I’m with ameritrade and when I sell stocks, they make you wait three days until the cash settles, then you can use the profit to buy stocks again. Is there any stock trading company (etrade, scotttrade, charles schwab, fxcm) that doesn’t do that?
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Some years ago, I occasionally sold stock and took the proceeds the NEXT day. When I needed cash right away, I would sell stock which is held in a cash account at the local office of a large full service broker. I do not know if there is a mechanism to do so in my discount brokerage account. (I will have to check that out for my own knowledge!)
The order is to ‘SELL FOR CASH’.
Lets say you sell 100 shares of XYZ Corp at market price for cash, and the bid is $20 per share. You pay the normal commission, plus the broker can buy the stock from you for a discount of 1/8 or 1/4 per share, depending upon how actively the stock is traded. So, your confirmation may reflect a sale price of only $19.75 per share. He can cut you a check right away.
As I say, I haven’t done this for some years, so you should stop in and ask at a large brokerage to see if that is still permitted.
There is always a 3 day settlement with stocks, but some brokers will let you take the money out immediately if you pay the 3 days interest and if you have sufficient margin or assets in the account. You are probaby using a cash account which is preventing you from doing that.
I have an account with Wachovia Securities. If you have enough cash in your account you can do this. I always try and keep a cushion of at least $5,000 dollars in my account.