Haven't done any trades recently. All trades have cash settled. To me it just doesn't make any sense that I can do trades but can't transfer money. iTrade wasn't able to answer why I have Buying Power but little cash withdrawal amount other than the amounts were correct. I'll check to see what the numbers are tomorrow both should be higher as the market was up to-day. BTW the buying power comes from a single stock.
Yes. Asked one fellow and he assured me the number was correct. He confirmed with his boss. They talked about a system upgrade. Afterwards I thought they might of been talking about the margin rates but the buying power doesn't seem to be effected by the margin rate going from 70% to 50%. Once we get into tax year 2014 think of moving the small position to my other broker (TDW). Thanks for the help.
If you haven't made any trades in awhile, your Trade Date Cash = Withdrawal Limit
This is the amount you can withdraw. If you need to withdraw more cash, sell a security. Once it settles, you'll have more cash.
Scotia iTrade states, Buying power is calculated based on a number of different factors such as the type of account, the cash available in the account and the amount and type of securities held in the account. Buying power will fluctuate when any of these factors change, including the purchase or sale of securities and the market value of the holdings..
from iTrade; Withdrawal Limit can be different from Buying Power. Seems they have a different (credit) limit when you send money out of iTrade compared using money in house (e.g. buying of securities). Also trade date cash in a margin account is the amount of your loan. In a cash account or in a margin where you've paid in full for securities bought trade date cash = withdrawal amount. Still thinking of moviing my marginable securities to my other broker as interest rate is lower and my buying power or margin equity is fully usable. P.S. As my marginable securities went up in value yesterday resulting in my buying power going up 20% while my withdrawal limit increase five fold (500%).
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