Okay, I've done at least 3-5 free ride regulations so far in my Dad's IRA awaiting a warning. Supposedly you have 2 warnings before thye restrict your account from buying with unsettled funds. What type of warning did you get from Scottrade that officially said you did a free ride violation. through email, the mail, what?
Posted by PCola77 on :
How could you have done 3-5 free rides in your dad's account? You have the account maxed out? In other words no cash in it, it's fully in stocks? Seems hard to believe.
Remember, it's only a free ride if you buy a new stock and don't have enough settled funds in the entire account, not just from your most recent sale.
If you alreday knew all that and still have the question, my answer is that I got an e-mail warning from Scottrade.
Posted by stocktrader22 on :
Sometimes theres no cash, fully maxed. other times there is cash but its unsettled, and sometimes there is settled cash but not enough to amount for the sale.
Posted by GrandPa18 on :
I'm surprised they allow you to do that.
Posted by PCola77 on :
Ok. I was thikning you were talking abot some kind of 401K that was rolled into an IRA that had like hundreds of thousands of dollars in it. Just occurred to me that it probably isn't, based on what you said.
Anyway, I got a warning a couple of times and they never locked me out or anything.
Posted by T e x on :
quote:Originally posted by stocktrader22: Okay, I've done at least 3-5 free ride regulations so far in my Dad's IRA awaiting a warning. Supposedly you have 2 warnings before thye restrict your account from buying with unsettled funds. What type of warning did you get from Scottrade that officially said you did a free ride violation. through email, the mail, what?
When you place the sell order that invokes the Free Ride provision, you should get a popup (some java.asp dealie, I think) that warns you ... but nevertheless allows a Y/N answer...if a problem does exist, you get an e-mail...can't remember whether it comes to your personal e-mail or through Scottie's platform... One time the branch manager called me, as a courtesy...as discussed before, I simply take a check down to the office and cover it...
Posted by stocktrader22 on :
I always get a pop up...I got the free ride warning today, thanks.