Discover/Lombard Brokerage. Message Board

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Non-Tech : Discover/Lombard Brokerage.

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To: Madharry who wrote (126)	8/6/1999 1:22:00 PM
From: Nutty Buddy	Read Replies (1) of 180

Day trades can only be performed with margin accounts at Discover. It is clearly stated in the rules. They do not allow margin accounts in IRA's. I don't know if these are SEC rules or just rules Discover decided to lay down. This information is in the Discover literature. The penalty is also there. I have a problem with finding this information on their web site. I know it is there, but I usually end up stumbling into it. Once I spent almost an hour trying to find their fee and commission rates on the web site. It is not a clear option. I just now went to the site to find information on day trading, and I couldn't locate it. I remember reading it, but damned if I can find it now. I have wondered why you cannot day trade with cash myself. Maybe it has something to do with settlement timing. The sell may transact before the buy on settlement day, which could possibly cause a problem. I'm just guessing though. Maybe someone here can explain. I know some other brokerages have the same restrictions on day trades. I know Fidelity had the restriction when I was using them. Buddy

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