Monday, October 12, 2009

Is a brokerage account for your stocks much like an account at a bank like a checking or savings?

or how is it different, can you use it like a checking account?
Is a brokerage account for your stocks much like an account at a bank like a checking or savings?
My Scottstrade account comes with a checkbook and a debit card. HOWEVER - it is not a bank. They do not handle cash at their branches and the rules are different, for example if you deposit a check, the money is not in the account for 3 days - just like settled funds from a stock transaction. You can set up direct deposits.
Reply:I hope you are asking about a demat account which will have details about your buy and sell of shares. It is not like checking account. It will have your buy sell listings and transactions

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