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Pastimes : ETRADE Sucks! -- Ignore unavailable to you. Want to Upgrade?

To: Alec Epting who wrote (838)11/10/1997 6:09:00 PM
From: Janice Shell  Read Replies (1) | Respond to of 3262
 
I'll ask my own broker, but my understanding is that you've got the cash (or sufficient margin) in your account or you don't. If you don't, you're effectively margining 100%. Which is NOT allowed.

What if you bought the stock and then, um, didn't send in the money? Why on earth should they take that risk?



To: Alec Epting who wrote (838)11/10/1997 10:32:00 PM
From: Joseph G.  Respond to of 3262
 
ae - your broker must pay for security [from whom they bot it] on the third business day, which means they have to have your cleared funds on or before that day - no "my grandma's check is in the mail" stuff.
Most brokers won't execute the trade before you deposit funds. If you have securities/cash already in the account, they will execute an order that is within margin limits on existing funds/securities.

Joe


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