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No names mentioned. I recently sold some shares in a mutual fund and told them to purchase shares in a different mutual fund (same company)
I do not pay close attention to my funds (my wife says little if any) but yesterday I went online to check statements. The shares had been sold but the new ones had not been bought. The money was sitting in a cash account.
I called the company. I was told the fund I wanted to buy into was closed for new purchases. I said all well and good but why was I not called/notified of that. They had no answer. They are going to investigate what happened (they opened a dispute claim) but I do not expect anything as a result of it. I then bought into another fund.
This is a learning experience. Mutual fund outfits (Fidelity, Schwab are who I am familiar with), conduct that request in two steps, Sell to cash, then Buy from cash. Each transaction needs to be explicit and there may be a settling time.
No names mentioned. I recently sold some shares in a mutual fund and told them to purchase shares in a different mutual fund (same company)
I do not pay close attention to my funds (my wife says little if any) but yesterday I went online to check statements. The shares had been sold but the new ones had not been bought. The money was sitting in a cash account.
I called the company. I was told the fund I wanted to buy into was closed for new purchases. I said all well and good but why was I not called/notified of that. They had no answer. They are going to investigate what happened (they opened a dispute claim) but I do not expect anything as a result of it. I then bought into another fund.
Mea culpa...but always check closely.
Yup and double check. I always follow all transactions online from both investment firm and my bank. What is nice is Fidelity, Vanguard and TRowe all credit new purchases the day you make them if done prior to 4:00. Even though the actual bank transfer might be a couple of days later.
Even within a single brokerage firm an order to sell/buy may not be executed in one day because the closing prices of mutuals for the sale and purchase happen after the market closes. I have seen up to a four day delay that was perfectly legitimate because of the timing of markets. The issue of a fund closed to new investors is often times poorly noted so you are right, follow up is important.
I said no names mentioned...but...it was Fidelity. I love Fidelity. I am saying trust but verify.
I admit, my bad for waiting to pay attention/verify.
Do you have banking with them also?
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