Frequently Asked Questions

Updated: May 7th, 2020

Please see below the answers to some of our frequently asked questions. During this time we are experiencing a high volume of requests and are doing our very best to get back to you. We will update this page regularly so please do check in to see if it has been updated with your inquiry. If you do not see your answer here you may contact our support team at [email protected] or from the Customer Support menu found in the Help Center of the Voleo app.

What is happening to my Voleo account?

Effective June 30, 2020, Voleo USA, Inc. expects to close its US brokerage and you will be required to take action on your Voleo account.

Why is this happening?

While the last few months have seen our user base swell dramatically, with this backdrop COVID-19 has cut off traditional sources of funding for startups like Voleo. Voleo is not yet profitable and our parent company has indicated it is unable to continue to support the brokerage beyond June 30th, 2020.  

Is my money and securities safe?

Yes. Voleo is an introducing broker and never touches your assets directly.  Your assets are held at Apex Clearing (https://go.apexclearing.com/customer-statement)

What options do we have?

You have two options:

Details on how to complete these options are linked below.

When do I need to make a decision?

You should make a decision whether to close or move your account soon. The deadline to complete the move or liquidate positions in your account is June 24th, 2020. Any stocks held in your account on this date may result in your account becoming orphaned with clearing firm Apex Clearing (see Orphaned Accounts). It is important to discuss with your team and make a decision as soon as possible to leave sufficient time to process.

What are the timelines and critical dates?
  • May 6th – Notification of planned closure.
  • May 29th – Status update and reminder of planned closure.
  • June 24th – Liquidity deadline. Any stocks held in your account on this date may result in your account becoming orphaned with clearing firm Apex Clearing (see Orphaned Accounts). 
  • June 30th – Voleo USA to cease client operations.  Any funds that have not been successfully transferred via ACH will be returned to the respective member via check. 
How do I transfer our account to a different broker?

Open an account for your investment club with another brokerage and transfer the contents of your account.

Unfortunately, this is unlikely to be straightforward, as it means opening an investment club account the traditional way. Our software is not built to work with other firms (at least not yet), so you will have to run meetings, appoint a treasurer to track club ownership, and fill your own tax forms. It is a lot of work, and something we tried hard to make easy! 

If you choose to do this, you will need to i) open an account with another broker-dealer, and ii) instruct your new brokerage to do anAutomated Customer Account Transfer Service(ACATS) transfer with details from your existing account.Please note that this process will take time so you should initiate the process very soon so you don’t risk becoming an orphan account with our clearing brokerApex Clearing(see Critical Dates below). The fee charged by Apex Clearing for an ACATS transfer is $75. 

How do I wind down our account?

Sell your stocks at the time and price that you believe are acceptable any time over the next six weeks, and we will return the proceeds pro-rata to your linked bank accounts upon request or automatically between the Liquidity Deadline and June 30th, 2020.  

If you choose to wind down your club you should initiate an orderly process to review your holdings and sell at the time and price that your club finds appropriate using the normal proposal and vote mechanics.  Please note that Voleo is unable to initiate stock transactions on your club’s behalf – you are still required to make proposals and approve the terms as a club. 

Once your portfolio is entirely in cash, the club founder and responsible party should contact support with a “Leave a club” message requesting that the club be wound down.  We will advise the members and provide instructions to enter their withdrawal requests via the Fund Transfer menu. 

Any funds that cannot be returned via ACH due to change to your bank account or rejection by your financial institution will, if not resolved prior, be mailed by clearing broker Apex via check on or about June 30th. 

How do we sell our holdings?

Review your holdings and sell at the time and price that your club finds appropriate using the normal proposal and vote mechanics.  Voleo is unable to initiate stock transactions on your club’s behalf – you are still required to make proposals and approve the terms as a club. 

How do I notify Voleo about winding down our club?
Once your portfolio is entirely in cash, the club founder and responsible party should contact support with a “Leave a club” message requesting that the club be wound down from the Help Customer Support found in the app Help Center.  We will advise the members and provide instructions to enter their withdrawal requests via the Fund Transfer menu. 

How do I initiate a withdrawal from my account?

Once your portfolio is entirely in cash, the club founder and responsible party should contact support with a “Leave a club” message requesting that the club be wound down.  We will advise the members and provide instructions to enter their withdrawal requests via the Fund Transfer menu.  Please allow several business days for a withdrawal request to complete.

How long does a withdrawal take? When will I receive my funds in my bank account?

After members have submitted their withdrawal requests via the Fund Transfer menu.  Please allow several business days for a withdrawal request to complete.

Is my Voleo Account ACATS eligible?

Yes, your account is Automated Customer Account Transfer Service (ACATS) eligible.  Apex Clearing will charge a $75 fee for ACATS transfers. Learn more about ACATS from FINRA at https://www.finra.org/investors/learn-to-invest/brokerage-accounts/understanding-brokerage-account-transfer-process

What happens if we do not liquidate, withdrawal or transfer our account before the deadline?

Holding stocks in your account on or after June 24, 2020, may result in your account becoming orphaned with clearing firm Apex Clearing. Apex does not deal directly with clients for trades so you should make every effort to transition or close your account before the end of June. Learn more about Apex at https://go.apexclearing.com/customer-statement

Funds will be returned to your linked bank account via ACH. Any funds that cannot be returned via ACH due to changes to your bank account or rejection by your financial institution will, if not resolved prior, be mailed by clearing broker Apex via check on or about June 30th. 

We highly encourage you to start discussing your options and plan your actions now.

What about subscription fees and administration fees?

Effective immediately, Voleo is waiving all subscription and admin fees to mitigate the impact of closing its brokerage.  

What about 2020 tax documents?

For those of you that decide to wind down your clubs, we will populate draft IRS tax form 1065 and Schedule K-1s for each member effective June 30, 2020 free of charge (as always, we use the raw data on our system and you should review this carefully with a tax professional as Voleo does not provide tax advice).  These documents must be filed with the IRS.  

Can I add a new user to our club?

No. To simplify and expedite any account transfers, no new users may be added to Voleo at this time.

Can I change my bank account information?

If required, you can update your linked bank account. We do request that this only be done if absolutely required and the change is initiated well before our Liquidity Deadline to ensure your withdrawal request is properly completed. You can update your bank account information from the Fund Transfer menu.

How can I update my address?

Your address will only be required if funds cannot be returned via ACH due to changes to your bank account or rejection by your financial institution. In those cases, a check will be issued. You can update your address in the Broker Details section of our User Settings menu. Address changes must be made by June 24, 2020.

Can you recommend a new broker?

Unfortunately, we are not able to make recommendations.  

What will happen to the personal data you have stored?

You can find Voleo’s Privacy Policy here.

I have set-up recurring contributions, how do I stop future contributions?

All future recurring or one time inbound contributions have been canceled. No future contributions will be made to your account and no action is required from your end.