 'RETIREMENT_CONTRIBUTION_WIRE_VRN' | 'RETIREMENT_DISTRIBUTION_ACH_API' | 'RETIREMENT_DISTRIBUTION_ACH_API_RETURN' | 'RETIREMENT_DISTRIBUTION_WIRE_MANUAL'

The transaction code identifying how/why the funds were posted. Valid values depend on the transaction types configured for the partner. May be absent if no transaction code was assigned.

wlpFinTranTypeIDstring

A unique identifier to id different type of transactions.

batchboolean

True, if the withdrawal will be batched.

account_numberstring

sensitive The user's unique account number, that is human readable.

iraDistribution'NORMAL_DISTRIBUTION' | 'EARLY_DISTRIBUTION' | 'EARLY_DISTRIBUTION_PENALTY_EXCEPTION' | 'DIRECT_ROLLOVER' | 'DIRECT_TRANSFER' | 'REQUIRED_MINIMUM_DISTRIBUTION' | 'DISTRIBUTION_TO_BENEFICIARY' | 'RETURN_OF_EXCESS_CONTRIBUTION' | 'QUALIFIED_CHARITABLE_CONTRIBUTION'

The type of redemption/withdrawal from an IRA type of account.

Note: Trump accounts follow specific requirements for external account transfers or distributions. Click here for more details.

iraDistributionSubType'SUBSTANTIALLY_EQUAL_PERIODIC_PAYMENTS_SEPP_72T' | 'DISABILITY_OR_DEATH' | 'HIGHER_EDUCATION_EXPENSES' | 'FIRST_TIME_HOME_PURCHASE' | 'MEDICAL_EXPENSES' | 'HEALTH_INSURANCE_PREMIUMS' | 'RESERVIST_DISTRIBUTIONS'

These types are only applicable for the distribution type EARLY_DISTRIBUTION_PENALTY_EXCEPTION. Click here for more details.",

remittanceInformationstring

For ACH, this field will be passed through on an addenda record used for additional remittance details to make it easier for a recipient to identify and apply payments. For wire payments, the field will be passed through as the "Originator to Beneficiary Information", also known as OBI or Fedwire tag 6000. This tag provides specific details about the purpose of the payment to the beneficiary. Character limit vary by bank and rail. Typical limits are 80 characters for ach payments and 140 characters for wire payments.

Example response

{
  "id": "AAAA009002-1234567890139-RIUIN",
  "accountNo": "FFFF000005",
  "category": "REDEMPTION",
  "currency": "USD",
  "amount": -560.36,
  "status": {
    "id": 1,
    "message": "PENDING",
    "updated": "2022-12-11T22:28:21.810Z"
  },
  "source": {
    "id": "ACH",
    "meta_info": "Hey! Welcome to DriveWealth Developer Docs!"
  },
  "paymentRef": "AAAA009002-1234567890139-RIUIN",
  "created": "2022-12-08T18:36:40.609Z",
  "accountID": "123e4567-e89b-12d3-a456-000000000004.1234567890125",
  "userID": "123e4567-e89b-12d3-a456-000000000004",
  "wlpFinTranTypeID": "123e4567-e89b-12d3-a456-00000000004c",
  "batch": true,
  "account_number": "FFFF000005",
  "iraDistribution": "EARLY_DISTRIBUTION_PENALTY_EXCEPTION",
  "iraDistributionSubType": "SUBSTANTIALLY_EQUAL_PERIODIC_PAYMENTS_SEPP_72T",
  "remittanceInformation": "Withdrawal from investment account"
}

Changes

No recorded changes to this operation across all 1 revision of this API.