Before an order can be sent to the market, funds must be available in your LOYAL3 account. If funds are already on our platform, your order will be executed same day when your order is placed before 2pm ET.
If funds are not in your LOYAL3 account, once you place an order, funds will be requested from your bank account for your specified purchase amount. Once we have verified that your payment has been received (approximately 1-2 business days), we batch your order with others and place a trade in the open market.
You will receive an email with a link to your trade confirmation on the day the trade is placed, and the trade will settle 3 business days after that, 5 business days total. You may review the status of your order at any time by logging into your LOYAL3 account and clicking "My Account" link in the upper right hand corner. In the drop down menu click "Statements & Forms". Click the "Trade Confirmations" tab for information on your trade.
Here is an example of timing for a trade that is submitted before 4 PM ET:
Monday: You submit your order for a stock purchase before 4 PM ET.
Tuesday: Funds are received at LOYAL3 and the trade is combined with other orders to be executed in the open market..
Monday (business day 5): The trade is settled: This is when the transfer of shares and dollars is made between the two parties and the transaction is now final.