If it’s your first time withdrawing money from MogoCrypto or if you’ve recently changed your banking information on file, we do something called a “Penny Drop” to verify that the bank account is yours and that you can access it for sure before we move your money over. This is also a part of our anti-money laundering efforts.
Here’s how it works:
- Start by clicking “Withdraw” in your MogoCrypto dashboard to begin the verification process and then clicking “Let’s Begin”.
- You’ll need to enter the details of the bank account you’d like to withdraw your funds into, including the account number and branch ID (AKA a “transit number”). We’ll auto-populate your institution number based on the bank you choose, then click “Continue”.
- Confirm the details you’ve entered are correct and click either “Looks Good” to proceed, or “Edit Bank Info” to change.
- We’ll then deposit a few pennies into your bank account (i.e. “Penny Drop”) using the information you provided. There will be two deposits. These deposits will take about 2-3 business days to get to you.
- Once the deposits reach your bank account, take note of the amounts and log back into your MogoAccount where you’ll see a prompt to validate your bank information. Follow the prompt to get to the Verify page, and then enter the deposit amounts (any order is fine).
- Done! If the amounts entered are correct, your bank information will be validated and you will be able to withdraw funds from MogoCrypto to your bank account. Withdrawals usually take about 1-3 business days to reach your bank account.