Am I getting screwed by Scottrade?

Discussion in 'Retail Brokers' started by NoBailOutBoy, Feb 23, 2009.

  1. I've been out of the market since 2002, my last broker was "My Discount Broker, if anybody can remember them (kind of like 8 Track Tapes).
    Any way, I've just started a new Cash Account with Scottrade and I'm dealing with a "3 Day Settlement Period" under the guise of "Regulation T". Are all of the brokers pulling this stunt or is there one out there you can recommend?
    I'm Not a "Pattern Day Trader" and I don't need a margin account.
    Thanx, Doug

    PS; I don't have $25K either.
  2. harkm


    My Discount Broker, lol.

    Just sign up for the margin account and don't use it if you don't need it. Then the problem is solved.
  3. 'my discount broker' :D

    they still in business?
  4. I don't see how you could possibly get screwed by a guy flying around in a helicopter. These things just don't happen in our world.
  5. There's always a 3-day settlement period for stocks. Reg T says that if you have a cash account, you can only trade with settled funds.

    If your broker doesn't enforce this, they will get fined.

    If, instead, you have a margin account, the broker will lend you money so that, after you close a position, the money becomes available immediately.
  6. got to watch the hidden fees