01. How do I qualify and open up an Investment Account?
02. How do I find information about the mutual funds available through the SaveDaily program?
03. What is the Assessment Wizard? How do I use it?
04. Why would I create a name to describe my mutual fund investments?
05. How do I invest (purchase shares) in a mutual fund?
06. What is an Automatic Trade or Systematic Trade? How do I set it up?
07. How do I redeem (sell) shares?
08. How long must I maintain my investments in my account before I can withdraw (redeem) them?
09. How do I exchange shares?
10. How long does it take for a purchase/redemption/exchange to take place?
11. Can I cancel a transaction?
12. What is the meaning of the various transaction statuses (pre-note, pending, confirmed, etc)?
13. Will I receive confirmations of account activity and transactions?
14. How often do I get a statement to monitor the performance of my investment account?
15. What is meant by my 'Available Balance'? How does it differ from "True Balance"?
16. How do I change my checking account that I use for electronic investing?
17. What is a "Cash Management Account"?
18. Are there any fees associated with investing money in the SaveDaily program?
19. Is it safe to transfer money over the Internet?
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| How do I qualify and open up an Investment Account? |
| In order to open an Investment Account, you must (i) be of legal age; (ii) have a US Social Security Number; and (iii) have access to the Internet and email. |
To join, simply access our online registration form by selecting one of the links to join. To complete the registration form online, you'll need your:
- Social Security Number
- Banking Account Number and Routing Number (available on a blank check)
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| How do I find information about the mutual funds available through the SaveDaily program? |
| Nationally recognized mutual funds are offered in the SaveDaily program. Our professional Money Managers have combined these specially selected mutual funds to create a number of 'Managed Advisory Allocations'. |
| You can find information on Managed Advisory Allocations and details about the underlying mutual funds by selecting the Mutual Funds link in the "Learn More" section of the homepage. You will also be presented with information about the mutual funds whenever you setup an investment. |
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| What is the Assessment Wizard? How do I use it? |
| The Assessment Wizard is a tool developed specifically to assist you in selecting mutual fund allocations in which to invest. It is an online questionnaire, which will gather information about your current investment goal, risk tolerance, and time horizon, and present suitable investment choices for your consideration, based on an analysis of your input. Each time you open up a new mutual fund account towards a new investment goal you will have the option to use the Assessment Wizard. Or, if you are a savvy investor who prefers to do your own research, you may choose an investment on your own without using the Wizard. In any case, you control the ultimate decision regarding which funds to invest in. |
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| Why would I create a name to describe my mutual fund investments? |
| We recommend that you name your mutual funds investments to help you better keep track of them and tie them to your intended goal. For example, you may have three different mutual fund allocations in your account with three different goals - one for your next vacation, one for a new car and one for your retirement. You may want to choose different allocations with different risk/return profiles depending on your time frame and risk tolerance. Our Assessment Wizard can assist you with this. |
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| How do I invest (purchase shares) in a mutual fund? |
Once you have established a SaveDaily portfolio, simply log into your portfolio.
- Click on the "Portfolio" Tab to access your list of Accounts.
- Select an Account in which to invest by clicking on the Account Description.
- Select an Investment in which to invest by clicking on the Investment Description.
- Click the "Invest Into" button.
- Enter a dollar amount to purchase and click on "Next".
- Review your transaction request and click on "Next".
- Our system will then transfer (invest) money from your select source to purchase the shares in your selected mutual fund account.
- Go to the "Transactions" menu to review confirmed and pending transaction activity.
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| What is an Automatic Trade or Systematic Trade? How do I set it up? |
Once you have established a SaveDaily portfolio, simply log into your portfolio.
- Under the "Portfolio" tab, select "Automatic Trades".
- Click the "Add Auto Investment" or "Add Auto Redemption" buttons.
- Select the Investment into which you would like to trade systematically.
- Select the months and days you want the systematic trade to take place.
- Select the Start and End date for your systematic trade (End date is optional, default is to Start at beginning of next requested day, with no End date).
- Select the systematic trade dollar amount.
- Click "Next" to submit your request.
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| How do I redeem (sell) shares? |
Once you have established a SaveDaily portfolio, simply log into your portfolio.
- Click on the "Portfolio" Tab to access your list of Accounts.
- Select an Account from which to redeem by clicking on the Account Description.
- Select an Investment from which to redeem by clicking on the Investment Description.
- Click the "Redeem From" button.
- Enter a dollar amount to redeem and click on "Next".
- Review your transaction request and click on "Next".
- Our system will then redeem the shares from your selected mutual fund account and deposit the money into your chosen destination.
- Go to the "Transactions" menu to review confirmed and pending transaction activity.
Remember, redemption of mutual fund shares is a taxable event that may expose you to tax liability.
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| How long must I maintain my investments in my account before I can withdraw (redeem) them? |
| You can withdraw your investments at the current market value at anytime, assuming the shares you wish to sell have remained in your Investment Account for a minimum of 15 days. In addition please remember that any redemption of mutual fund shares will be subject to standard securities settlement and ACH processing procedures. We encourage our participants to invest money towards long-term goals, and therefore discourage them from redeeming investments too often. However, there are no penalties or charges for members to redeem their investments. Upon redeeming your balance, the proceeds of the liquidation will be forwarded electronically through the Automated Clearinghouse System to your checking account,usually within 3-5 business days. |
| If you request an exchange from one fund to another within your portfolio, the fifteen-day hold does not apply. |
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| How do I exchange shares? |
| An exchange of mutual fund shares is actually two transactions, a sale of one mutual fund and a purchase of another. The sale of the first fund is a taxable event which may subject you to tax liability. |
Once you have established aSaveDaily portfolio, simply log into your portfolio.
- Click on the "Portfolio" Tab to access your list of Accounts.
- Select an Account from which to exchange by clicking on the Account Description.
- Select an Investment from which to exchange by clicking on the Investment Description.
- Click the "Exchange From" button.
- Enter a dollar amount to exchange and select an Investment to exchange into. Click on "Next".
- Review your transaction request and click on "Next".
- Our system will then redeem the shares from your selected Investment and invest the money into your other Investment.
- Go to the "Transactions" menu to review confirmed and pending transaction activity.
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| How long does it take for a purchase/redemption/exchange to take place? |
| When a purchase, exchange, or redemption is requested the transaction is processed after the NYSE closes (4:00 pm EST). An investor can view the details of the transaction the following day. If the transaction is made prior to our 2:00pm EST trading deadline, the share price received is the closing price for that day. If the request is made after the trading deadline, the transaction is made at the following business day's closing price. Until the transaction is completely processed, the transaction will appear with a designation indicating the status. |
| An exchange is a transaction whereby an investor sells shares in one mutual fund and utilizes the proceeds to purchase shares of a different fund. An exchange transaction first processes the redemption transaction, waits for settlement (value of redemption), then places the purchase transaction. In most cases the redemption and purchase will not occur on the same day. You will receive pricing on the actual day each transaction is placed. |
| When you buy or sell mutual fund shares, the price always equals the current NAV (Net Asset Value). Mutual funds generally calculate the NAV once per business day right after the NYSE closes. |
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| Can I cancel a transaction? |
| Transactions that have been accepted by our system are eligible for cancellation only if done so before 2:00pm EST on the day of the next market close. For example, if you submit a request to purchase shares on Saturday, you have until 2:00pm EST Monday (assuming Monday is not a market holiday) to return to the web site and indicate that you wish to cancel a transaction. But if you submit a request to purchase shares on Monday before 2:00pm EST, you must cancel the transaction by 2:00pm EST Monday (the same business day). After 2:00pm all accepted transactions are considered final and will be executed at the close of that business day. |
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| What is the meaning of the various transaction statuses (pre-note, pending, confirmed, etc)? |
A series of transaction statuses are utilized to help describe the state of the transaction. Here is a description of the typical life-cycle of a particular transaction.
- Pre-Note - transaction with this status is tied to a bank account that has not yet been fully verified by our system. In order to connect your bank account to your investment account, you provide certain bank account information to us at registration. It takes our system five (5) business days to confirm the validity of the information provided. During these five (5) business days, your bank account and any transactions requested are considered in this "Pre-Note" state. Transactions will be held in this state and will not be executed until the five business days are over and the information is approved for use. All transactions accepted during the five (5) business day period will be executed at the next market close following the five day "Pre-Note" hold. A member is permitted to cancel a mutual fund transaction with a status of "Pre-Note".
- Pending - transactions have this status when information is known about the transaction but perhaps the associated money has not yet been received by our system for us to fully execute the transaction. For example, in some cases, our system may purchase mutual funds on your behalf from other sources besides your bank account (gifts from others, etc). The purchase will have a "Pending" status while our system waits to receive the appropriate funds. A member is not permitted to cancel a mutual fund transaction with a status of "Pending".
- Received - a transaction with this status is accepted and an attempt to execute it will occur after 2:00pm EST on the day of the next market close. A participant is permitted to cancel a mutual fund transaction with a status of "Received" only if both the source and destination of the funds are under the direct control of the participant. For example, a purchase request that is to use money from the participant's bank account may be cancelled by the participant but a purchase request that is to use money from shopping rebates may not be cancelled by the participant.
- In-Process - after 2:00pm EST on days when the market is open, transaction will have a status of "In-Process" while they are being executed. A member is NOT permitted to cancel a mutual fund transaction with a status of "In-Process".
- Completed * - after a transaction is successfully executed it is placed in a status of "Completed *". The asterisk is intended to indicate that the transaction is considered successfully processed pending any possible future failure. For example, if the transaction were a request to purchase mutual fund shares our system would execute the order at the next market close and issue an ACH money transfer request that evening. If this request fails due to "Insufficient Funds", for example, a transaction that was thought to be complete will in fact fail. A member is NOT permitted to cancel a mutual fund transaction with a status of "Completed *".
- Completed - after all fund movement associated with a completed transaction request has occurred our system places the transaction in a "Completed" state. For the case of mutual fund purchases, a status of "Completed" means these funds are now "Available" for withdraw, typically, fifteen (15) days after the original purchase execution (e.g., fifteen days after the transaction was placed in the "Completed *" status). A member is NOT permitted to cancel a mutual fund transaction with a status of "Completed".
- Failed - transactions that have failed for some reason have this status. For the case of mutual fund transactions all money movement associated with the request are reversed and the transaction is permanently cancelled. A member may not re-activate it but may, if they wish, re-issue a new, similar transaction to be processed like any other transaction. Typically, this status comes with additional descriptions which help to identify why the transaction failed, for example "Failed - Insufficient Funds". A member is NOT permitted to cancel a mutual fund transaction with a status of "Failed".
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| Will I receive confirmations of account activity and transactions? |
| Yes, members will receive an email confirmation once a transaction is accepted into the system. Additionally, members will receive an email confirmation once the transaction request is executed following the next market close. Details about transaction requests and confirmations are viewable at anytime via our online message area under the "Messages" menu option. |
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| How often do I get a statement to monitor the performance of my investment account? |
| You will receive a quarterly statement in their online message area under the "Messages" menu option that shows all transactions in their account. Members will be reminded of their new statements via their email address supplied during account registration. Members also have the ability to look at their transaction history online anytime they want. |
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| What is meant by my 'Available Balance'? How does it differ from "True Balance"? |
| Based on ACH rules and limitations, our system requires that all money invested must remain in the requested mutual fund for a minimum of fifteen (15) calendar days before they are available for redemption. The "Available Balance" designation reflects the total balance of your account that is available for you to redeem or exchange based on this fifteen (15) day hold requirement. The "True Balance" designation reflects the total amount owned by you, including both the "Available Balance" and the balance associated with transactions that have not yet been in your account for the fifteen (15) day minimum. |
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| How do I change my checking account? |
| To change your checking account, please download the appropriate form and fill it out. For your protection, it must be signature guaranteed by your bank and mailed (i.e., U.S. Postal, etc) to SaveDaily. Click here to access the form. |
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| What is a "Cash Management Account"? |
| In addition to allowing you to invest your own money from your bank account into mutual funds, our system also enables investments to be made on your behalf from alternate sources, such as shopping rebates. Funds from these alternate sources will be directed to your "Cash Management Account". As a part of establishing your portfolio, we set up a position for you in a Money Market fund - we call this your "Cash Management Account". From your Cash Management Account, you may transfer money into any of your Managed Advisory Allocations, or into your bank account. If you wish, you can also leave these funds in this money market account (Cash Management Account) indefinitely. |
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| Are there any fees associated with investing money in the SaveDaily program? |
| Our Membership Fee is only $4.99 per month per account for unlimited transactions.. When you invest or redeem, you will NEVER pay any transaction costs, commissions, or early withdrawal penalties. The only other fee is an Advisory Fee which ranges from 0.0025% per quarter. That equates to $2.50 per $1000.00 invested in your account. Click here for more information. |
| All fees applicable to your account are described in your Services Agreement and/or in the Schedule(s) of Fees for your associated Investment(s). Note that there are internal management fees associated with the mutual fund products themselves. The mutual funds, not SaveDaily, set these fees and neither SaveDaily nor any other investment advisers have any control over them. These fees are fully outlined in the mutual fund's prospectus. |
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| Is it safe to transfer money over the Internet? |
| When you invest money with the SaveDaily program, you transfer money electronically between your bank account and Investment Account. Although you authorize transfer of your money using the Internet, your money NEVER actually moves over the Internet. Instead, your money is invested via Automated Clearinghouse (ACH) transfers, the same mechanism the Federal Reserve Bank and 98% of other banks use to transfer funds between each other. The ACH Network is a highly reliable and efficient, nationwide, batch-oriented, electronic-funds transfer system, governed by the National ACH Association (NACHA) Operating Rules. |
| In addition, we safeguard your private information using SSL (Secure Socket Layer) 128-bit encryption technology, and all your information is stored in a secure data center. That means that your information is protected from unauthorized access both physically (in a secure building) and electronically behind a fire wall (keeping anyone from using a computer to access your account). |
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