You can do the same thing at many brokerages with mutual funds.Wow, I guess I am spoiled.
When I sell an ETF (which is always between 0930 and 1600 ET on a weekday)(aka when markets are open), the proceeds are available for me to buy something else within 5 seconds (as soon as I refresh the screen).
Settlement for the sell (and the buy, if I bought something else) is dated next day, and shows in account history when I log in first thing next morning (say, 0600 ET).
(My accounts are at Schwab.)
I often sell a mutual fund to buy an ETF or vice versa. It's now easier since they are both T+1 now.
I've had no issues doing this at Schwab with Vanguard mutual funds.
When ETFs were T+2, Vanguard would give me a free 1 business day loan in my non-margin brokerage account if I sold an ETF to buy a mutual fund. Vanguard would also let me make a purchase first, and then put in a sell order to pay for it.
Statistics: Posted by Lyrrad — Fri Sep 20, 2024 12:28 am — Replies 9 — Views 719