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Friday, June 30, 2023 11:31:22 AM
I talked to someone there who had to look into it. Unlike TD Ameritrade who gets a daily update for changes in status (as we saw someone was able to buy immediately earlier in the week), Schwab gets an update every couple weeks from the SEC (evidently it goes from OTC Markets to SEC to Schwab from what he researched). BUT they can manually put in the trade for you at no additional cost beyond the normal $6.95 online price. Just tell the rep that its been researched already and to put the trade in for you. The rep I spoke to did say he requested that a message be sent out internally to all reps alerting them of this but wasnt sure that that would actually happen. Worse comes to worse, you have the rep re-research for you, it only takes a few minutes no big deal. Obviously having to call in an order takes more time, but i am guessing based on personal experience with Schwab also that once your order is in you can at least change it on your own.
Finally keep in mind that on the sell side of Schwab penny stocks they charge a FINRA fee based on the number of shares, where the max amount you would have to pay is around $7.20 for 50K shares after which that charge doesnt go up.
Happy trading!
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