Once your investment is canceled, there is a 10 day clearing period (from the date your investment was submitted). After your funds have cleared the bank, you will receive your refund within 10 business days. Refunds that are made through paypal or stripe payments can take up to 10 business days to clear.
For Regulation Crowdfunding, investors are able to cancel their investment at any point throughout the campaign up until 48 hours before the closing of the offering. Note: If the company does a rolling close, they will post an update to their current investors, giving them the opportunity to cancel during this timeframe. If you do not cancel within this 5-day timeframe, your funds will be invested in the company, and you will no longer be able to cancel the investment. If your funds show as ‘Invested’ on your account dashboard, your investment can no longer be cancelled.
but we will do everything we can to get you your refund as soon as possible. However, every investment needs to go through the clearing process in order to get sent back to the account associated with the investment.
Here are some important things to know about investing with a credit or debit card on Eelamclub:
Your card will be charged immediately following the submission of your investment. Companies can disburse funds during their campaigns, as well as at the end. Therefore, your card might be charged immediately, but the company may not “disburse” (close on your funds), until a few days after, or perhaps months after you invest. It all depends on when the company chooses to withdraw funds.
The Eelamclub will appear on your billing statement.
There are 2.99% additional transaction fees on investments. The amount that you invest will be the amount that appears on your credit or debit card.
You have up until 48 hours prior to a company’s disbursement of funds to cancel your investment. The company will notify you of that disbursement (or of the close of its campaign) beforehand, and you have 48 hours from the time of that notification to cancel your investment. Once funds have been withdrawn and your card has been charged, you cannot cancel your investment.
You can invest up to $10,000 per investment on a credit card. If you would like to invest more than $10,000 in one transaction, select “ACH Transfer” or “Wire Transfer” as your payment method.
Cancel my investment and receive a refund
*You can cancel a Eelamclub investment and receive a refund up until 48 hours before the campaign deadline, after which point your investment is final. Eelamclub considers reducing your investment commitment to be equivalent to cancelling your investment and making a new one, this means you cannot reduce your investment commitment during the final 48 hours of a campaign, subject to each issuing company's discretion
*If i invest in a company and they fail to reach their funding goal, it’ will I be refunded
Yes, if a company fails to meet their funding goal all investments in that company will be cancelled and refunded.
*If you have made an investment in a campaign before the rolling close:
You will receive a notification announcing when the rolling close will happen (5 business days or more in advance)
If you don’t cancel or lower your investment, it will become finalized at the rolling close date, just like at the end of the regular campaign. You will not be able to change it after the rolling close.
The funds raised to date and closed upon will be sent to the startup, and their campaign will continue.
If you wish to cancel or lower your investment, do so more than 48 hours before the announced rolling close date. You will get a refund like you normally would.
If you wish to increase your investment in the startup after the rolling close, you can do so, but it will be treated as a new investment
*Does the waitlist work
If the campaign reaches its maximum goal, no more investments can be accepted and all of the subsequently made investment commitments are added to the waitlist.
If one of the earlier investors decides to cancel or doesn’t fund their investment commitment in time, the space opens up and investors from the waitlist are granted an allocation.
The order of the waitlist is determined by:
The time when investment commitment was made and The investment amount*
Generally, first, the earliest investors to join the waitlist are considered for an allocation, if the company has agreed to provide allocations based on Note level, all investors of the highest level on the waitlist are considered for an allocation, in order from the earliest investment commitment to the latest, followed by investors of the next level down, and so forth.
That means that an investor of a higher Note level could be prioritized on the waitlist to another investor who invested earlier, but is of a lower Note level. Increase your Note level by earning more Notes.
* For example, If space opens up for a $2,000 allocation and your waitlisted investment commitment $2,500, you won't get in, but the investor behind you with a $1900 waitlisted investment will get in, and the next person with a $100 waitlisted investment or less will get in as well.
Each waitlisted investment commitment is a legally binding commitment and is not cancellable by the investor during the final 48 hours of each campaign. After the campaign ends, you cannot edit your waitlist investment commitment, even if waiting for an allocation.
No money will be drawn from your account while you are waitlisted regardless of your payment method.
If and when your investment clears off the waitlist, your payment method will be charged, and you will receive an email confirming your allocation in the deal. It means that investment commitments ahead of you were not paid and were cancelled.
You will generally know whether you made it off the waitlist within 2-3 weeks after the offering ends. In special situations, the settlement process may take longer.