Tuesday, November 22, 2005

Availability of Funds

What a headache it is to have money, but not have it.
I sold a couple of lackluster mutual funds last week, in order to free up some cash for my contract deposit. It was sounding like the contract might be signed really quickly (which was a surprise to me, since I seemed to remember it took several weeks to agree on contract terms when we bought our co-op years ago...) and suddenly I realized I'd need a lot of money available in a check-writing account, pronto!
I sold the funds on Friday and the cash still isn't available for transfer out of my brokerage account, although I could use it to purchase more securities if I wanted to.
This is just annoying. I went through the fine print and E*Trade does say that it can take 1-3 business days for cash to be available from mutual fund sales.
It better be there tomorrow, in case I actually sign this thing before the holiday! How embarrassing would it be to have one's contract deposit check bounce!

1 comment:

Caitlin said...

yikes! I know its a business but sometimes their efforts to make money off your money gets in your way. hope it comes through!