How long does it take your online broker to make funds available after a sale execution?
iznakurnozh asked:
I am becoming more and more disgusted by Zecco…. Holding funds for up to three business days in a market this volatile seems kinda inappropriate…
Please note that I am asking about non-margin accounts. Thank you!
Nope, I am not able to purchase another stock immediately. They take up to three business days to make money available for any other trade.
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I am becoming more and more disgusted by Zecco…. Holding funds for up to three business days in a market this volatile seems kinda inappropriate…
Please note that I am asking about non-margin accounts. Thank you!
Nope, I am not able to purchase another stock immediately. They take up to three business days to make money available for any other trade.
June 26th, 2009 at 6:33 am
With a Scottrade margin account,I get them immediately. By the time the home page loads up, I’m ready to trade again.
June 27th, 2009 at 2:44 am
if you’re trying to withdraw proceeds from a sale it’s three days. SEC rule, not Zecco’s doing. If you want to buy some other stock you should be able to do that immediately.
June 27th, 2009 at 2:00 pm
Three day settlement is a SEC rule and all brokerage firms are required to follow it for cash accounts. This is not specific to Zecco, it is a regulatory requirement.
However, some firms will allow you to use the cash to purchase another stock prior to settlement of the funds, I have a Fidelity account and they allow me to use unsettled funds to buy securities without having to wait T+3.