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Question on online brokers - unsettled funds

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Posted: #1
So I usually use Ameritrade for my online trading but I decided to open up a ShareBuilder account since it costs the same amount to execute a trade so I could collect my free $50 from them and to test them out. 

Anyway, I recently had a significant run up on one of my stocks I had at ShareBuilder so I sold the position so that I could buy back in a day lower at much lower price (which did happen).  Well I went to buy and it had the following message "This cash account requires trading with settled funds." 

Well this pisses me off.  I get what this means . . . I can't trade again until my shares settle (3 days later) and ShareBuilder gets the cash.  But I could have sworn when I have used Scottrade and Ameritrade in the past that when I sell my stock it is IMMEDIATELY AVAILABLE for reinvesting. 

is that the case at other brokerages?  I do understand that if I buy day 1, then sell day 1 the cash is not available until the first transaction settles, but I bought these shares a month ago.  So shouldn't this cash be available now?!?!?!

Is this just a crap ShareBuilder thing or is Ameritrade and all others the same way.  I believe they are not.  I did not want to experiment selling my positions at these other books at this time in case they were just like ShareBuilder.  I need to move my money out of ShareBuilder if this is the case.

Of course the stock is now on the way back up and I missed my chance at a nice scalp.  Thanks ShareBuilder!!!!
 
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Posted: #2
VH2,

Unless you are using a margin acct, thats standard stuff.

MOST places will let you use unsettled funds once and give a warning about regulations but they dont have to.


 
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Posted: #3
Quote Originally Posted by wallstreetcappers:

VH2,

Unless you are using a margin acct, thats standard stuff.

MOST places will let you use unsettled funds once and give a warning about regulations but they dont have to.




Hmmm . . . I thought I used to do this at Ameritrade.  I really did.  Maybe my memory is wrong.  Then I take everything I said back. 




 
Prospect
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Posted: #4
Set-up a margin account is they allow it.  How do you like Ameritrade?
 
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Posted: #5
if they allow it
 
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Posted: #6
They allow this at Scottrade.  I don't have a margin account, and I've done it multiple times in the past.  Haven't tried it in the last couple of months, maybe something has changed, but I doubt it.
 
Haven't heard great things about sharebuilder, I'd stick to your other accounts.  Don't know much about ameritrade, but I have had no problems with Stocktrade and its $7 trades.
 
I'm guessing I know which stock you are talking about
 
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Posted: #7
Ive also been allowed at Scottrade, but they give the warning about unsettled funds. If you were to try and sell that buy before the unsettled funds were done on the first trade i am sure they would flag the acct.

Sharebuilder isnt somewhere I would have an account, it has drawbacks for sure.
 
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Posted: #8
Quote Originally Posted by Wake2002:

They allow this at Scottrade.  I don't have a margin account, and I've done it multiple times in the past.  Haven't tried it in the last couple of months, maybe something has changed, but I doubt it.
 
Haven't heard great things about sharebuilder, I'd stick to your other accounts.  Don't know much about ameritrade, but I have had no problems with Stocktrade and its $7 trades.
 
I'm guessing I know which stock you are talking about




yup . . . I have a long way to go but the last week helped.  We'll see what the next few weeks hold.  I guess I won't be trying to add any additional shares at ShareBuilder then. 
 
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Posted: #9
Quote Originally Posted by sasquatches1:

Set-up a margin account is they allow it.  How do you like Ameritrade?


I like ameritrade a lot.  but for someone like me ( 95% of the time a buy and hold guy) I probably should be using Scottrade or something because I don't need all those bells and whistles and have never taken the time to understand Level II, etc.  But the streaming tools they have are pretty nice. 

I have my reasons for opening ShareBuilder and moving money there but in the future I'll probably stick with Ameritrade. 


 
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Posted: #10
Thanks Tech man.  I have Scottrade, but I hate the Etrade account I opened awhile back.  Thinking about moving to Ameritrade.  I like to have a buy and hold account and trading account. 
 
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Posted: #11
WoooHooo  Sharebuilder rapes me again

I've been moving my money out of that account as I sell off my positions.  This morning I attempted to start getting out of some options that expire Friday and set a limit.  A few minutes later I realized that what I wanted probably wasn't going to happen so I cancelled it.  That was 1:30 hours ago and my order still isn't cancelled so I can't put in a new sell order.  Meanwhile what I want to sell is taking a beating.  I called the "help" number and the assbag on the phone was trying to talk to me like this was my first trade.  He is telling me that the market is volatile now and I should just wait it out, I then had to explain to him that options have expirations and that I really don't have time for his shyt.  I told him to stop talking and push the damn cancel order through already or get someone who can.

Its been 20 minutes since that call and its still not clear.  MFers
 
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Posted: #12
Someone at Sharebuilder must have read this thread, my cancel order finally went through.
 
 
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Posted: #13
Quote Originally Posted by jaxwhitey:

WoooHooo  Sharebuilder rapes me again

I've been moving my money out of that account as I sell off my positions.  This morning I attempted to start getting out of some options that expire Friday and set a limit.  A few minutes later I realized that what I wanted probably wasn't going to happen so I cancelled it.  That was 1:30 hours ago and my order still isn't cancelled so I can't put in a new sell order.  Meanwhile what I want to sell is taking a beating.  I called the "help" number and the assbag on the phone was trying to talk to me like this was my first trade.  He is telling me that the market is volatile now and I should just wait it out, I then had to explain to him that options have expirations and that I really don't have time for his shyt.  I told him to stop talking and push the damn cancel order through already or get someone who can.

Its been 20 minutes since that call and its still not clear.  MFers


I'm sorry to laugh . . . but I find this quote hilarious, "he is telling me that the market is volatile now and I should just wait it out".  Not funny when it comes to real money . . . I know.  But I got a chuckle.


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