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Author: dglaser Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123525  
Subject: bought 1 share past cash in ira Date: 12/20/1998 10:29 PM
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Hi to All,

In November I deposited a rollover check into my SEP-IRA at Datek, providing the only funding to this new account. I calculated the number of shares for the current RP4 at the time, and bought them all. However, the four transactions left me short in the account about $17.

I figured the last buy order would not go through if there was not enough cash in the account, and since this is an IRA there is no (should not be) margin. However, when I spoke with Datek they said all accounts get a $250.00 "margin" automatically. They said I could send them the $17 within 3 days or I could sell a single share. I elected to sell a single share (for exactly the price I paid for it).

My concern is not knowing what the IRS may do or require, etc. The account was in "margin" of about $17 for about 15 minutes till I sold the single overbought share.

Am I in for a major hassle?

Thanks in advance for any thoughts you may care to share.


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