I currently have my stuff set up to automatically withdraw my balance weekly, which goes into effect if I have more than $100 in my account. I have no desire to change this, it's great that I can have the system do this for me.
However, as of yet I haven't cleared $100 in a single week, due to the differences in pay processes and my lack of high-paying contracts. This means I manually withdraw once my funds for the week have been released. Not a problem, really, but I have one contract that releases around $20 per day - which means that these payments will be released to me around $18 per day, for the foreseeable future.
The part of me that knows I'm relying on these payments would love to make sure I can cash out these payments regularly as they come in - but I'm curious if I will be limited to a certain number of withdrawals. I know, I know, I can build it up and do my weekly cash-outs as I have been doing, but what I'm asking is, do I have to do it this way?
I'm currently the primary wage earner between my partner and I. She gets some small odd-jobs every now and then, but effectively I have a number of odd-jobs that I work with every day. (My not-so-high-paying clients.) The ability to build my bank account up to have an increase daily would be wonderful in times when I'm not able to get the things I need, and I need them sooner than such-and-such-day that I would be receiving my weekly payments.
Of course, this is a moot point once I have better paying contracts, but for right now it's something that's actively on my mind.
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I withdraw money the second it becomes available. If I have a few fixed-price contracts paying out, receive some bonus pay, and get paid for hourly work, I sometimes have money show up as available multiple times in a week, and I withdraw the money no matter how small the amounts are.
There is no advantage at all, as far as I can see, to leaving the money in my Upwork account, as I pay zero fees for withdrawals, and I have no limits in the number of withdrawals.
Once the money is in my own bank account, there is no way that any computer glitch on Upwork's end or any horrible malfeasance on the part of one of my clients or contractors can limit access to my funds.
I may have complaints about Upwork, but you will never see me posting one of those posts in the forum wherein a contractor pleads that all the money he earned for the past three months is now blocked because Upwork limited his financial account access and he desperately needs the money because his dog has dyslexia and Upwork is the only source of income for five generations of his family. No offense, but when people need money so desperately, they shouldn't be leaving their earnings on a website which might block access to those earnings at any time.
LOL Same here Preston. I keep $10 for the monthly fee and poof the rest is gone as soon as I wake up in the morning.
Same with Paypal. I keep $50 for recurring domain fees but as soon as the money is there POOF it's gone.
These places are not banks. They can hold your money just because for whatever reason they want.
ETA: Paypal put a hold on my account a couple years ago. I still have no idea what triggered it. I've funneled thousands in a month with them, but one day I got $400 and they put a hold on my account. Had to fax docs over to them, and I had the hold removed within a few hours, but still. This is what they can do with your money.
Jennifer, you are so right about PayPal. They can be CRAZY about blocking withdrawals and even confiscating funds. It's not all their fault; they're trying to protect themselves from tons of scammers. But that is a DANGEROUS place to park money.