Money 101

[Minnesinger]

Question: Online broker trading policy

This question was addressed earlier in the week, but I'd like to tease it out a little more.

I'd like to find a broker who will allow me to trade on unsettled proceeds. My current broker, Schwab, allows me to trade on unsettled funds providing (a) The security purchased with unsettled funds trades for $1 or more; (b) The subsequently purchased security isn't sold prior to the settlement of funds with which it was purchased.

The latter policy I can live with, but the $1 minimum sure is a stinker. I'm thinking of opening a second account with Scottrade as I don't need all the bells and whistles; I just want a reliable broker who will execute orders in a timely fashion and allow me to play with funds expediently across a spectrum of security prices.

Perhaps after we hear from users of the sundry brokers on their experiences, the pertinent policies can be distilled into a synopsis and included in the i-box. After all, lowman has never minced words - though maybe he's slurred them a bit - on his penchant for distillates!