posted
i know a free ride is when u buy stocks with unsettled funds but if u sell that stock what is the penalty for the violation ???
Posts: 307 | Registered: Sep 2004
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posted
suspension of account for 90 days, investigation and possible fines it happend to me they freeze all your assests and recoup the money before they let you trade again
Posts: 52 | From: mass | Registered: Nov 2004
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Scottrade will allow you (apparently) 2 free rides before they freeze you to only using cleared funds for 90 days. A third free ride will get you frozen permanently.
What's interesting is, some brokerages will freeze you as soon as you sell that second stock, NOT when the 3 days are up. Scottrade doesnt do that. If you sell the 2nd stock, you have to deposit before the 3 days are up, that's all.
quote:Originally posted by GTOGTOGTO: suspension of account for 90 days, investigation and possible fines it happend to me they freeze all your assests and recoup the money before they let you trade again