# Selling Stocks and Withdrawing Cash



## Knight Rider (Apr 5, 2009)

I sold some SU as I need the cash outside of my brokerage account. I requested a transfer from CIBC Investors Edge to my CIBC Chequing account. They are rejecting the transfer saying "ResubmitOnSettlementDate". Is this usually the case with all brokerage accounts, wait T+3 until you can even get your cash back?


----------



## OptsyEagle (Nov 29, 2009)

Yes. They do not have your cash yet. The only exception is if you have a margin account and sufficent margin to borrow the money for 3 days. They will give you money at any time, however they would charge you interest for that 3 day loan.


----------



## CanadianCapitalist (Mar 31, 2009)

Knight Rider said:


> I sold some SU as I need the cash outside of my brokerage account. I requested a transfer from CIBC Investors Edge to my CIBC Chequing account. They are rejecting the transfer saying "ResubmitOnSettlementDate". Is this usually the case with all brokerage accounts, wait T+3 until you can even get your cash back?


Yep. Note that on the buy side, you could place an order now and move the cash into your account prior to settlement for non-registered accounts.


----------



## mrPPincer (Nov 21, 2011)

CanadianCapitalist said:


> Yep. Note that on the buy side, you could place an order now and move the cash into your account prior to settlement for non-registered accounts.


That's a handy thing to know. 
Until now I thought that without a margin account the money had to be in there first, which in my case involves driving to a neighbouring town to deposit a cheque.

It's good to know I could buy if there's a quick drop in prices and put the money in afterwards for non-registered.


----------



## Eclectic12 (Oct 20, 2010)

mrPPincer said:


> That's a handy thing to know.
> Until now I thought that without a margin account the money had to be in there first, which in my case involves driving to a neighbouring town to deposit a cheque...


Interesting ... this was one of the first things I was told when I setup my brokerage account. The main point of the conversation was the the first purchase in the taxable account was a one-time exception where the money had to be there first. All following purchases were T+3. All sales were T+3.

It was also pointed out that in a registered account - the money had to be there first either through a contribution, having money as cash or selling something.


Cheers


----------

