Ameritrade vs Fidelity

poohgoil · 01-23-2006, 02:05 PM

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 · 01-24-2006, 02:43 AM

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 · 01-24-2006, 07:25 AM

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 · 01-24-2006, 05:30 PM

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 · 01-24-2006, 07:24 PM

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.

01-23-2006, 02:05 PM	#1
poohgoil valued contributor Join Date: Jan 2006 Posts: 75	Ameritrade vs Fidelity 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?

01-24-2006, 02:43 AM	#2
optimus25 forum leader Join Date: Aug 2005 Location: Orange County, CA Posts: 1,801	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. __________________ "Face your deficiencies and acknowledge them. But do not let them master you." Helen Keller "The man who can drive himself further once the effort gets painful is the man who will win." Roger Bannister My online trading Journal: http://stockmarketaddict.blogspot.com

01-24-2006, 07:24 PM	#5
Buldog new member Join Date: Jan 2006 Location: Illinois Posts: 6	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. __________________ Take the top off and go for a ride!

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01-24-2006, 07:25 AM	#3
pmb1010 valued contributor Join Date: Nov 2005 Location: Western NY Posts: 149	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.

01-24-2006, 05:30 PM	#4
razer new member Join Date: Oct 2005 Posts: 17	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?