Allstocks.com's Bulletin Board: Electronic Fund Transfer (EFT) to fund our trading accounts

This is topic Electronic Fund Transfer (EFT) to fund our trading accounts in forum Micro Penny Stocks, Penny Stocks $0.10 & Under at Allstocks.com's Bulletin Board.

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Posted by Prdponce on :

Does anyone's brokers use EFT as a mean to fund you accounts? Besides the check writting or wiring of money.

I for one trade with lowtrades and they do not provide this service. I just sent this e-mail to lowtrades to see if they will consider this idea.

Dear Sir/ Madam

Is there a consideration to using EFT as a way to fund ones account in the near future? Others brokers such as sharebuilder, for example use this method for account funding or money withdrawals. EFT usually takes a day to clear.

It is a lot more convenient, secure and faster to transfer money from you checking account electronically, than to write a check and wait almost a week before the money is available for use or to pay the fee for wiring money.

I believe this service will greatly serve customers like myself and provide you with an edge on your competition. I, for one was looking for this service, besides the low commissions, before choosing you as my broker.

I hope that you will consider this option in the near future.

Sincerely,

A Customer of yours.

If you use lowtrades and would like to see this service, feel free to use and or ammend the letter and let them know that you also want to see this service.

Thanks

Posted by Candydish on :

I do it with Ameritrade every week, and it does take 5 working days for it to be effective for penny stocks. You have the "immediate" balance, but for other stocks.
CD

Posted by poorman on :

I use Ameritrade and you can do it with them, but there is a 5 day hold on non margenable securety's

Posted by WinsumLosesum on :

I use Ameritrade, too. I EFT'd $ yesterday afternoon, and it was in my account early this morning. It's a beautiful thing. With my account, money is money. Ameritrade doesn't care if I'm trading pennies. I have a margin account. Candy, do you? Maybe that explains your limitations.

quote:
Originally posted by Candydish:
I do it with Ameritrade every week, and it does take 5 working days for it to be effective for penny stocks. You have the "immediate" balance, but for other stocks.
CD

[This message has been edited by WinsumLosesum (edited June 25, 2004).]

Posted by FurrySound on :

I know, scottrade is terrible for penny stocks, so I use lowtrades, but if you do an EFT from their website (scottrade) before noon EST, it's available by 2pm and can be used for any stock purchase (except for specific stock they do not deal with, like CMKX, among a few others)

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FurrySound
-DD-GLTA-Unless I've quoted a source, I know not what I speak of.

Posted by sonnydbar on :

E-Turd, I mean E-Trade has it's faults but when you fund your account electronically it is there and available as soon as you push the button for what ever you want to buy, including pinks. As an active trader my trades are $9.99, not the lowest but the service has gotten better over the last year.

Posted by rickp on :

tradingdirect has this service with no minimum to open

Posted by EDDIE138301 on :

I use Low Trades and I do a transfer from my checking account to my Low Trades account all the time. I transfer one day and the next day it is in my account and ready to use. The only time I could not do this was when I opened the account. I have been using Low Trades since Jan.

Posted by platapuss on :

quote:
Originally posted by rickp:
tradingdirect has this service with no minimum to open

Do you have to wait 5 days after the money has been transferred before you can trade penny stocks like Ameritrade does?

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My future so bright...I gotta wear shades!

The Platman

Posted by pharmdman on :

quote:
Originally posted by WinsumLosesum:
I use Ameritrade, too. I EFT'd $ yesterday afternoon, and it was in my account early this morning. It's a beautiful thing. With my account, money is money. Ameritrade doesn't care if I'm trading pennies. I have a margin account. Candy, do you? Maybe that explains your limitations.

[This message has been edited by WinsumLosesum (edited June 25, 2004).]

So, if you have a margin account and you EFT, you can trade pennies right away?! Daymn, that's not what they told me when I asked... bast@rds! LOL... Well, I know what I'm doing then....

Posted by Love the Market on :

I use Ameritrade AND have a margin account, and if I add money using EFT, I STILL have to wait 5 days to play the pennies. The person above who said otherwise must have OTHER available cash in his/her account...

Posted by Candydish on :

AHHHHH, the plot thickens... and gives the answer I needed. Thanks
CD

quote:
Originally posted by WinsumLosesum:
I use Ameritrade, too. I EFT'd $ yesterday afternoon, and it was in my account early this morning. It's a beautiful thing. With my account, money is money. Ameritrade doesn't care if I'm trading pennies. I have a margin account. Candy, do you? Maybe that explains your limitations.

[This message has been edited by WinsumLosesum (edited June 25, 2004).]