Ways to Fund Your Scottrade Account – Additional Information
Trading Restrictions
Trading restrictions apply to recent Money Direct deposits and uncleared check deposits. These funds cannot be used to purchase stocks under $4, non-marginable stock, unlisted stock or any options. For margin accounts, these funds cannot be used to meet a margin sell letter. Scottrade reserves the right to impose additional restrictions.
Restricted Fund Information
Deposit Type |
Trading Restriction Period (in Business Days) |
|
| When deposit amount is less than 3x available equity* |
When deposit amount is greater than 3x available equity* |
|
| Wire Transfer | 0 | 0 |
| Money Direct | 3 | 3 |
| Cashier's Check | 0 | 0 |
| Personal Check | 0 | 2 |
| Money Order | 0 | 2 |
| Third Party Check | 0 | 2 |
| Money Market Check | 0 | 10 |
*Available equity is the total value of cash and/or securities in the account, excluding options positions and deposits with trading restrictions in effect.
Money Direct Deposit Limits
Limit Type |
Limit Amount |
| Minimum deposit limit per transfer | $1 |
| Maximum deposit limit per transfer | $100,000 |
| Deposit limit for 1 day* | $100,000 |
| Deposit limit for 7 days* | $200,000 |
| Deposit limit for 1 month* | $800,000 |
*The total amount of all transfers initiated during this period cannot exceed the corresponding limit amount.
Additional Check Types to Fund Existing Accounts
- Starter/counter checks with encoded ABA routing and account numbers
- Third party checks endorsed to Scottrade, including payroll, corporate, government and tax refund checks
- Credit card checks (only accepted to cover a debit)
- Home Equity Line of Credit Checks (only accepted to cover a debit)
Check Acceptance Restrictions
Scottrade does not accept:
- Traveler’s checks
- Gift checks
- Post dated checks
- Checks made payable to “cash”
- Altered checks
- Bank drafts
- Checks issued over 6 months ago
Scottrade reserves the right to refuse a check for any reason.
For more information, and additional detail, visit the Scottrade Knowledge Center.
