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Placing Orders

Frequently asked questions

All FAQs about placing orders

  • Stock markets trade Monday - Friday, 9:30 a.m. - 4:00 p.m. ET, except for holidays. For the current holiday schedule.
  • Orders received during pre or post market hours are held in a "pending status" awaiting the next trading session. Pending orders will be reviewed before the market opens for the next trading session. At that time the order status will be updated.
  • Orders placed pre/post market will be reviewed before the market opens for the next trading session. At that time the order status will be updated.
  • Due to the lack of price transparency and the volatility of these stocks, it is TIAA Brokerage's policy to not allow purchases.
  • Funds are available for trading once an ACH/check/wire deposit has been posted to an account. For all deposits, you will be able to buy marginable securities as soon as your account is funded. However, there is a 7-10 business-day hold placed on all checks/ACH deposits before you may withdraw funds from your account or buy non-marginable securities.
    The hold period does not apply to funds wired into your TIAA Brokerage account via Federal Funds Wire.
  • Commissions and transaction fees are paid from the available cash/margin balance within your brokerage account. Keep in mind, that you must have enough to cover the entire purchase and any applicable fees or the trade may be rejected.
  • The settlement date is the date when a trade (buy or sell) is final.  If you are buying securities, this is the day that you must pay for your investment (money must be in the account).  If you are selling securities, this is the day that you’ll receive the money for your securities.   The settlement date, not the trade date, is the day that the legal ownership transfers from seller to buyer.
     
    The settlement date for stocks, exchange traded funds (ETFs) and bonds is usually two business days after the execution (trade date); often referred to as T+2.  For government securities and options, it’s the next business day (T+1).  Mutual funds settle between one and three business days, depending on the fund company and the fund type.  Equity and bond funds tend to settle within one day (T+1) while commodity and other types of funds take up to three business days (T+3).
  • Proceeds from a mutual fund redemption (sale) are available to purchase another investment or withdraw on the day of settlement.  Mutual funds settle between one and three business days, depending on the fund company and the fund type.  Equity and bond funds tend to settle within one day (T+1) while commodity and other types of funds take up to three business days (T+3).
  • Here are some common mistakes investors make:
     
    -Overspending the balance within their cash sweep.
    -Buying and selling the same lot of shares on the same day.
    -Purchasing a security using an unsettled credit.
    -Selling a security that hasn't yet settled.
     
    We want your trades to proceed without issue.  We can, however, restrict trading in your account if your transactions violate industry regulations or the Customer Account Agreement.  Here are some tips to help you avoid order delays, rejections or trade restrictions:
     
    -Maintain a sufficient cash sweep balance to cover the cost of all purchases, including commissions, fees, and potential market fluctuations of the security you're buying.
     
    -Before you place a trade, make sure you have enough money.  Check your account's funds available to trade and funds available to withdraw. 
     
    -Wait for securities to settle in your account before you sell them.
     
    -Consider adding margin for non-retirement accounts.
     
    -Review settlement dates of securities sales that have generated unsettled credits, if you intend to make a purchase.
     
    -Take note when buying a security using unsettled funds. You'll incur a violation if you sell that security before the funds used to buy it settle.
  • Some trading activities within a cash account can lead to restrictions on your account. We can place restrictions on your account for trading practices that violate industry regulations or the Customer Account Agreement.
     
    Details about trading violations

    Engaging in freeriding, liquidations resulting from unsettled trades, trade liquidations and marketing-timing will limit your flexibility to make new purchases.

    - Freeriding occurs when you buy and sell securities in a cash account without covering the initial purchase.
     
    Example: You have $1,000 in your cash sweep.  You place a market order to purchase $1,000 worth of XYZ stock.  The market moves and the order is executed at $1,200, leaving $200 due to settle this transaction.  Later that day, the price of XYZ stock increases and you sell XYZ stock for $1,500. Because you purchased with more cash than you had on hand and a $200 cash deposit wasn’t received to cover the initial purchase, the transaction is considered a “Freeride.” 

    Penalty: Your account is restricted for 90 days.  During this time, you must have settled funds available before you can make a purchase.

    - Unsettled trades liquidations (Good Faith Violation) occurs when you buy a security in a cash account using sales proceeds that haven't yet settled. Then you sell the recently purchased security before the settlement of the initial sale.
     
    Example: On Monday, you sell XYZ stock for $5,000.  Then, on Tuesday you use $3,000 of the unsettled funds from XYZ to purchase ABC stock.  Later Tuesday, you notice the price of ABC stock increases and you sell the entire ABC position. Because ABC was bought and sold with unsettled funds, the transaction is considered an “Unsettled trade liquidation.”
     
    On Wednesday, you buy stock B. You must pay for it on Friday (the second day after the trade was placed).  But on Wednesday, you decide to sell stock B.  Because the sale of stock A hasn't settled, you paid for stock B with unsettled funds.
     
    Penalty: Any 3 violations in a rolling 52-week period trigger a 90-day funds-on-hand restriction.  During this time, you must have settled funds available before you can make a purchase.
     
    - Late sale or trade liquidations (Cash Liquidation Violation) occurs when you buy a security without enough funds to cover the purchase and sell another, at a later date, in a cash account.  The settlement of the buy and the subsequent sell don't match, which is a violation. This is also known as a "late sale."
     
    Example: You have $2,000 in your cash sweep.  On Wednesday, you place a trade to purchase $2,000 worth of XYZ stock.  The market moves and the order is executed at $2,100.  The next day, you notice the trade exceeded your available funds and decide to liquidate $100 of ABC stock to cover the amount due. Because the $100 from the sale of ABC stock does not settle until after the XYZ purchase settles, a “Late Sale Liquidation” has occurred. 
     
    Penalty: Any 3 violations in a rolling 52-week period trigger a 90-day funds-on-hand restriction. During this time, you must have settled funds available before you can make a purchase.
     
    - Frequent trading or market-timing occurs when some investors try to profit from strategies involving frequent trading of mutual funds, such as market-timing.  They buy in and sell out of a fund excessively, which can disrupt the fund's management and result in higher costs that are borne by all of the fund's shareholders.
     
    Example: Excessive purchase and redemption activity within the same fund.  Excessive exchange activity between 2 or more funds within a short time frame.
     
    Penalty: TIAA and the fund families reserve the right to decline a transaction if it appears you're engaging in frequent-trading practices, such as market-timing.  In addition, when you sell a No Transaction Fee mutual fund, that you have owned for less than a year, you may incur a short-term redemption fee.
  • The wash sale rule prohibits selling a security at a loss and buying that same security or a “substantially identical” security  30 days before or after the date of the sale.  If a wash sale has occurred, the IRS will not allow you to write off the loss which may increase your overall tax liabilities.  Wash sale activities are reflected on your tax document and transaction confirmations. Consult your tax advisor for any questions pertaining to wash sale rules.
  • For stock and ETF trades, you are able to specify certain time limits for your orders; including Market, Good for the day (GTD), and Good for 90 days (GTC).
  • TIAA Brokerage doesn’t participate in IPO subscriptions or offer securities that are not trading publicly.  Prior to trading publicly, TIAA Brokerage can accept purchase limit orders (Good for the Day), after the security has been publicly priced (typically the day before the security begins trading on a public exchange).
     
    Orders cannot be submitted online on or before the initial day of public trading; call TIAA Brokerage at 800-927-3059, weekdays 8 a.m. – 7 p.m. ET to place your order.  Typically, orders for the security can be placed online the business day following the first day of public trading.
  • Once you have an established mutual fund investment, recurring mutual fund orders to buy or sell can be established. Within the trade screen, select Recurring Mutual Fund Buy or Recurring Mutual Fund Sell as the Type of Trade. Complete the amount, frequency, start date and end date.
  • Recurring automated purchases of individual securities including stocks and exchange-traded funds (ETFs) are not currently available.
  • Our brokerage consultants are available to discuss your goals, objectives and educate you about the investment choices available. They are also able to help you become familiar with the research information and screening tools available to assist you in identifying investments.
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TIAA Brokerage, a division of TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC , distributes securities. Brokerage accounts are carried by Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation, Member FINRA, NYSE, SIPC.