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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 253809  
Subject: Re: 3 Day Settlement Rule Date: 2/25/2014 2:42 PM
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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....
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