Funds Settlement

[Kuzami]

Looking for some clarification here...

I purchased a stock last Monday, and sold on Thursday. I assumed that since the 3 days had passed for it to settle, I would have those funds available again NLT Friday. Here it is Tuesday and I still don't have them availabile. I'm with the understanding that I would have to wait until the original purchase had settled before I could use the funds from the sale, but that time has gone and passed. Is there an additional 3-day wait from the time I sell, even though it's past the original settlement date? I do know, that if those funds WERE available, and I was able to make a purchase, that the 2nd purchase couldn't be sold until the original buy/sell had settled.

TIA

[BadThad]

It's 3 days after the sell, that's how it works for me. Your funds should be available tomorrow, 3 days (Friday, Monday, Tuesday) after the trade.

And yes, it sucks. LOL One way to help fight it is a margin account....but that's like a credit card and can be dangerous IMO.

[Kuzami]

Originally Posted by BadThad

It's 3 days after the sell, that's how it works for me. Your funds should be available tomorrow, 3 days (Friday, Monday, Tuesday) after the trade.

And yes, it sucks. LOL One way to help fight it is a margin account....but that's like a credit card and can be dangerous IMO.

Yeah, I'm figuring that out. The account in question is with Zecco, so I'm looking at 3 days after the sell. I also have an account with Scottrade, and after selling there, I've had those funds available immediately. I guess different brokers have different ways of handling things No worries, if anything there's a bright side. The stock in which I was looking to get into has only gone down while I've been awaiting funds Coincidence? LOL

[BadThad]

HAHAHAHA....yea, me too....it's a good thing I didn't have the funds or I'd be at a greater loss today. I saw some buy triggers that proved to die quickly and go red.....I'm actually happy I didn't have the funds. LOL

[sg1efc]

I'm confused about my Zecco margin account. My total cash deposits are for $1,200.00. My 3 stocks are currently being transferred from ShareBuilder and are part of the Total Account Value in USD below:

Account Summary as of 06/12/2008
Buying Power Equity
Day Trading Buying Power: 840.50 Margin Equity In USD: 1,315.50
Overnight Buying Power: 840.50 Equity %: 100.00
Total Account Value in USD: 7,791.50

Balances
Total Trade Date Balances in USD: 840.50
Total Settle Date Balance in USD: 1,045.50

Balance Detail IN USD

Account
Type Trade Date
Balance Settle Date
Balance
Cash 1,045.50 1,045.50
General Margin -205.00 .00

Positions
Total Trade Date Market Value in USD: 6,951.00
Total Settle Date Market Value in USD: 6,751.00

Positions in USD

Security Type Account Type Trade Date Market Value Settle Date Market Value
Common Stock Cash 6,476.00 6,476.00
Common Stock General Margin 475.00 275.00

For the close of trading Friday, June 13, 2008
Equity
Margin Equity 1,315.50
Total Equity 7,791.50
Margin Equity % 100.00

Day Trading Buying Power 840.50

Reg-T Buying Power
S.M.A. 0.00
Committed S.M.A. 50.50
Cash Account Balance 1,045.50
Money Fund Balance 0.00
Reg-T Buying Power 1,045.50

Overnight Buying Power 840.50

My question is - how do I tell if the 2 stocks I purchased a few days ago are being taken out of the $1,200.00 cash I transferred to Zecco, or if they were purchased by using margin money? Yep, I'm confused about this "buying power" stuff, lots of laughs.

Any help/information is greatly appreciated, Thank you!

[sg1efc]

Found this info at Zecco:

Margin Information

* How does margin work?
Buying stocks on margin involves borrowing funds through Zecco Trading's clearing firm, Penson Financial Services, Inc., and using these funds to buy margin eligible securities.

* What is the minimum balance necessary to have a margin account?
$2,000 is the minimum, as specified by federal regulations.

* What are the initial and maintenance margin requirements for listed securities at Zecco Trading?
(NYSE, AMEX, NASDAQ only - bulletin board and “pink sheet” stocks are NOT margin eligible)

Since the 2 stocks I bought are USFI.OB and AWYI.OB, am I correct in thinking that these 2 stocks were bought with money from my $1,200.00 cash that I transferred to Zecco?

Thanks again.

[Ciao]

sorry sg1efc I can’t help … as I am using a new E*Trade platform (USA version) and I am not familiar with your technologies/terms/conditions so I have to learn that myself…

I am sure someone will come to your rescue..
why don’t you call them and sort it out…. Sometime are quite helpful

have a nice w/e

[sg1efc]

Originally Posted by Ciao

sorry sg1efc I can’t help … as I am using a new E*Trade platform (USA version) and I am not familiar with your technologies/terms/conditions so I have to learn that myself…

I am sure someone will come to your rescue..
why don’t you call them and sort it out…. Sometime are quite helpful

have a nice w/e

Hi Ciao:

Thank you for replying. If no one is able to understand my questions or answer by next Monday I will call up Zecco and ask them. Have called them a couple times for other questions and they are very prompt to answer and are very helpful.

I thought it might be good to post my question here first since I know some people here are very knowledgeable about such things and also that new people might find any answers from SCM members helpful.

Have a great weekend Ciao and everyone else also.

[sg1efc]

ok, so I think as long as I have a positive cash balance, I'm not using any margin money.