UnThreaded | Threaded | Whole Thread (19) | Ignore Thread Prev | Next
Author: DragonTales Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 256317  
Subject: Re: 3 Day Settlement Rule Date: 2/25/2014 2:42 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
JimZipCode
IB also. They call it a cash account, and there's no leverage, but you can sell and buy with the proceeds same day.


Jim's "cash account", is (I think) technically set up as a Margin Account for trading purposes. Mine's set up the same way. But I ran into a problem at IB for an IRA in my daughter's name, who is under 21. IB enforced the 3-day settlement on the latest round of monthly trades for her (the first that involved both buys and sells since transferring money from TDAmeritrade to reduce commissions). I called them, and they recommended the account be upgraded to a Margin Account, but when I went through the motions I was stopped with the reason of "you can't have a margin account at IB if you are less than 21 years old." I called again and asked about getting a waiver simply to not have to abide by their 3-day settlement rule for cash accounts, and the service rep said there'd be no chance of a waiver. I had no problems trading her portfolio at TDAmeritrade with unsettled cash....
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (19) | Ignore Thread Prev | Next

Announcements

Kiddie Card Board
Should kids have their own credit card?
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Berkshire's Golden Year
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement