Deposits and withdrawals
Money moves between your linked bank and your alooola account. You need a linked bank before any of this works.
The video starts inside an account, but you do not have to. Deposit Money is also the first item under the + button on your home screen. It asks which account first, then the flow is identical. Withdrawals start from the same menu at the bottom of an account, and run the same way.
Make a one-time deposit
Tap Deposit
Either open the account and tap Deposit in the bar at the bottom, or tap + on your home screen and choose Deposit Money, which asks which account first. Then choose One-time deposit.
Enter an amount
Type the amount on the keypad. The daily deposit limit is shown under the field.
Verify it is you
We text a six-digit code before any money moves. Enter it to continue.
Review the order
Check where the money is coming from, where it is going, and the schedule, then tap Submit deposit.
Wait for settlement
Funds typically arrive in one to three business days. You will get a notification when the deposit clears and again when it is invested.
Set up recurring investing
Consistency does more for a portfolio than timing does. After a deposit the app offers to make it recurring, and you can also start from Deposit → Set up recurring deposits.
Choose an amount
Drag the slider or enter a figure. The projection updates as you move it, so you can see what the habit compounds to.
Pick a rhythm
Weekly, every two weeks, monthly, or twice a month.
Pick the day
Choose which day of the month it runs. Scheduling it shortly after payday is a common approach.
To change or cancel a schedule, open the account, tap the three dots, then Banking → Recurring Deposit.
Withdraw funds
Withdraw sits beside Deposit at the bottom of every account, and the flow runs the same way: amount, verification, review, submit.
Withdrawing from a retirement account adds one step first: how to categorise the distribution:
| When it applies | Tax treatment | |
|---|---|---|
| Qualified | You are 59½ or older, or it is a qualified reason such as a first home (up to $10k) | No penalty |
| Required (RMD) | You are 72 or older, taking the minimum the IRS requires | Taxed as regular income |
| Early withdrawal | Under 59½ with no exception | 10% penalty, added to your taxes |
The amount screen then shows what is available to withdraw, with Withdraw all if you want the whole balance.
Two waiting periods apply, and both exist to protect your account:
- A seasoning period on newly deposited funds before they can be withdrawn
- A one-day wait after an investment is sold before the cash is available
Withdrawals from an IRA may be taxable and may carry an IRS early-withdrawal penalty depending on your age and the account type. The app shows the specifics before you confirm, but if the amount is significant, talk to your tax adviser first.
Limits and timing
| Detail | |
|---|---|
| Deposit arrival | 1–3 business days |
| Daily deposit limit | Shown under the amount field, per account |
| Withdrawal availability | After seasoning, plus 1 day after any sale settles |
| Recurring frequencies | Weekly, biweekly, twice monthly, monthly |
Common problems
- The deposit did not arrive. Check that the bank still shows Synced on the Banking screen. A connection that needs attention pauses transfers.
- You entered the wrong amount. Contact us the same day and we can usually cancel before it is submitted to the clearing firm.
- The verification code did not arrive. Tap resend. If your phone number has changed, update it in your profile first.
Email support@alooola.com with any transfer that looks wrong.