Which brokers do/don't allow trades in IRA before funds settle?

[lazyday]

I'm not talking about doing an "exchange" of mutual fund shares within the same fund family, but actually placing sell and buy trades.

For example, lets say you want to rebalance from VWO into VTI. You sell VWO in your IRA, and buy VTI in the same IRA.

Some brokers allow you to place both trades on the same day, by placing the sell, waiting a moment until the sell happens, seeing the funds available, and placing the buy.
Other brokers make you wait three days before you can buy, because the funds from the sale aren't available yet.

It can get more complicated if you're switching between stocks which generally settle in three days, and mutual funds which generally settle in one day.
For example, if you sell VWO, and buy BRLIX, maybe some lax brokers would let you do it the same day, some would make you wait two days, and others make you wait three days.
Not sure, but I think if you sold VWO and bought BRLIX without waiting two days, you'd technically violate a rule about negative balances in an IRA, because the buy would settle before the sell.

I'm curious which of the good/cheap brokers do or don't allow same day trades in IRA.

 

[brewer12345]

Schwab allows same-day trades within an IRA.

 

[lazyday]

Thanks for the reply.

Anyone else? Maybe I should get another trial membership at Fool, and post on their broker board...

 

[NYCGuy]

Fidelity permits reinvestment of funds before settlement date in an IRA.

 

[lazyday]

Thanks.

Combining posts here and http://boards.fool.com/Message.asp?mid=22728939&sort=whole

YES:

• 
  Fidelity
  Schwab
  Scottrade (maybe broker only http://boards.fool.com/Message.asp?mid=23556203&sort=whole)

NO:

• 
  Ameritrade
  Brown
  Etrade

 

[eridanus]

Yes, Scottrade allows this in an IRA.

 

[lazyday]

Anyone know about Vanguard or Siebert?

 

[lazyday]

Anyone know about Wellstrade?

(note this thread is from last January)

 

[ScaredtoQuit]

Anyone know about Vanguard or Siebert?

Vanguard = NO - Very frustrating!!!

 

[2B]

I just did one on Etrade. I was shocked they accepted the order since my accounts had been moved from Brown where it was not allowed.

 

[lazyday]

Bummer about Vanguard. No specific ID in taxable, no same day trade in IRA. And expensive trades if under 1M$. At least they have the best sweep, tho apparently Fidelity and Wellstrade are close. (And of course, you get the best access to non-ETF Vanguard funds.)


Partially-updated list, from responses here and Motley Fool:

YES:
Etrade
Fidelity
Schwab
Scottrade


NO:
Ameritrade (2006)
Vanguard


??:
Wellstrade
Firstrade

Etrade had someone saying no last year, and Scottrade had someone saying you need to do trade on phone.