Most new accounts are funded and earning interest within ten business days of signup. This timeline can vary because we match the capital invested by our users with the capital needs of our partner CDFIs. Once you request the transfer into your account, we aggregate it with requests from other CNote users and process them in batches. This process can take a few days, and sometimes longer if the batch occurs close to a weekend or holiday. Once we initiate a batch transfer, funds are pulled from your connected financial institution and moved to our FDIC insured holding bank for disbursement to CDFIs.
After your money is transferred into your CNote account, our algorithms pool and diversify your funds with those of other CNote clients for deployment across multiple CDFIs. Your money is then transferred to our CDFI partners and starts earning interest. It takes 6 business days from when we initiate a transfer (send a request to your host financial institution) for the funds appear in your CNote account and start earning interest.