Stakddek, thanks for caring. Here is what happened. I have an Ameritrade account...opened it over a year ago to avoid paying large commissions. About 6 months ago, went through the necessary steps to establish electronic wire transferring directly from my savings account at my local bank to my Ameritrade account.
I deposited funds to my Ameritrade account on Monday, the new cash balance didn't show up until Tuesday. On Tuesday, I bought DNAP. No problem.
A month later, I repeated the steps above. No problem.
Last Friday, I deposited money into my Ameritrade account through the electronic transfer. Yesterday, Monday, the money was reflected in my new cash reserve balance, meaning the transaction was completed. I tried to purchase DNAP yesterday at noon, but the order wouldn't go through and kept cancelling itself.
When I called, I was told that: DNAP is a nonmarginable stock, meaning it can not be traded on margin (I do not have a margin account set up anyway). I told them I was not buying on margin, but the SEC said that any equity that is nonmarginable, or not allowed to be traded on margin must pass a 5-day waiting period before the cash deposit can be used to trade that stock. This was news to me, as my previous trades went through as soon as my cash was available to trade. That's what threw me...My two colleagues who also opened Ameritrade accounts were also able to trade immediately after their cash showed up in their Ameritrade accounts, and they both bought DNAP, too. I told the supervisor that I was disturbed that they didn't catch themselves if that was the case, and they said they were disturbed, too. Anyway, long story short, my money is stuck at Ameritrade until Monday, as I have to wait the 5 business days before I can even extract it back out and into my savings or before I can buy more DNAP. That's the story. Thanks for caring so much! Hope you all have better luck. They also told me that the rules are listed right there when you sign up to do electronic funding.
I have to trust that everything is unfolding in its perfect order, and maybe this is the universe's way of telling me that I have enough shares already! When is it ever enough? :)
Have a great night.
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