Receiving Your Funds or Securities
Investors must currently complete or "settle" most of their security transactions within three business days. But this does not mean you will receive the funds or security certificate from your brokerage firm within three days when you sell or buy a security.
While brokerage firms are required to send funds or certificates "promptly" to customers following the settlement of a trade, there are no deadlines imposed by federal law or regulations. Brokerage firms will credit your account with sale proceeds as soon as your trade settles. Some brokerage firms may immediately "sweep" your money into an account that earns interest. You should ask your broker about how you can assure that all funds and securities are delivered to you promptly.
To learn more about the three-day settlement cycle, read Settling Securities Transactions.