The internet age brought stock trading into the 20th century. Traders no longer have to safeguard their paper stock certificates or bring them to a broker to sell them. Instead, your stockbroker can hold your stock certificates for you electronically. You can use your online brokerage account to sell your stocks from the comfort of your home. After waiting the required three days, you can transfer the money from your brokerage account to your bank account.
Open your online stock brokerage trading account and go to your account information window. You need to electronically link your checking account with your brokerage account. Follow the online instructions to link the accounts. Enter your checking account routing number and account number exactly as it is printed on your check. It usually takes between three to five days for your broker to verify your banking information. After that, you will be able to electronically move money between your bank and your brokerage account.
Review your stock holdings and decide which one you want to sell. Open the charting feature in your trading account and enter the stock symbol in the search box to bring up the chart. You can add technical indicators to the stock chart to help determine if the time is right to sell. Scan the news for company announcements about a stock split or earnings report that could affect your decision.
Open your order entry window. Although each online broker has its own order entry page, they all require the same trade information. Enter the stock symbol and the number of shares you want to sell. Select "sell" as your trade action. If you want your order immediately filled, enter the trade as a market order. If you want to sell at a different price, you can enter the trade as a limit order to specify your selling price.
Confirm your bank and brokerage accounts are linked while waiting the mandatory three days. Under the Securities and Exchange Commissions' Regulation T, trading firms must hold your sales proceeds for three days after the trade is completed. You cannot move the funds or have access to them during this time.
Transfer the funds from your brokerage account to your bank account through an ACH, or automated clearinghouse, transfer. An ACH transfer electronically moves money from one account to another. Verify the amount of money you want transferred. The money should be in your bank account within three business days. If you don’t want to wait the three days, contact your broker and have the funds wired to your bank account. If the wire is sent out early enough, the money could be deposited in your bank account the same day.
- Use an ACH transfer to avoid paying the wire transfer fee.
- Entering an incorrect account number will delay the transfer. Verify your account number is correct before initiating the transfer.
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