your faith has come down to money & a tv

Thursday, May 04, 2006

Remember to read the Fine Print, part II

Ha, so you thought I was dumb before? Just you wait, I'm still screwin' up and still with TD Ameritrade. And it's simply another classic example of reading the fine print.

TD Ameritrade gave me the impression that I could transfer in my funds electronically, then buy stock the same day. Not so. You can only buy marginable securities immediately after your funds have deposited. If you want to trade non-marginable securities, IPO's, or options you have to wait 5 business days after you deposit your funds. It turns out what I wanted to buy is a non-marginable security, so I'm stuck waiting.

So now I'm just sitting here, watching my stock go up in price without holding any shares of it 'cuz TD Ameritrade has to take 5 days to clear my funds. Great.

And so far, with all of my great experience with TD Ameritrade, I DEFINITELY DO NOT RECOMMEND! There are better and cheaper services (First Trade, Scottrade) that I now wish I would've gone with instead.

1 Comments:

  • At 2:45 PM, Anonymous phcDesigns said…

    Hi Stu,
    I see that you posted this two years ago but I just found it.

    I was serching for the meaning of non-marginable securities and marginable securities.

    I'm just getting started at this and I would like to buy in the morning.

    Thanks,
    Bob

     

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