Author Topic: Can You Setup Reoccurring External Transfers on Lending Club?  (Read 1277 times)

Acg

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Can You Setup Reoccurring External Transfers on Lending Club?
« on: February 08, 2015, 05:06:42 PM »
I see the option for setting up reoccurring transfers into Lending Club but I only see the option for a one time transfer to an external bank account.  Is there anything I'm missing or are they just trying to make it difficult to get your money out with not offering a recurring external transfer option?  Thanks.

Acg

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Re: Can You Setup Reoccurring External Transfers on Lending Club?
« Reply #1 on: February 08, 2015, 05:41:50 PM »
The webpage GUI doesn't offer an option to withdraw on a recurring basis, but they do offer an HTTP API that allows you to withdraw funds (search for "Withdraw Funds" at the bottom). It would be easy to write a simple cron job on your local machine that invokes this API on a recurring basis to withdraw funds according to your desired schedule.


I doubt the absence of the option from the webpage GUI is anything sinister. It's probably just an oversight because they didn't contemplate somebody wanting to withdraw funds on a recurring basis; the normal model is that you leave the money in to compound indefinitely, in a perfectly tax-inefficient manner. If you ask them to add the feature to the GUI, they might do it. I've been extremely satisfied in my interactions with their investor services.

Thanks.  This question wasn't for me - I manage my dads retirement money and this is a small part of his portfolio and I'd like to use the monthly payments as part of his monthly income stream.