What happens is that even if you have a cash account, when you ACH money in your broker used to give you "ghetto margin". They know the funds will clear so they gave you early access to the funds to buy stocks.
For certain stocks (or certain people) they act like they are supposed to ask: ACH T+3, then allow buy followed by T+2 for the stock.
If you want instant access to buy, you must wire the money in. Then there are no restrictions.
Yes, but not because of this.
What happens is that even if you have a cash account, when you ACH money in your broker used to give you "ghetto margin". They know the funds will clear so they gave you early access to the funds to buy stocks.
For certain stocks (or certain people) they act like they are supposed to ask: ACH T+3, then allow buy followed by T+2 for the stock.
If you want instant access to buy, you must wire the money in. Then there are no restrictions.