What to expect with estimated funds transfer and processing times
Generally speaking we would expect any transaction to take up to a maximum of five business days to finalize, during which time it will show a status of "pending".
Here's what's happening behind the scenes while your investment shows as "pending":
- Issuance of shares
- Transfer of funds via ACH
- Transfer of transaction data to our transfer agent
Issuance of shares
The moment you finalize your investment, new shares in the The Cashmere Fund are instantaneously issued.
It's worth pointing out that the investment is registered using the NAV/share price as of this date, not the date your ACH transfer settles, so the relatively slow processing time won’t disadvantage the Member.
Transfer of funds
Typically we expect four business days for the ACH transfer to complete with our payment processing platform.
Note that the funds may debit from your bank account immediately or soon after you finalize your investment, and still take up to four business days for the ACH to fully settle.
Transfer of transaction data
As soon as Modern Treasury communicates through our API integration that the funds transfer has fully settled, we send the transaction data to UMB, our transfer agent. This step, which generates the "single source of truth" (SSoT) for the information that displays in Members' accounts, runs in daily batches, and may add up to one additional day to the length of time the transaction will show as "pending", depending on the time of day the transaction first originated.
What should I do if my transaction has been pending for more than five business days?
Sometimes unexpected things may occur, but we'll be happy to help get it sorted! Please contact the Investor Relations team by emailing cashmere@sweaterfunds.com.