No. of Recommendations: 1
I know the money didn't get taken from my account for last week's auction until the issue date (Monday this week), by which time I knew the exact price, but I was using T-Direct, and I believe someone else, who used Fidelity, had the money taken out on the auction day.

I use Fidelity and the purchase for the auction is posted to the account on the day of the auction close date. For the reopening of the 10 year TIPS that closed last Tuesday the purchase was posted to my account on Wednesday and the money was redemmed on the settlement date which was the 17TH.

I will know the cost of the 5 years on the 25th and settle on the 28th.

It is just a matter of book keeping. Also I am purchasing these in an IRA so the money has to be there to place the order. I assume that if this were a taxable account I would have three days to get the money into the account prior to settlement.

I personally find Fidelity very convienient for treasury auctions and of course there is no fee if the order is placed on line

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