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Non-Tech : eSchwab
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To: Vijay Mehta who wrote (39)10/25/1996 12:52:00 AM
From: Rick Ryan   of 76
 
Vijay,

It's the same at e.Schwab. It's a cash upfront account. The reason is
because at those commission rates they cannot afford to file trade
extensions and trade reneges. If you trade on Monday, you have until
Thursday to pay and actually the following Monday before the firm has
to file an extension with the NYSE. The extension costs the firm money
which only a few pass onto the customer. Not to mention the employee
cost of calling customers and reminding them they have a trade due
and the following thru to the end. This all cost money and cuts into
profit margins. A cash upfront account avoids all this BS for the
brokerage. Hope that explains their rationale.

RR
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