I’m the Organiser of a pot and I want to withdraw the pot money. How do I do this?
Great to hear you've reached your target collection amount and want to withdraw!
Withdrawing from a pot is very simple. From the pots screen, select the pot you wish to withdraw money from, and then tap on the menu icon in the top right hand corner. From the menu, select 'Withdraw to bank account'. Choose how much from your pot balance you would like to withdraw. If it is the first time you have withdrawn money from the Collctiv app, follow the on screen prompts to add your bank account.
Once you click on ‘Withdraw’ you will have the option to put in how much you want to withdraw to your bank account. You have to withdraw at least £1.50, and there is no maximum limit to what you can withdraw (as long as you have that amount in your pot, of course!).
Once you have withdrawn from your pot, the 'total' will change to reflect the remaining total in your pot.
When you come to withdraw the money, we are required by law to take some further information from you to confirm you are who you say you are. We do not see or store this information, as we use a Stripe to perform this verification check on our behalf. This information will include:
Date of birth
If you don’t pass this identity verification, we will instruct Stripe to return the money in the pot to the original members who contributed, via their original payment methods.
Please note that it may take three working days for the withdrawn amount to reach your bank account. The transaction will show up on your bank statement with the reference 'Collctiv-POTNAME' but it may also appear to come from Stripe UK.