Transfer funds

Three ways to transfer
 

On Cheddar Up, you have three ways to transfer funds off of the Cheddar Up platform, which include:

• Sending to your connected bank account
• Sending to your bank account via Instant Transfer (if eligible)
• Sending a gift card link

Go here to learn more about sending a gift card link. **Please note: gift card recipient email cannot be the email on the Cheddar Up account. 

Read on to learn about transferring funds to a connected bank account and using Instant Transfers. 

Link bank account

Take the following steps to add your bank account to your Cheddar Up account - a necessary step prior to withdrawal. Please note that you may only add a US checking account.

1. From My Account, select "Withdrawals" from the left-hand menu.
2. Click "Link to a US Bank Account".
3. Enter your two-factor authentication code when prompted to confirm account control.
4. Choose to either enter your bank account manually by entering your bank's account and routing number, or use the Stripe prompt to add a bank using your bank account online login (or Stripe Link to add a previously saved bank account).
5. Click "Save".

Initiate a withdrawal to your bank account

There are several places to initiate a withdrawal on Cheddar Up, including the Collections Dashboard or from the Manage view. One great thing about Cheddar Up is that all reporting is silo-ed, so there's never a question of where funds came from. This also applies to withdrawals. By design, even withdrawals are done on a collection-by-collection basis so organizers can have better reporting.

From the Manage view, take the following steps to initiate a withdrawal: 

1. Click the "Transfer to your bank account" button.
2. Enter the amount to withdrawal
3. Select your bank account (or add one if you've not yet done so).
4. Click "Transfer to Bank". 

From the Collections Dashboard, take the following steps to initiate a withdrawal: 

1. Click the "Transfer Money" button in the right column. 
2. This opens a global withdrawal view that will list all collections with an available balance. Identify the collection in which you want to make a withdrawal select either "Transfer to bank" or "Instant transfer" (if available).
3. On the next view, enter the amount to withdraw and select the bank where you want to send the funds.
4. Click "Transfer to Bank" or "Instant Transfer", depending on your selection. 

NOTE: Upon making a withdrawal, Cheddar Up will send the organizer a confirmation email confirming the withdrawal. A history of all withdrawals on any given collection can be seen within Manage > Balance Summary.

Instant Transfers

Instant transfer is a faster option for sending funds from your Cheddar Up balance to your bank account. Funds typically arrive within 20-40 minutes. The method is available only to eligible organizers. 

Instant Transfer Eligibility
You'll only see Instant Transfer as an option if your Cheddar Up account is fully verified and meets specific criteria, and if your connected bank account supports real-time payments (RTPE network). 

How to use Instant Transfers

1. Navigate to the Transfer Money panel from either the Manage view or the Collections Dashboard. 
2. If eligible, you'll see an option to choose Instant Transfer. 
3. From the initial screen, click the teal button "Instantly Transfer Money". 
4. In Step 1 (Withdrawal Information), enter the amount you'd like to withdraw. You will see a calculation of your fees below the amount entered. Then select your eligible bank account. 
5. Click the "Review & Withdraw" teal button to continue. 
6. Move forward to Step 2, (Review Transfer) and review the amount you want instantly transferred to your bank, the service fee (if any), the total withdrawn amount, and delivery time. Then acknowledge that the action is irreversible by checking the confirmation box. 
7. Click "Withdraw $X.XX" to complete the transfer. 
8. You can check back to the main Instant Transfer screen or check your email for updates. 

Fund flow time frame

It's important to be aware of all factors that can affect withdrawal timing. These include:

• Credit card payments take 1-2 business days to process.
• Echecks (electronic checks) typically take up to 5 business days to process. Please note that echeck processing can be expedited for approved Cheddar Up partners.  
• Payments will first show as "pending" in the collection's Manage view. 
• Once payments have processed, their status will change to "cleared"; they'll then be available for withdrawal.
• Once a standard withdrawal is initiated, funds deposit to the linked bank account in 1-3 business days (see note below).
• Instant Transfers, if available to you, deposit to your bank account within 20-40 minutes. 

See it in action: 

Common Questions