Why Can’t You Transfer Money to an IRA on the Weekend?

Are you wondering why you can’t transfer money to your IRA on the weekend or buy any investments? Here’s what you need to know.

This post is provided for general information only. Please confirm the details and circumstances of your unique situation with your tax accountant or other appropriate advisor before taking action.

Is there a law that you can’t transfer money to an IRA on the weekend?

There is no law that says you can’t transfer money to an IRA on the weekend. The law doesn’t have any limits on when you can transfer money to an IRA. You just have to stay under the IRA contribution limits.

Why won’t my broker let me transfer money to my IRA on the weekend?

Brokers can set their own rules on when you can make transfers to your IRA. There are three usual reasons for this.

  • They want to make sure your transfer clears before they make it available to trade. Bank transfers don’t usually process over the weekends if you aren’t using the same bank for your checking account and IRA.
  • The market isn’t open. The stock market is only open between 9:30 am and 4:00 pm on weekdays. If you’re trying to buy an investment instead of adding to your cash settlement fund, they may not let you make the transaction outside of market hours.
  • They need to close their platform for maintenance. Most brokers only temporarily close for brief periods a few times per year as needed. Some platforms do close late at night or on weekends instead of operating 24/7.

When are IRA funds available?

Funds availability in an IRA depends on your broker. Some brokers credit you for incoming transfers as soon as you schedule the transfer with your broker. Other brokers make you wait until the next day or next business day. Others make you wait until the ACH transfer clears.

Check your broker’s terms of service for details.

What trades can you make on weekends?

You can’t trade on weekends as a general rule. You can only schedule trades for Monday or the next business day if Monday is a holiday.

If you have a self-directed account, your broker will usually allow you to add cash outside of market hours. You can then schedule a trade for when the market is open.

If you have a robo-advisor account, your broker will usually schedule your transfer for when the market opens or their next trading window. This is because they usually invest you directly into ETFs without you having a cash balance to add to.

What if I’m not seeing any options to move money on the weekends?

If you don’t see any options to transfer money or schedule a transfer on the weekends, contact your broker’s customer support. If they don’t have any options for you, you may want to consider moving to a platform that does offer this common feature.

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