The Instant Deposit feature credits you with the deposit amount before the funds are settled, so you no longer have to wait to start trading. After you initiate an Instant Deposit, the funds will be available in your account within a few seconds.
How is Instant Deposit different from standard ACH and wire transfers?
Standard ACH and wire transfers are initiated from your banking app, whereas Instant Deposit is initiated directly from the OG platform.
Standard ACH and wire transfers can take several business days to settle into your account and be used. With Instant Deposits, you can use the funds within minutes after initiating the deposit, although you will be restricted from withdrawing funds for 7 business days.
How to link a bank account(s)?
You will first have to link your bank account using Plaid, before being able to make an instant deposit. Plaid is an easy and secure way to link your bank account to OG.
You can follow the simple steps below to link a bank account using Plaid.
1. Go to Deposit > Instant Deposit > Add Bank account |
2. You will be taken to the Plaid account liking flow. |
3. Select your bank and you will be taken to your banking portal to securely login
Please note that your bank account name must be the same as the name that’s associated with your OG account. |
4. Once logged in you will be prompted to authorize connecting your account to OG |
5. Once completed you will be returned to the OG app and be able to see your bank account linked successfully. You may link up to 5 bank accounts. |
How to make an Instant deposit?
Note: Once an Instant deposit has been initiated, it cannot be canceled.
1. Go to Deposit > Instant Deposit |
2. Enter the amount you wish to deposit
Select a successfully linked bank account of your choice. |
3. Review and confirm your deposit |
|
4. Enter your passcode |
What are the deposit limits?
Minimum Transfer | $20 per transaction |
Maximum Limit - Daily (24 hour rolling) | Starting from $10,000 per day |
Maximum Limit - Monthly (30 day rolling) | Starting from $25,000 per month |
Fee | OG does not charge a fee for this service. Your bank may charge a separate fee.
Please check with your financial institution prior to initiating a transfer. |
What are the different types of balances?
What is Pending Balance?
Pending balance is the funds you deposited via Instant Deposit that have not settled yet, as it takes up to seven (7) business days. OG makes these funds available immediately so you can trade.
You will not be able to withdraw funds deposited via Instant Deposit from OG wallet for 7 business days (day 0 being the day you initiated the deposit)
Please note that:
If the deposit is created outside business hours (9 EST - 17 EST), day 0 will be the next business day.
Federal holidays are not counted as business days, therefore such days will also be considered as 0.
What is Available Balance?
Available Balance is the funds in your USD Account that have settled, and are available to use for trading and withdrawal.
What is Outstanding Balance?
Outstanding balance is the amount you've used from your pending balance, but the funds failed to settle. Your Instant Deposit likely failed because of insufficient funds in your bank account. Please make sure you have more than the deposit amount in your bank account for at least 7 business days after initiating the deposit (day 1 is next business day after deposit) to prevent any errors due to insufficient funds in your bank account.
How do outstanding balances work?
How is Outstanding Balance calculated?
You have USD 100 in your USD Account
You initiated an Instant Deposit of USD 50
You now have a total of USD 150 in your USD Account to trade
You trade worth USD 120
Your Instant Deposit failed to settle
The remaining USD 30 in your USD Account is Pending Balance and can no longer be used to trade
Your Outstanding Balance is USD 20 and you need to resolve it as soon as possible if you want to use the Instant Deposit feature again
How do I know if I have an Outstanding Balance?
You can view your Outstanding Balance by checking your Portfolio. New instant deposits and trading will be disabled for you until the Outstanding Balance is settled.
How can I settle my Outstanding Balance?
You can resolve your Outstanding Balance by making another deposit from your bank account using ACH Bank Transfer or Wire Bank Transfer. Alternatively, you can also trade to deposit cash into your USD Account. If you have any questions, please contact us at [email protected].
What happens if I do not repay my outstanding balance?
Trading and instant deposit features are disabled unless the outstanding balance is repaid. OG also has the right to close your account.
Troubleshooting
Why has my request to link my bank account been declined?
Please make sure your bank account name is the same as the name that appears on your OG platform KYC documents, which you submitted when registering your account.
Why can’t I link more bank accounts?
You can have a maximum of 5 accounts saved. To add a new one please delete one of your existing linked bank accounts.
Why is Relinking not working for me?
If you have trouble with the Relink button, it might be because you are selecting a different account compared to the original one.
If you continue to have issues with Reliking, you can use the Edit button to delete previously linked bank accounts that have expired and are unable to relink. Then you can use the Add Bank Account button to add a new bank account. You can have a maximum of 5 accounts linked.