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Non-Tech : Wit Capital - The way of the future? -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (5852)6/29/1999 8:51:00 PM
From: ChopChop99  Read Replies (1) | Respond to of 16809
 
Hmmmm, Elroy...

Heck, I can't argue with what happened, and it sure sounds like you bought 'em on margin to me. Good hit, and I may give it a try myself since I'm getting quite a stable of stocks built up at Wit and my funds are getting depleted after wiring, wiring, and more wiring! <g> (Oh, and they definitely told me a different story. I explained very clearly that I was not asking about whether or not new IPO shares were marginable, but whether you can use your margin buying power to pay for new IPO shares on settlement day.)

Of course, first I'll have to get Wit to actually move my marginable stocks to my margin account. I've asked them to do so about 4 times now, the latest being this morning, but it hasn't happened yet.

Chop



To: Elroy who wrote (5852)6/30/1999 10:49:00 AM
From: FruJu  Respond to of 16809
 
I've heard this many times, but I bought 400 shares of TWE in my Waterhouse account entirely on margin. In other words, I didn't have any money in my cash account, but hadn't even come close to using my full margin limit, so Waterhouse put the TWE IPO shares in my cash account and decreased my BUYING POWER accordingly.

This makes sense (after all, putting money in your cash account is just taking a bigger loan from your margin account, isn't it?).


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