Placing Mutual Fund Orders
Choose from a growing list of more than 13,000 mutual funds at Scottrade. To trade mutual funds, log in to your Scottrade® account, hover over Trade, and then click Mutual Fund Order under the Trade Mutual Funds heading.
To enter a mutual fund order from the page shown above:
- Choose the Action, whether to buy, sell, or exchange
- Enter the amount of money in U.S. dollars that you would like to buy/sell in the Amount box. The minimum initial investment for a mutual fund may be different depending upon the fund type and the mutual fund company.
- Enter the symbol for the security you want to buy/sell in the Symbol box. To find the symbol for a security, click Find Symbol.
- Click the Continue button.
The Mutual Fund Order Preview page allows you to review your order for accuracy. Additionally, it provides you with estimated transaction fees and estimated order cost.
To place the order, click the Place Order button. To return to the Mutual Fund Order Entry page, click the Change Order button.
Printing, Checking Status and Placing Another Trade
To print the details of an order from the Mutual Fund Order Confirmation page, click the Print button on the page. Your browser's Print dialog box is shown.
The Check Order Status link will take you to the Order Status page so that you can check on the status of the order.
The Place Another Trade link will take you back to the Mutual Fund Order Entry page so you can place additional orders.
Purchasing a Mutual Fund
You will need to purchase in dollar amounts, not in shares. Mutual fund purchase and exchange orders at Scottrade must be the greater of $100 or the fund's minimum initial investment. You must have sufficient settled funds in the account to meet both the applicable minimum and cover transaction fees and other fees prior to placing the trade.
Scottrade's transaction fee is not currently deducted out of the purchase order amount; it is charged in addition to the dollar amount of the order. Contact your broker if you wish to purchase a specific number of mutual fund shares.
Input the fund's symbol and amount of purchase and select whether you want your dividends and capital gains paid in cash or reinvested. Dividends and Capital Gains paid in cash will be deposited into your Scottrade account. You must comply with the fund's investment minimums when placing your order. Buying power may not be used when purchasing a fund. Mutual funds may be margined after they have been owned for 30 days.
Cleared Cash or Free Cash must be available in your account to cover the trade prior to placing your order. After clicking Submit, you will be shown a Preview Order screen. Some symbols will have a pop-up text box explaining unique situations that apply to specific funds. The pop-up box will give you the option to continue placing the trade or abandon the order. At that time, you may choose Continue to place the trade or Abandon to cancel the trade. The final screen will confirm your trade and instruct you on how to check the status of your order.
Selling a Mutual Fund
Shares being sold must be in good form in the account and cannot be sold before the original purchase has settled. The earliest any mutual fund position can be redeemed is on settlement plus one business day. Most mutual funds purchased at Scottrade settle on trade date plus one business day.
Settlement periods may vary by fund and are subject to change without notice. If you are unsure if a mutual fund that you recently purchased is eligible for redemption, please contact your Scottrade broker.
Order Status & Confirmations
The majority of all mutual fund orders are executed automatically. Mutual fund orders executed manually may not appear in your account the same day. There may be a delay in the appearance of your orders in the Order Status screen. View your order by clicking on the Order Status link located on the Mutual Fund Order Entry screen. If the status shows Received your order has arrived at Scottrade. Accepted means the order has been placed, and Rejected means the order was rejected and the reason is given.
Your order will usually appear in your account positions screen by noon of the business day following your trade date. It can take up to 48 hours for the mutual fund company to confirm your transaction. Your Scottrade confirmation statement will appear online 24 hours after the fund company has confirmed the trade. This may be several days after the trade.
Investors should consider the investment objectives, risks, charges, and expenses of mutual fund carefully before investing. A prospectus contains this and other information about the fund and is available through www.scottrade.com or through a Scottrade branch office. The prospectus should be read carefully before investing.