Testing a Sell (and Buy) of AAT770 in a BMO InvestorLine Account: Part Two, the Sell

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When last I tested a sale of units in the BMO high interest savings account fund, AAT770, I was greeted with several ominous warning messages. They said that the sale could be delayed. It’s been a few months and I wondered if things had calmed down any. So as soon as my recent purchase of AAT770 had settled, I tested the system with a sale of some of the units.

Tracking a Request to Sell AAT770 from InvestorLine

Following my own instructions on how to sell AAT770, I placed a Sell order on Wednesday, July 10, 2013 before noon. (Remember mutual fund orders usually have to be placed before 2 p.m. to go through that day.)

Immediately, when I select Order Status from the Trading Tab, I am provided with the following information:

  • the original order number
  • the symbol: AAT770
  • a description: BMO High Int Sving Account(BIL)
  • the order type: Sell
  • the original order quantity: $5,000
  • the outstanding quantity: blank
  • the entry date mm/dd: 07/10 (Good thing they clarify which one is the month)
  • the expiry date mm/dd: blank
  • the average fill price: blank
  • the status: submitted

The word submitted is a link but if I click it what opens is a definition of the term.

The original order number is also a link. If I click it the Order Status Details screen opens.

That screen has the following information already (minutes after I placed the order.)

  • Original Order Number
  • Symbol: AAT770
  • Fund Name: BMO High Int Svng Account(BIL)
  • Reference Number: this is the same number as the original order number
  • Order Type: Sell
  • Order Quantity/value: $5,000
  • Load Type: No Load
  • Most Recent Closing Price: $1.00
  • Dividend Option: Reinvest
  • Settlement Funds: CAD
  • Status: Submitted (same link to the definition)
  • Activity Date/Time: 2013-07-10 10:17

And an informational note:
“This order cannot be changed or cancelled for the following reason:
•  Mutual Fund and/or Fixed Income orders cannot be changed or cancelled online.”

My account balance is also shown in a small box in the upper right side of the screen. At this point it still shows a Cash Balance that does not include the amount I have just sold.

If I click on the My Portfolio tab, I also do not see the amount I just cashed out included in my Cash balances.

At this time, the HISA fund showing on my list of Investments on the My Holdings page has not been reduced yet.

If I select Transaction History from the list under the My Portfolio tab there is not yet any transaction listed. It does not list the order to sell the fund.

Welcome Back: The Sell Continues

On Friday, July 12
Under the My Portfolio tab, in the Transaction history I see a line item:

  • Transaction Date: July 10, 2013
  • Settlement Date: July 11, 2013
  • Activity Description: Sell
  • Description: BMO High Int Svng Account (BIL)
  • Symbol: AAT770
  • Quantity: -5,000
  • Price: 1.00 C
  • Total Amount: 5,000 C

And the money is now showing up in the Cash balance if I look at the My Holdings screen and in other screens.

Did I Need to Heed the Warnings about a Slow Sale of AAT770

So even though the program is still warning me that sales of units of AAT770 may be delayed, both in the past and in July 2013 I was able to sell units and have the cash appear in my account on the morning of the second business day after the sale. According to the transaction history, the money was actually available one business day after the sale.

The Schedule of Events for the Buy and Sell of Units of the AAT770 HISA Fund

  • Monday July 8 put in a request to buy units of AAT770 before 2 p.m. ET
  • Tuesday July 9 Cash still in account. AAT770 not yet listed as owned.
  • Wednesday July 10. Cash taken out of account. AAT770 units listed in My Holdings.
  • Wednesday July 10 put in a request to sell some units of AAT770 before 2 p.m. ET
  • Thursday July 11 Cash not in account. All units of AAT770 still listed as owned.
  • Friday July 12. Cash back in account. Sold units no longer listed in My Holdings.

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