How do you transfer funds from a brokerage account to a bank savings account?
I'm very new to the world of trading (in fact, I haven't even started yet).
Here's my question:
Let's say I sold some securities and made $2500. How do I get that cash from my online brokerage account (such as Scottrade) into my bank's savings account?
I'm not sure about Scottrade, but at TDAmeritrade you can set up a link from your brokerage account to your bank account, then all you have to do is go on the TDAmeritrade website and indicate that you want to transfer x amount of money either to or from that bank account. If you enter the request before a specified time (maybe 5:00pm?), they transfer the money electronically that night. If you enter the request later than that, they transfer it the next night.
When you first sign up, it takes a few days to get the link approved (they send some test transactions to make sure the account numbers are right, etc.), but after it's set up, it's very easy to transfer money either way.
Be aware that it takes 3 business days after a stock is sold until the trade "settles". Even though your brokerage account balance will show the money in there, it's not really there until the settlement date, so you won't be able to transfer the money until then.
Some brokerage accounts also allow you to write checks directly against the account. If you have one like that, you could just deposit a check written against the brokerage account into the bank account - or if you're paying a bill with the money, just write the check directly and skip the bank entirely.
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