Redemption Statuses

Each redemption request has a current status. The below table explains the different statuses and when it's appropriate to use them.

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Status Number vs. Status Enum

"Status Number" should be referenced when retrieving (aka GET) all redemption requests and "Status Enum" should only be used when updating (aka PATCH) a redemption request.

Status Description

Status Number

Status Enum

Started

0

"STARTED"

Pending

1

"PENDING"

Every new redemption for a self-directed account is set to "Pending". From here, the redemption can be marked as "Rejected", "On Hold" or "Approved".

Successful

2

"SUCCESSFUL"

After a redemption is marked "Approved", the next step is "Successful". This is used statuses are used when

Failed

3

"FAILED"

If a redemption is marked as "RIA Rejected" or "Rejected", the redemption will immediately be set to "Failed".

Other

4

"OTHER"

RIA Pending

11

"RIA_PENDING"

Every new redemption for a managed account is set to "RIA Pending". It is the RIA's responsibility to review and arrange the appropriate liquidation events to facilitate the redemption request. Note that clients will not be able to request more funds than their total portfolio value.

RIA Approved

12

"RIA_APPROVED"

Once the funds have settled, the RIA should update the status to "RIA Approved". Once updated, it's status will be set to "Pending" and DriveWealth will process the redemption.

RIA Rejected

13

"RIA_REJECTED"

The "RIA Rejected" status should be used when an RIA wants to reject a redemption request. Once updated to "RIA Rejected", the redemption will immediately be set to "Failed".

Approved

14

"APPROVED"

Once marked as "Approved", the redemption will be processed for disbursements.

Rejected

15

"REJECTED"

Updating a redemption to "Rejected" will immediately set it 's status to "Failed"

On Hold

16

"On_Hold"

The "On Hold" status is reserved for redemptions that aren't ready to be processed. E.g. Funds are still settling.

Unknown

-1

Reserved for errors.