Ameritrade vs Fidelity

[poohgoil]

I have a brokerage account with each. When I sell stocks with Fidelity, the funds are immediately available for purchasing stock, but not for withdrawal for 3 days. With Ameritrade, however, the funds are held up for 3 days from doing anything. Any ways around this, and what's the deal?

[optimus25]

Thats strange. What stocks did you sell? Is your Fidelity account a margin account?

Did you sell an OTC BB or Pink Sheet stock in your Ameritrade?

I never had that problem when I had an Ameritrade account.

[pmb1010]

my fidelity account is not a margin account, and I can buy other securities right after I sell some, before the account is truly "settled" from the 1st transaction.

Seems strange - as though I'm using their virtual money - but I'm not complaining.

[razer]

my funds are available for making trades right after the transaction (ameritrade), so i am not sure what the deal is. Perhaps you need to have a margin account for this to be the case?

[Buldog]

You are right, and wrong. Go to Ameritrade's help section and read on stock transactions. It gives two good examples that should give a good explaination of your question. Your funds are available for immediate use if you have not recieved those funds from a sell trade that occured in the last three trading days.

Now if that ain't as clear as mud I don't know what is!

In a cash account they will not let you buy and sell with the same money every day. The account has to settle before the money can be reused.

I beleive if you want to buy and sell everyday with a certain amount of money you would need a margin account.

But check with Ameritrade, it's your money, and their business. They explained it clearly to me, I just can't do it for you.