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Etrade started to make me wait 3 days now after I sell stock to buy a new new stock. Is all the broker firms doing this now? If not can any one recommend one? Thanks
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I had that problem Jak, just recently. They recommended I get a Margin Account, and from the broker told me that its a new thing there are doing and its going to apply to all brokerage firms. I dont know how much of that is true,but thats what Etrade Customer Service told me.
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This is new. They just stated this yesterday afternoon. They said its new SEC rule. They have been great up until now. You can get around it by using a margin account that doesn't charge anything for three days. When the settlement does come in it covers the margin no charge.
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hey glassman...whats all about the free ride rule. i got the warnign a couple of times but i never have been free riding. just wondering what are the consequences. thanx for your help Mike
quote:Originally posted by glassman: Scottrade doesnt as long as you follow the free ride rule.
[This message has been edited by glassman (edited December 10, 2003).]
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That is true, the same thing happens with Ameritrade.com, it is a new SEC rule. It will apply soon to all brokers.
quote:Originally posted by Pappy74: This is new. They just stated this yesterday afternoon. They said its new SEC rule. They have been great up until now. You can get around it by using a margin account that doesn't charge anything for three days. When the settlement does come in it covers the margin no charge.
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[Free ride rule has been in effect for a while-- If you use unsettled funds to buy a stock you cannot sell that stock until the funds are settled-- The stock you sold to obtain those funds settles three working days after the sale. I am still allowed to use the funds in my account-- but I have watched my profits evaporate minutes into the close while I am waiting for the next day to sell. So now I wait until the funds will settle the next morning before I use them.
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Thanks guys I mailed out my request for a margin account. Does usxp have any thing to do with this change? Because its not hurting the mm's just taking more $$$ from the small investor with interest to the broker. Good job Mav on some of your recent picks you to blackmarbles
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I just received notice from E-Trade about the new SEC rule.How do you go about setting up the margin account and how does that let you utilize the funds at once.
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On the Etrade site look at ACCOUNT SERVICES tab and select FORMS. Find and print the one that says MARGIN AND OPTIONS REQUEST. Fillit out and fax to the number on the form. They will set up your account in about 48 hours.
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any of you guys have idea of how to set a margin account with lowtrades.
quote:Originally posted by Pappy74: On the Etrade site look at ACCOUNT SERVICES tab and select FORMS. Find and print the one that says MARGIN AND OPTIONS REQUEST. Fillit out and fax to the number on the form. They will set up your account in about 48 hours.
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