Buying stocks quickly
August 20, 2008 1:48 PM Subscribe
Is there any way to buy stocks without an account online?
Let's say you got a hot tip on a stock but can't the five days to register an account with etrade. Is there any way to buy stocks quicker than that?
I'm thinking there's either an online service I'm not aware of, or someway I could do it with my bank. Or, maybe there are still traditional stock brokers in cities that would do it for me if I gave them a call? If so, who would that be? Maybe a lawyer?
Let's say you got a hot tip on a stock but can't the five days to register an account with etrade. Is there any way to buy stocks quicker than that?
I'm thinking there's either an online service I'm not aware of, or someway I could do it with my bank. Or, maybe there are still traditional stock brokers in cities that would do it for me if I gave them a call? If so, who would that be? Maybe a lawyer?
If you show up in person, and can demonstrate ownership of assets, then you're more likely to get this done in a hurry, possibly even the same day. Expect the agreement with the brokerage to contain have a clause allowing them to sue or claim any assets to cover any debts. The policies of the company and the overseeing bodies will determine how much flexibility they have.
Presenting a certified cheque or wiring instructions from your bank account would also speed things up. You may also be able to make payments to your account via regular PC banking.
Perhaps your bank has an affiliated brokerage?
posted by Chuckles McLaughy du Haha, the depressed clown at 2:43 PM on August 20, 2008
Presenting a certified cheque or wiring instructions from your bank account would also speed things up. You may also be able to make payments to your account via regular PC banking.
Perhaps your bank has an affiliated brokerage?
posted by Chuckles McLaughy du Haha, the depressed clown at 2:43 PM on August 20, 2008
I was going to suggest trying to go through your bank as well; since they know where your money lives, they're probably the most likely people to execute a trade for you without delay.
I've never heard of any 'storefront' brokerages where you could just walk in with a briefcase of cash and buy stocks ... but that doesn't mean they don't exist.
posted by Kadin2048 at 4:31 PM on August 20, 2008
I've never heard of any 'storefront' brokerages where you could just walk in with a briefcase of cash and buy stocks ... but that doesn't mean they don't exist.
posted by Kadin2048 at 4:31 PM on August 20, 2008
"Or, maybe there are still traditional stock brokers in cities that would do it for me if I gave them a call?"
Many of the large brokerage houses / banks have retail outlets you can walk into and this is not at all uncommon even in this digital age. The biggest hurdle here is they will likely want a minimum amount to open your account which is more then the purely online counterparts. You may now also find you are paying more in fees as you will have crossed the line from "discount broker" into "full service broker".
Google "full service stock broker", stick with the name brands and check their web sites for locations near you.
posted by monkeydluffy at 4:32 PM on August 20, 2008
Many of the large brokerage houses / banks have retail outlets you can walk into and this is not at all uncommon even in this digital age. The biggest hurdle here is they will likely want a minimum amount to open your account which is more then the purely online counterparts. You may now also find you are paying more in fees as you will have crossed the line from "discount broker" into "full service broker".
Google "full service stock broker", stick with the name brands and check their web sites for locations near you.
posted by monkeydluffy at 4:32 PM on August 20, 2008
Response by poster: Thanks for all the great responses. Love this site.
posted by fantasticninety at 5:30 PM on August 20, 2008
posted by fantasticninety at 5:30 PM on August 20, 2008
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With that said, I think the slowest part will probably be getting the cash to buy the stocks to the brokerage. They need to have your money before you can use it to buy anything. I signed up for TradeKing quickly and easily, but I had to wait for the trial deposits to show up in my bank account before my initial desposit hit my account.
Your best bet would probably be to find someone who will either verify your bank account immediately (by calling your bank) or will accept an overnight check. If you call an online or traditional brokerage and explain your situation they might help you expediate things.
posted by burnmp3s at 2:13 PM on August 20, 2008