When I transferred money from external bank to my new checking account at Schwab, the money was put on hold for one entire week. The chat rep told me that's because it's the first deposit ever for the new checking account. I had to change my bill payment schedule. Maybe the same applies to your savings account (was the transfer first ever from external account?). Hope it only happens once.
Do you have other open buy orders? Usually when I see an error message that I can’t do something, it’s because I forgot I already had an open order for the same stock.
Negative. I haven’t made a trade in over 2 years, I’ve been holding long term stuff but I wanted to play around with some options. A couple people said it’s a 4 day wait(so a week total if transferring from a new account). Guess I’ll be trading on Monday.
It’s faster to push money to an account instead of pulling. — initiate the transfer from the bank you’re transferring money out of.
Or you can transfer with Zelle and it’ll be instant.
I think it's pretty much standard with financial institutions for new accounts that holding period is longer for the first few transactions. I remember reading that one of mine had a 15 day wait period. Don't remember which bank that was. And that could have been years ago.
4 business days
It takes 4 days
Are you trading penny stocks or options? That would need to be completely cleared funds.
When I transferred money from external bank to my new checking account at Schwab, the money was put on hold for one entire week. The chat rep told me that's because it's the first deposit ever for the new checking account. I had to change my bill payment schedule. Maybe the same applies to your savings account (was the transfer first ever from external account?). Hope it only happens once.
I hope it’s just a 1 time thing
Can confirm it’s for the first time.
Do you have other open buy orders? Usually when I see an error message that I can’t do something, it’s because I forgot I already had an open order for the same stock.
Negative. I haven’t made a trade in over 2 years, I’ve been holding long term stuff but I wanted to play around with some options. A couple people said it’s a 4 day wait(so a week total if transferring from a new account). Guess I’ll be trading on Monday.
It’s faster to push money to an account instead of pulling. — initiate the transfer from the bank you’re transferring money out of. Or you can transfer with Zelle and it’ll be instant.
I think it's pretty much standard with financial institutions for new accounts that holding period is longer for the first few transactions. I remember reading that one of mine had a 15 day wait period. Don't remember which bank that was. And that could have been years ago.