Scottrade

[AndrewHimself]

I'm new to Scottrade (3rd day) and I deposited some money via a bank check to my local Scottrade branch on Thursday afternoon. They told me at the time that it would show up in my account on Friday at 2pm. It is now Saturday, and the money still hasn't hit my account. Unfortunatly, the offices are closed for the weekend. Is this normal for Scottrade services? Should I be worried? I kinda get anxious when my money is involved... 😕

 

[FoBoT]

worried? what do you think happened? they took your money to the casino?

its like a bank , it will be there

it isn't like there was a stock market crash at 2:30 pm friday and they took your money to mexico or something

 

[OdiN]

OMG you fell for the Scottrade scam?

 

[Pliablemoose]

Originally posted by: OdiN
OMG you fell for the Scottrade scam?

LOL

I use ETrade, it takes 3 business days for transfers to settle.

 

[AndrewHimself]

Thanks guys..I know it sounds stupid, but it's my first time dealing with a brokerage...was just a little apprehensive!

 

[vi edit]

Checks might have a holding period as well where funds won't be immediately available for use.

 

[vi edit]

Also, I don't know Scottrade's policy, but other brokers will prohibit you from trading non-marginable equities for a certain period of time with a new deposit. I think checks will have a 10 day holding period at other brokers.

These would be penny stocks, OTC & Bulletin board stocks, and new issues.

 

[dnuggett]

Originally posted by: vi_edit
Also, I don't know Scottrade's policy, but other brokers will prohibit you from trading non-marginable equities for a certain period of time with a new deposit. I think checks will have a 10 day holding period at other brokers.

These would be penny stocks, OTC & Bulletin board stocks, and new issues.

Any others you can think of?