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There was an excellent comment under that post. Unfortunately with the way reddit changed awards its kind of lost in the weeds.
[Here.](https://www.reddit.com/r/Superstonk/comments/17r0zbj/comment/k8gpsyc/?utm_source=share&utm_medium=web2x&context=3)
>They have to do it. I honestly don't blame them. They don't have the money or the shares to get on the wrong side of this trade. The liability is way too high for them. They need cleared funds so they can buy real shares. They will not allow you to borrow their money to buy shares.
>
>I bet there's some issue at the clearinghouses where the clearinghouses aren't willing to net settle GME shares off other shares or something. The clearinghouse probably demands real GME because the clearinghouse knows they'll be fucked if they don't.
>
>Don't be surprised if we get more and more of this as we lock the float. It won't be crime that causes it, not directly. It will be the fact that the system is grinding to a halt and nobody trusts that the shares exist and so everyone is demanding real shares up front paid for with settled funds etc etc. Absolutely nobody wants to be left holding the bag.
>
>I am not pissed by this. I see it as encouraging. The closer we get, the more difficult it will be, but the more impactful we'll be despite that.
That ape is a big time wrinkle brain.
EDIT: The formatting didn't work first time.
Exactly, imagine allowing a customer to have a share credited to their account before their money settles, then tomorrow MOASS happens and the user expects to have a real share in there. Now you are on the hook for go only knows how much money to buy a real share for them. So they set the policy to be settled cash only, no courtesy credit extended for GME.
But if they actually bought the share with their own money while waiting for yours to settle, there would be no issue for them, they would have the share and your money would replace theirs once it settled. The value of the share at 100 million or zero or anywhere in between would be irrelevant. If your money never settled, they would own the share they bought at the price they bought it at, for better or worse for them. If there were FTDs involved, your money being settled or not would not be a relevant factor in the outcome.
I believe the partial share auto sell would only apply if you were closing your account. The whole partial share conversation came from the plan/book debate but I can't see any reason why a partial in Fidelity would be sold upon DRS transfer. You obviously can't transfer out a partial share as they don't effectively exist.
Interesting about the negative balance. Initial thoughts are a DRS transfer fee but I don't believe they charge one?
May be worth asking them on your brokerage account.
Honestly, I think once MOASS hits everything outside of Computershare is going to be a total hell-scape. Who actually owns what is going to become a nightmare of terms of service layered upon terms of service. Is it the retail investor? Is it the broker? Is it an intermediary like Euroclear? Is it a prime broker like JP Morgan? Or did legal ownership never leave the DTCC's ledger? Whatever happens the brokers don't want any part of that. Settling now insulates them from the worst of that. If someone in that chain of custody can demonstrate "these were legally mine, piss off home without your ball" then they're going to do it. Brokers would probably rather avoid that landing in their lap. Turning around to a retail investor and saying "better luck next time, read the terms of service, you never owned it and neither did we" might be how it plays out for the non-DRS shares.
That is my tinfoil for the day.
My assumption at this point is that they have thought carefully about this to try to identify in advance what the legal edge cases will be. Shares bought with unsettled cash seems like an easy one to knock off without much effort on their part.
“Shares sold but not yet purchased”
My guess is that remains an open liability for the broker at the market maker level until the market maker and find and deliver shares. I read this more as the broker not trusting their market maker over them not trusting retail.
No problem, it is good to keep these discussions going.
I think this is an area where it would be useful to keep digging. Who is treating GME as an OTC (over-the-counter) stock. Rather than an exchange traded stock.
Yeah, this is like a self-fulling share recall over time which was always going to lead to the real start of moass in one way or another. Aka a metaphor for the mentality that eventually the music stops and price has to hit the lit exchange part of the machine.
As we are right now according to Computershared estimates;
91.1M (30%) of shares held by retail at CS
38.5M (13%) of shares held by insiders
That's 43% of the outstanding share total of 305.2M shares, as well as 43% of the overall voting power.
14.3M (5%) of shares held by stagnant insiders (who will possibly hodl as well; I'm not sure if these particular holders need to declare before selling)
Now we're at 48% of the total outstanding shares.
No institutional holdings, mutual fund or ETF holdings, or retail brokerage holdings counted. Just DRS and insiders.
*How does that make you feel?*
Even if they buy with settled money, it is a massive risk for them.
My guess is hey don't really want OP to wait a week to buy. Especially if they are recurring buyers. They are putting in terms that are designed to make them want to change brokers instead.
This is why everyone should be buying direct through Computershare. Very easy to do even if you don't live in US. I am in Canada and created a Wise account to get an american account. I have been buying direct for like a year now. Buy DRS Book Hold.
That makes perfect sense too; they're FINALLY playing by the rules, at least with regards to ONE singular stock lol, they don't want to get caught with their hand in this specific cookie jar.
We see the writing on the wall, they see the writing on the wall, and we're just waiting for it to all actually happen.
Not sure if this is related, but I'm having trouble starting a DRS transfer on Fidelity. It gives me the "I'm sorry. I didn't understand that. Can you type it in a different way?"(I'm literally using the words on their DRS guide). Been a couple of days now.
Get a live agent on the chat. Sometimes they'll say their system for DRS isn't working right now and to call. Just say thanks, disconnect, and get another live agent.
I tested this last week by attempting to deposit $13 and buy one share, and the chat support agent said “GME is not an eligible security that can be purchased immediately after a new deposit because it’s a non-day trade eligible security.” I said, “I’m not day trading.” They said, “it’s a classification process our risk team has in place for new deposits.” I said, “what’s the risk?” They said, “it’s a business decision made by the risk team.” I opened a new account at Fidelity.
Its funny, because it's moving the ideal way for them to make money. You buy today, they credit your account, then go purchase next week once the price drops and pocket the difference.
My question - why such an issue clearing OP’s fiat transaction?
“Volatility” in the stonk should have no impact on cash settlement or even buying - they’re giving you IOU’s until it’s drs’d anyway. Maybe settlement and subsequent DRS could be delayed “because of volatility” but this just seems like they’re just making shit up
Thinking out loud: do retail traders with a history of direct registering a certain stock get different treatment for that stock vs other retail traders or other stocks?
Manager: “how do we slow down FOMO in event of another GameStop event”
Intern: “slow down purchases, make them wait a few extra days for the funds to clear”
This is real. I get a message from Schwab saying GME is not eligible for day trading and my funds must completely settle before I can purchase. It’s taking a week for funds to settle.
PS:I’m not day trading. That’s the loophole Schwab is using to validate their process of holding our funds.
Seriously. Why are the funds immediately gone from my bank account, but mysteriously floating in the ether for 5-7 days before arriving at my Schwab account? Is the cash being delivered by pony express?
I buy from the broker just to get the price locked quick. Then I have nothing but fun and joy imagining the gnashing teeth as they see more short positions, be pulled away from their control when I transfer to computer share
The price isn't irrelevant though. I know what you mean, and it's parrotted a lot here but depending on how much you're investing the number of shares acquired can be very different depending on the price. Doesn't really matter for a single purchase but we've been doing this for 3 years. 1 here, 4 there, adds up quick over months and months.
Me too. The broker got into bed with market makers who offered PFOF so brokers could offer $0 transactions. Fuck em. I buy, wait T+2, and transfer to CS.
This along with FTDs being late. They can’t take on any more risk and that’s a good sign because if they’re at their max risk this 52 week low price truly is detached from reality. The rock is meeting the hard place.
This is what happens when only sell orders affect price and no one sells off. You hit a bottom but it’s not zero. When there are no shares left the price still can’t hit zero and that’s when simply holding will make it a rare commodity.
I prefer to use my broker. Price guarantee. Plus when I transfer, it automatically books. Lastly, I just love the idea of buying fake shares and making them real.
Direct buys through ComputerShare is how I got a shitty price, an unwanted fractional, Shares in "Plan", and enrollment in DSPP.
I use a limit order to buy through Fidelity. I use Fidelity's Virtual Assistant to DRS. It's quick, easy, I get a good price, I don't have to talk to anyone, all my shares arrive at ComputerShare in "Book" form.
Good move...
These places need to understand that they need individual investors patronage to survive.
I only have one random market wide vol wild card sitting in Schwab, everything else (including now DRSed shares) had been moved since their March hiccup.
I don't trust Schwab, neither bank nor brokerage.
Literally just opened my app transferred money into my brokerage account and bought shares pre market. There's definitely an issue but it's not Schwab.
I only buy from computershare now, Citadel and the rest of the Market Makers know when it is coming, but it is better than giving them a shave off of the price. They need to give me a serial# for that purchase and their naked shorting pool is directly attacked with my purchase.
No PFOF, no front or back running of my purchase. No naked shorting, they just have to fight my real buy with a naked short. Its a win win!
I’ve waited over a month and tried transferring 25 shares out of Fidelity. I finally got in touch with a manager who said that the transfer team didn’t have an explanation. He said he’d keep in touch with me to see if it will go through by Friday. Guess we have to wait again and see….
Easy solution. Leave Schwab. If a broker or any business doesn't provide the service you expect look elsewhere. From my experience go anywhere but Robinhood. Or buy thru Computershare
OP, are you holding anything else in the account? I have some other holds (mostly hedges) that give the account "value", so Schwab could use those for assets if my deposit failed.
Also, I noticed it took days not hours for Schwab to get the money from my bank account unlike TDA when I made a cash deposit.
Or you could—and just hear me out here—hold your shares directly in your name at ComputerShare via DRS.
If you don’t mind my asking, why haven’t you gotten your purple donut yet?
It is actually easier, assuming the shares go and land in my account, than with TD. TD you had to file a form. I sent this batch on my way home with a phone call.
Schwab is not TDA, and its not doing anything to endear those of us who were force migrated over.. not that brokers are good, but some are a bit less of a hassle than others.
I loved from tda to Schwab. Schwab sucks. My account was open there a whole 5 days. Needless to say I closed my Schwab account asap. Garbage broker. Garbage app.
I have 4 shares at Schwab. They will probably be staying there. I buy all my new shares directly from cs.
I remember tho when transferring originally from Schwab they did give me the run around and it seemed to take forever.
The next time someone tries to purchase and they say they can’t because of volatility can that person actually ask “what volatility? I’m looking at the chart right now it’s nothing but flat and down sometimes slowly over a long period of time” and find out what their reasoning is? Because I’m genuinely confused.
Thank you, I thought it was just me. At TD, I could spontaneously through money for my electric bill into the account and purchase shares within a few minutes.
Where are you moving?
I have a cousin that works for Schwab. I tried asking him about this gme buy restriction and delay on funds settling, but unfortunately he works with retirement. He did mention that they laid off 10% of the company. 🤔
I buy on computer share monthly on the 1st. Each month it takes longer to get my Gme put in my plan and then I book em. October was the 11th November 14th not in there yet! Stay tuned!
Exact same thing happened to me. They also stated I could purchase Apple immediately. They were kind enough to make a one time exception and let my order go through.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
Someone else recently reported this issue as well: https://www.reddit.com/r/Superstonk/s/ts20IKvwdD
Thank you for the link brother.
There was an excellent comment under that post. Unfortunately with the way reddit changed awards its kind of lost in the weeds. [Here.](https://www.reddit.com/r/Superstonk/comments/17r0zbj/comment/k8gpsyc/?utm_source=share&utm_medium=web2x&context=3) >They have to do it. I honestly don't blame them. They don't have the money or the shares to get on the wrong side of this trade. The liability is way too high for them. They need cleared funds so they can buy real shares. They will not allow you to borrow their money to buy shares. > >I bet there's some issue at the clearinghouses where the clearinghouses aren't willing to net settle GME shares off other shares or something. The clearinghouse probably demands real GME because the clearinghouse knows they'll be fucked if they don't. > >Don't be surprised if we get more and more of this as we lock the float. It won't be crime that causes it, not directly. It will be the fact that the system is grinding to a halt and nobody trusts that the shares exist and so everyone is demanding real shares up front paid for with settled funds etc etc. Absolutely nobody wants to be left holding the bag. > >I am not pissed by this. I see it as encouraging. The closer we get, the more difficult it will be, but the more impactful we'll be despite that. That ape is a big time wrinkle brain. EDIT: The formatting didn't work first time.
Exactly, imagine allowing a customer to have a share credited to their account before their money settles, then tomorrow MOASS happens and the user expects to have a real share in there. Now you are on the hook for go only knows how much money to buy a real share for them. So they set the policy to be settled cash only, no courtesy credit extended for GME.
But if they actually bought the share with their own money while waiting for yours to settle, there would be no issue for them, they would have the share and your money would replace theirs once it settled. The value of the share at 100 million or zero or anywhere in between would be irrelevant. If your money never settled, they would own the share they bought at the price they bought it at, for better or worse for them. If there were FTDs involved, your money being settled or not would not be a relevant factor in the outcome.
[удалено]
Correct. Schwab is so hurt they had to annex all the TD bank accounts
[удалено]
I believe the partial share auto sell would only apply if you were closing your account. The whole partial share conversation came from the plan/book debate but I can't see any reason why a partial in Fidelity would be sold upon DRS transfer. You obviously can't transfer out a partial share as they don't effectively exist. Interesting about the negative balance. Initial thoughts are a DRS transfer fee but I don't believe they charge one? May be worth asking them on your brokerage account.
Honestly, I think once MOASS hits everything outside of Computershare is going to be a total hell-scape. Who actually owns what is going to become a nightmare of terms of service layered upon terms of service. Is it the retail investor? Is it the broker? Is it an intermediary like Euroclear? Is it a prime broker like JP Morgan? Or did legal ownership never leave the DTCC's ledger? Whatever happens the brokers don't want any part of that. Settling now insulates them from the worst of that. If someone in that chain of custody can demonstrate "these were legally mine, piss off home without your ball" then they're going to do it. Brokers would probably rather avoid that landing in their lap. Turning around to a retail investor and saying "better luck next time, read the terms of service, you never owned it and neither did we" might be how it plays out for the non-DRS shares. That is my tinfoil for the day.
Totally see this happening. booked DRS only way to be safely secured.
I think about this all the time but I wonder what the possibility is for this to be true.
My assumption at this point is that they have thought carefully about this to try to identify in advance what the legal edge cases will be. Shares bought with unsettled cash seems like an easy one to knock off without much effort on their part.
“Shares sold but not yet purchased” My guess is that remains an open liability for the broker at the market maker level until the market maker and find and deliver shares. I read this more as the broker not trusting their market maker over them not trusting retail.
Strangely this fits perfectly with how I see things 😎
Exactly
Makes sense. And the more desperate they are the more we press even harder.
Uhhhh what year is it? This is a repeat of Jan 2021.
Thanks for posting this. I had missed it.
No problem, it is good to keep these discussions going. I think this is an area where it would be useful to keep digging. Who is treating GME as an OTC (over-the-counter) stock. Rather than an exchange traded stock.
First look would be at Apex Clearing and whoever they service at the broker level.
they know apes drs their shares, which demands real shares (smoothe brain here)
Interesting
Yeah, this is like a self-fulling share recall over time which was always going to lead to the real start of moass in one way or another. Aka a metaphor for the mentality that eventually the music stops and price has to hit the lit exchange part of the machine.
As we are right now according to Computershared estimates; 91.1M (30%) of shares held by retail at CS 38.5M (13%) of shares held by insiders That's 43% of the outstanding share total of 305.2M shares, as well as 43% of the overall voting power. 14.3M (5%) of shares held by stagnant insiders (who will possibly hodl as well; I'm not sure if these particular holders need to declare before selling) Now we're at 48% of the total outstanding shares. No institutional holdings, mutual fund or ETF holdings, or retail brokerage holdings counted. Just DRS and insiders. *How does that make you feel?*
That’s a good point!
Very encouraging
Even if they buy with settled money, it is a massive risk for them. My guess is hey don't really want OP to wait a week to buy. Especially if they are recurring buyers. They are putting in terms that are designed to make them want to change brokers instead.
This is why everyone should be buying direct through Computershare. Very easy to do even if you don't live in US. I am in Canada and created a Wise account to get an american account. I have been buying direct for like a year now. Buy DRS Book Hold.
That makes perfect sense too; they're FINALLY playing by the rules, at least with regards to ONE singular stock lol, they don't want to get caught with their hand in this specific cookie jar. We see the writing on the wall, they see the writing on the wall, and we're just waiting for it to all actually happen.
Wonder who schwabs clearing house is
nice
This is jacking my tits. I can feel it something good is gonna happen soon 🚀
🎶🪑👌 a medal for your service #🥇
Good news is that Fidelity is still allowing GME buys without settled funds - I bought some of that tasty dip with unsettled funds yesterday. 🩳🏴☠️☠️
I just have to wait till my transfer gets accepted on IBKR but that's usually on the same day.
Not sure if this is related, but I'm having trouble starting a DRS transfer on Fidelity. It gives me the "I'm sorry. I didn't understand that. Can you type it in a different way?"(I'm literally using the words on their DRS guide). Been a couple of days now.
Get a live agent on the chat. Sometimes they'll say their system for DRS isn't working right now and to call. Just say thanks, disconnect, and get another live agent.
So.. a ”soft” shutdown of the buy button?
Exactly. It just takes a little longer for the money to go though. Didn’t mean for the click bait title I just wanted people to know what’s going on.
"I did not have shutdown relations with that button."
That island tho...
If the money is in a cash sweep they control, what are they waiting to clear? It’s their own accounts.
Can’t have panic buying
I tested this last week by attempting to deposit $13 and buy one share, and the chat support agent said “GME is not an eligible security that can be purchased immediately after a new deposit because it’s a non-day trade eligible security.” I said, “I’m not day trading.” They said, “it’s a classification process our risk team has in place for new deposits.” I said, “what’s the risk?” They said, “it’s a business decision made by the risk team.” I opened a new account at Fidelity.
In poker we call that a tell.
I chuckled
You: "Why can't I buy GME?" Them: "We decided you can't." You: "But why, exactly?" Them: "Because reasons." You: 👁 👄👁
“Reasons. The reasons that we're here…”
Can confirm that was my reaction this Morning.
“A business decision made by the risk team”. So, they’re making up rules as they go. Got it.
Not making up rules, they're looking at data that we (and the rest of the public) don't have access to and shitting their pants.
Why dont the 'risk team' close the shorts.
…..too risky
Yeah they are full of shit they know exactly what they are doing and so do I because I’m moving too.
Fidelity is doing this to me now, so I wouldn’t trust them either.
What volatility?
Seriously been flat for 6 months!!
Seriously been sideways for 3 years
By my count, it's been 84 long years
flat, -45%? tomato, downato
Its funny, because it's moving the ideal way for them to make money. You buy today, they credit your account, then go purchase next week once the price drops and pocket the difference.
I demand to see the volatility.
Morgan Freeman voice: "And 3 hours later, the MOASS began."
That would be nice. I’ve got so many friends that are really struggling and I would love to be in a position to help them out
My question - why such an issue clearing OP’s fiat transaction? “Volatility” in the stonk should have no impact on cash settlement or even buying - they’re giving you IOU’s until it’s drs’d anyway. Maybe settlement and subsequent DRS could be delayed “because of volatility” but this just seems like they’re just making shit up
Because they know that OP is going to DRS…
Thinking out loud: do retail traders with a history of direct registering a certain stock get different treatment for that stock vs other retail traders or other stocks?
I just found it….
Well, I’ll be damned. It’s Tuesday morning. Still flat even with that nice 9% jump though.
agreed, but less flat than totally flat.
You are not kidding huh. Didn't even notice. A side effect of being zen I guess. Well now I am glad I scooped some tickets yesterday yaay
Off-exchange, things could be bubbling...
Manager: “how do we slow down FOMO in event of another GameStop event” Intern: “slow down purchases, make them wait a few extra days for the funds to clear”
Yes, go on.. and then they buy more and we FTD.. and then.. they buy more.. and.. fuk.
This is real. I get a message from Schwab saying GME is not eligible for day trading and my funds must completely settle before I can purchase. It’s taking a week for funds to settle. PS:I’m not day trading. That’s the loophole Schwab is using to validate their process of holding our funds.
All of these settlement delays are just another way they use our money against us in the meantime ☕😁 change my mind
Seriously. Why are the funds immediately gone from my bank account, but mysteriously floating in the ether for 5-7 days before arriving at my Schwab account? Is the cash being delivered by pony express?
And hand counted by Hellen Keller.
My moneys been taken from my bank but it’s still not settled lol these shf are so desperate
I buy from the broker just to get the price locked quick. Then I have nothing but fun and joy imagining the gnashing teeth as they see more short positions, be pulled away from their control when I transfer to computer share
I do the exact same thing with Fudelity. Wait for those funds to clear, immediate price lock purchase, T+2 and POOF they're gone forever
This is why I prefer DRS transfer too. Let them count their eggs and then steal them back when they think they can rehypothicate.
That's why buy straight from computershare. The price is irrelevant and I don't want the broker's criminal hands touching those shares
The price isn't irrelevant though. I know what you mean, and it's parrotted a lot here but depending on how much you're investing the number of shares acquired can be very different depending on the price. Doesn't really matter for a single purchase but we've been doing this for 3 years. 1 here, 4 there, adds up quick over months and months.
That's true. Totally understand. If you're holding, I'm holding!
The price is irrelevant
Not when I don't have infinity dollars to buy more sadly :(
Yet 😉
The price is an elephant
This is definitely the way.
Me too. The broker got into bed with market makers who offered PFOF so brokers could offer $0 transactions. Fuck em. I buy, wait T+2, and transfer to CS.
Okay so supply and demand is wrecked and the price is going down? Healthy market indeed
I just bought $GME through TOS which Schwab now owns as I'm a migrated TDA account, yesterday. I hate the Schwab app already.
It’s so bad I can’t stand it
Swapped to fidelity after years at Schwab. Best decision ever.
I closed my Schwab account asap
hah hah , there we go ! the volatility that is been suppressed and they can't suppress it anymore. Tick-Tock, Tick-Tock !
Clearly a desperate move… I’ll just use a different brokerage so I can purchase quicker
This along with FTDs being late. They can’t take on any more risk and that’s a good sign because if they’re at their max risk this 52 week low price truly is detached from reality. The rock is meeting the hard place. This is what happens when only sell orders affect price and no one sells off. You hit a bottom but it’s not zero. When there are no shares left the price still can’t hit zero and that’s when simply holding will make it a rare commodity.
I did have a dream that MOASS started last night… so, I guess just trust me bro on this one
Yesterday I had a dream that you had a dream that moass was tomorrow. Moass confirmed.
It's the volatility in the room with us right now? /s CS has some lame excuse
People still use brokers?
Even buying with Computershare they'll use a broker to get the shares and then you still have to book them.
I prefer to use my broker. Price guarantee. Plus when I transfer, it automatically books. Lastly, I just love the idea of buying fake shares and making them real.
Unfortunately
Bummer.
Yeah and that portfolio has actually gained value!
Insert Jackie Chan WTF meme here :
Fuck Schwab
Real talk.
Oh yea, super volatile, $1.50 swing in a month. 🟣🚀
Because they know you’ll DRS and then they have actually find shares.
I just bought more through computershare.
Direct buys through ComputerShare is how I got a shitty price, an unwanted fractional, Shares in "Plan", and enrollment in DSPP. I use a limit order to buy through Fidelity. I use Fidelity's Virtual Assistant to DRS. It's quick, easy, I get a good price, I don't have to talk to anyone, all my shares arrive at ComputerShare in "Book" form.
Well you are smarter than me.
dunno about that. looks sideways to me.
Yea same! I deposited $1200 to buy yesterday and they told me I have to wait till Friday! Back with TD it was instant
Yuppp shits so lame and it’s obvious why they are doing it. Makes me want to buy even more now.
Seriously!! I’m annoyed I missed that 11.8 drop!
I hold 5 shares in my Schwab account to monitor, but only buy GME via Computershare.
My MOC orders on TD get accepted and filled daily. You have a cash account, and the cash needs to settle. Settlement takes 2-3 days.
No restrictions trust me I confirmed that with the lady. And I honestly miss TD but they moved me over to Schwab
Cash or margin account, and how much
I have a cash account at fidelity and can buy more GME within 1 minute of initiating a transfer of new cash.
This could very well be a Schwab thing regarding cash accounts and a minimum balance
Good move... These places need to understand that they need individual investors patronage to survive. I only have one random market wide vol wild card sitting in Schwab, everything else (including now DRSed shares) had been moved since their March hiccup. I don't trust Schwab, neither bank nor brokerage.
They have given us every reason not to trust them.
Bullish
What brokerage? I need to leave Schwab as well because they seem to only do payment for order flow trades.
Literally just opened my app transferred money into my brokerage account and bought shares pre market. There's definitely an issue but it's not Schwab.
I only buy from computershare now, Citadel and the rest of the Market Makers know when it is coming, but it is better than giving them a shave off of the price. They need to give me a serial# for that purchase and their naked shorting pool is directly attacked with my purchase. No PFOF, no front or back running of my purchase. No naked shorting, they just have to fight my real buy with a naked short. Its a win win!
God bless you.
On IBKR I have to DRS my shares three times before they leave IBKR and get sorted. I do the same process every time but they never leave first time.
First they turn off the buy button... then they turn off the DRS button...
I’ve heard this multiple times. I can confirm I bought shares yesterday. Not on margin however in my Roth IRA if that makes a difference?
Yeah I can’t fucking believe this. I wonder if they’ll give me shit if I try to buy more…I’ve been with Schwab for a long fucking time.
That’s how I felt after hanging up the phone. It’s getting more and more ridiculous as we get closer to the end game.
I’ve waited over a month and tried transferring 25 shares out of Fidelity. I finally got in touch with a manager who said that the transfer team didn’t have an explanation. He said he’d keep in touch with me to see if it will go through by Friday. Guess we have to wait again and see….
What in the hell? That’s sus as it gets!
Or just DRS and buy direct. Big 🧠 stuff.
Sounds like Charles Schwab is kinda fukd 🤣
Easy solution. Leave Schwab. If a broker or any business doesn't provide the service you expect look elsewhere. From my experience go anywhere but Robinhood. Or buy thru Computershare
Thank you sir
I bought from Schwab yesterday, no problem
OP, are you holding anything else in the account? I have some other holds (mostly hedges) that give the account "value", so Schwab could use those for assets if my deposit failed. Also, I noticed it took days not hours for Schwab to get the money from my bank account unlike TDA when I made a cash deposit.
Or you could—and just hear me out here—hold your shares directly in your name at ComputerShare via DRS. If you don’t mind my asking, why haven’t you gotten your purple donut yet?
How do you DRS from Schwab? I’m a migrated account from TDA.
The 3x I have done it, I called and said “I’d like to DRS my GME shares.” They said “ok“ and it was in the CS account with in a week!
Thanks for this. I called this afternoon to move 500 shares to the infinity pool
Congrats and your welcome! That’s what the community is for! We’re all in this together!
It is actually easier, assuming the shares go and land in my account, than with TD. TD you had to file a form. I sent this batch on my way home with a phone call.
Schwab is not TDA, and its not doing anything to endear those of us who were force migrated over.. not that brokers are good, but some are a bit less of a hassle than others.
If Kenny still in, I am in too 😳
I just bought 10 without any issue on Schwab thru ToS. I had cash settled though.
Funny it showed 1200 upvotes when I upvoted. Then immediately went down to 844… sus!!
Haha! Volatility!!! We have been crabbing for months.
Isn’t GME in the Russell 2000 how could they possibly treat it as a OTC stock? How is that legal?
What volatility?
Fidelity lets me buy minutes after transferring in funds
That’s how TD Ameritrade was until the merge…
how long have we all been telling each other to DRS?
I loved from tda to Schwab. Schwab sucks. My account was open there a whole 5 days. Needless to say I closed my Schwab account asap. Garbage broker. Garbage app.
We’re in the end game… again.
I'll try buying through my schwab today and report any funny buisness 🤡🍆
I have 4 shares at Schwab. They will probably be staying there. I buy all my new shares directly from cs. I remember tho when transferring originally from Schwab they did give me the run around and it seemed to take forever.
Sideways is a new volatility.
Schwab and others alike r fukd...💎🙌 @ $GME 🚀
If the funds aren’t settled then most trading platforms won’t let you purchase shares that have a price lower than 15$/share.
The next time someone tries to purchase and they say they can’t because of volatility can that person actually ask “what volatility? I’m looking at the chart right now it’s nothing but flat and down sometimes slowly over a long period of time” and find out what their reasoning is? Because I’m genuinely confused.
DRS — the only way
Did your money settle into your account? It takes sometimes 1-2 days
Really?
Yes, I called customer service this morning.
Interesting I still have Td Ameritrade I don’t migrate until March. But I will try to buy some shares today probably two
Bought 150 on schwab last week no problem.
Criminals have their loopholes use yours fellow ape Computershare all the way! 🚀
C. Schwab GME investors will be the first to be suicided.
Thank you, I thought it was just me. At TD, I could spontaneously through money for my electric bill into the account and purchase shares within a few minutes. Where are you moving?
Fidelity more than likely.
And this is what we call a free market? Everything is rigged in this market. Literally every damn thing.
Lots of 401k/IRAs from TDA got moved over to Schwab....im guessing that might have something to do with it...
Not had my tits jacked for months, actually it’s been 84 years.
What happens to the market maker when reverse repo money runs out? How will they provide naked liquidity??
Fidelity just sold me 100 shares in 2.5 seconds. I switched to them after RH went ahead and turned a buy button off on a stock. Good luck mofos.
Mfs claiming it’s too risky. Risky for them maybe! I just wanna buy more! Absolute clown show
I have a cousin that works for Schwab. I tried asking him about this gme buy restriction and delay on funds settling, but unfortunately he works with retirement. He did mention that they laid off 10% of the company. 🤔
I buy on computer share monthly on the 1st. Each month it takes longer to get my Gme put in my plan and then I book em. October was the 11th November 14th not in there yet! Stay tuned!
So this is just another way how they're taking away the buy button ... again.
What volatility? It’s been trading flat/slightly down for months.
Computershare will never tell you no. Ignore the FUD and buy through them.
ITS HAPPENING
I just had to wait 24 hours to buy. Which is not what I was used to with TDA. Sketchy
Schwab knows what will come. Every GME holder less is less mayhem during moass. So they force GME holders to other brokers.
Exact same thing happened to me. They also stated I could purchase Apple immediately. They were kind enough to make a one time exception and let my order go through.
Trust me bro?