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Politics : High Tolerance Plasticity

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To: Don England who wrote (844)	3/2/2001 10:03:55 PM
From: JungleInvestor	Read Replies (2) of 23153

Don, when I transferred my accounts from Waterhouse (who must be the worst brokerage firm in existence) to Dreyfus, I ran into a similar problem with my IRA's. I sold a stock and then the next day tried to buy another stock with the proceeds from the prior day's sale. Dreyfus would not let me do it because they had just implemented restrictions based on a new SEC rule that prohibits day trading in an IRA. They said that I could have bought the stock on the same day I sold the other one, if, however, this is not done then I need to wait until the settlement date to use the proceeds to buy another stock. This obviously can be limiting sometimes and forces one to either buy right away or tie up the funds for three days. Waterhouse had not implemented this new rule at the time I left.

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