Stupid investment question

[paul253]

So a number of years ago I opened an account with Scottrade. I made some trades and buys and what not. Now I am thinking of selling all my stocks, which are worth a few thousand dollars. Assuming I do that, how do I collect my money? Do I just go into a Scottrade store and tell them I want my money and they'll cut me a check? I don't want to close the account, I just need the money.

[FVBrewerFan]

So a number of years ago I opened an account with Scottrade. I made some trades and buys and what not. Now I am thinking of selling all my stocks, which are worth a few thousand dollars. Assuming I do that, how do I collect my money? Do I just go into a Scottrade store and tell them I want my money and they'll cut me a check? I don't want to close the account, I just need the money.

 

Depends how quickly you need/want the money. Easiest way is to link the account to a bank account. Then you can just transfer the funds from your Scottrade account into your bank account. I'm not familiar with that brokerage, so I don't know if you can just go to the local office and they'll give you a check. But I would think they would.

[nodakfan17]

I would imagine you'd also be able to place a trade order by phone. Unless you invested in some type of structured product, it's fairly easy to pull money out of a brokerage account. Stocks, bonds, and mutual funds all "settle" within 3 business days. Afterwards, the money is available to be sent from the broker to the client. If you don't want to wait for a check in the mail, you can probably provide bank account information or (if time is short), request a wire transfer for a small fee.

[RobDeer 45]

Yes, I'd just call if it's not obvious online. Remember, if you've gained money, you will have tax implications, so be aware of that. You might want to put aside some money or ask them to let you know what you will potentially owe.

[homer]

Yes, I'd just call if it's not obvious online. Remember, if you've gained money, you will have tax implications, so be aware of that. You might want to put aside some money or ask them to let you know what you will potentially owe.

 

 

True. But I think if you made the stock purchase outside of two years it's less tax than if you flip it under that time period....or something like that.

 

It's been awhile but with eTrade I believe I sold stock and it went into a money market which I could just transfer to a Chase bank account automatically.

[Patrick425]

Yes, I'd just call if it's not obvious online. Remember, if you've gained money, you will have tax implications, so be aware of that. You might want to put aside some money or ask them to let you know what you will potentially owe.

 

 

True. But I think if you made the stock purchase outside of two years it's less tax than if you flip it under that time period....or something like that.

 

It's been awhile but with eTrade I believe I sold stock and it went into a money market which I could just transfer to a Chase bank account automatically.

 

 

Any capital gains for investments held less than one year are taxed as ordinary income. Capital gains on investments held one year or more are taxed at a capital gains rate. In general, this rate is 0%, 15%, or 20% based on your ordinary tax rate.

 

As mentioned in this thread, the easiest way to sell shares is to do it online (there is usually a "sell all" option if that is your intention). Let the trade settle (usually 1 to 3 days depending on what you are selling). Then go back online and transfer the cash electronically to your checking account. Also, if you do not intend to use that brokerage account again, I would call and request that the account be closed after you have transferred the cash.