Allstocks.com's Bulletin Board: how long does settlement take?

This is topic how long does settlement take? in forum General Investing Topics at Allstocks.com's Bulletin Board.

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Posted by jnm on :

Hello,

I just opened an Ameritrade account on Thursday (4/8) and used express funding. When can I expect funds to settle for use with pinks? I've seen some say 3 business days. Some 5. Does Good Friday (since a holiday for the markets - not sure if holiday for Ameritrade) count as a business day and if it does can I expect to be settled by tuesday's open?

Thoughts?

Thanks.

Justin

Posted by Jeremy on :

There is a difference between the settlement period (3 days) when buying/selling stocks in a cash account, and the actual settlement of deposited funds.

ACH transfer, where it pulls it directly from your bank has a holding period of 5 or 10 days for non-marginable securities. I think your initial account deposit is 5 days, and additional deposits thereafter are 10 days.

Best thing I've found is to always wire your funds. They get deposited within a few hours, and there is no waiting period to use those funds as with an ACH transfer.