I recently transferred money into my brokerage account from my bank (via ACH). My broker is telling me that I have to wait until the 6th day after the transfer to trade with that new money. This is the first I've heard of such a rule. Did it change recently? Is this a new SEC rule?
Answers:
The 6th day is a maximum. This allows the funds to actually clear your bank. I've never known an ACH to take more than a couple of business days.
E Trade?
Not sure about other brokers, I do know E Trade does this,, I doubt it is a SEC thing, more than likely it's just a way for them to use your money for a week for free. Sort of the same when you transfer out by ACH,, you stop earning interest the day it starts, and transfer may not happen till late on third day.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...
In Bangalore how can I convert my dollars to Rupee. I have a US account. Please advice?
Any one trade options on scottrade?
Should time deposits account be considered as money?
Stuck at home?
How should i go about getting a car? im a college student with loans out and unable to get a job during the se
A major bank going bust?
I cant get a loan to help me pay off my credit cards and bills?
I need a very small personal/ auto loan of like 500-700$?
Ok I need some financial advice . My husband and I?