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Forum » opened an roth ira, put $1200 in it and bought stocks, now i owe $120
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Thread: opened an roth ira, put $1200 in it and bought stocks, now i owe $120

post 1651990553 12-04-2021, 08:25 PM
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opened an roth ira, put $1200 in it and bought stocks, now i owe $120

because the bank sold my stocks at a loss and claimed i didnt have enough funds

but how did they allow me to buy the stocks?
post 1651990613 12-04-2021, 08:26 PM
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post 1651990653 12-04-2021, 08:27 PM
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Did you buy stocks on margin ?
Back with my Fam
post 1651990713 12-04-2021, 08:28 PM
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Buy high, sell low.

This is the way.
post 1651990793 12-04-2021, 08:30 PM
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Banks usually have a bit of cash on hand so they can buy stuff on your behalf with that and expect you'll fix them up for it later.

The settlement (payment) happens after the purchase

https://en.wikipedia.org/wiki/T+2

Can you check the current prices? Maybe the bank has saved you a big loss.
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post 1651990803 12-04-2021, 08:31 PM
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OP is a certified rotter BRB

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post 1651990923 12-04-2021, 08:34 PM
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What stocks did you buy? It's been a bull market for quite some time... if you lost that much you shouldn't be buying stocks on your own....
post 1651990993 12-04-2021, 08:36 PM
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Same kind of thing happened to me. I got laid off so my 401k needed to roll over into something. I picked out an IRA (no roth) and picked a mutual fund to dump all the money into. After the transaction I was overdrawn by like $1 somehow, then charged an overdraft fee of some sort. **** was gay.
post 1651991013 12-04-2021, 08:36 PM
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you only lose when you sell. why did you sell at a loss, pussy?

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post 1651991683 12-04-2021, 08:51 PM
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OP check that your Roth IRA account is where the bank looks to settle your stock trading. Maybe they need the money to be in a different account.

"A Roth IRA can be an individual retirement account containing investments in securities, usually common stocks and bonds, often through mutual funds (although other investments, including derivatives, notes, certificates of deposit, and real estate are possible)."

That doesn't necessarily mean trade settlement occurs via that account.
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post 1651993323 12-04-2021, 09:25 PM
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Originally Posted By MajorTendonitis⏩
Did you buy stocks on margin ?
no, it a roth ira
Originally Posted By BraddlesMcGee⏩
Banks usually have a bit of cash on hand so they can buy stuff on your behalf with that and expect you'll fix them up for it later.

The settlement (payment) happens after the purchase

https://en.wikipedia.org/wiki/T+2

Can you check the current prices? Maybe the bank has saved you a big loss.
long term it did lmao

but thats not the point i guess
Originally Posted By eatmycrackers⏩
you only lose when you sell. why did you sell at a loss, pussy?

-coincel since 2015
>cant read
Originally Posted By BraddlesMcGee⏩
Banks usually have a bit of cash on hand so they can buy stuff on your behalf with that and expect you'll fix them up for it later.

The settlement (payment) happens after the purchase

https://en.wikipedia.org/wiki/T+2
yeah i think the settlement time screwed me

the bank basically explained that i put extra numbers for my bank account number so they couldnt get the funds from there and had to sell the stock

but extra three numbers i put were from my tdbank statement balance, i used td ameritrade (i know its not the same company anymore)
Originally Posted By BraddlesMcGee⏩
OP check that your Roth IRA account is where the bank looks to settle your stock trading. Maybe they need the money to be in a different account.

"A Roth IRA can be an individual retirement account containing investments in securities, usually common stocks and bonds, often through mutual funds (although other investments, including derivatives, notes, certificates of deposit, and real estate are possible)."

That doesn't necessarily mean trade settlement occurs via that account.
i think the mistake was, when i opened one roth ira and then somehow they let me open another one and i tried adding funds in both, only one settled or though it did, so i bought stocks with that one


anyway, this is all a logistics problem and not really my fault, i want them to cancel the debt
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