I have an IRA with a discount online brokerage company and somehow they let me overspend on my account. I bought something and I ended up paying more because the transaction went through the day after. It's not much but now I have either to sell something to cover that debit or to deposit more funds.
- If I sell something I might have to pay transaction fees and maybe penalties for not holding on my MF/ETF long enough
- I cannot deposit more funds because I reached the limit for the year
Now my questions are:
Is it normal for a company to let customer overspend on their accounts particularly in a Roth IRA? I honestly don't feel to incur in any other fees because of something that I would have never done intentionally (overspending).
Can this be considered an over contribution and could I get in trouble for this? Even if I didn't exceed the limit intentionally by depositing funds in excess, I still ended up buying a total amount of securities that exceed that limit.