Firsttrade.comThis is what you will find about as far as using the funds on your account.
By the way, they give you free trades for referring friends. If interested email me at fg37221 @ aol dot com
Trading in Cash Accounts
Investors should know that trades executed in a cash account settle in three business days. As such, proceeds from a sale transaction are generally not available for purchasing until the third business day after the sale pursuant to Regulation T of the Federal Reserve Board. The following describes, in more detail, the rules and policies related to the use of proceeds from cash account transactions.
1. Cash accounts that daytrade will be permitted to use unsettled funds only once per settlement cycle. For example, a cash account with a $20,000 free credit balance may buy and sell $20,000 worth of the same stock on a Monday, but may not reuse the $20,000 toward another purchase until the sale proceeds have settled on Thursday (or Tuesday for options transactions). Cash accounts that demonstrate a pattern of reusing free credit balances before sale proceeds have settled will be restricted and coded "funds in advance of trading due to excessive cash account daytrades" for a period of 90 days. A pattern will be defined as four occurrences within a 12-month period.
2. Cash accounts that demonstrate a pattern of using unsettled sale proceeds towards new purchases and then selling the newly purchased shares before the sale proceeds have settled, will be restricted and coded "funds in advance of trading due to good faith violations" for a period of 90 days. For example, a customer who uses sale proceeds of shares sold in his cash account on a Monday may purchase another security on Monday through Wednesday, but may not sell the new shares until the original sale proceeds have settled on Thursday. Cash accounts that demonstrate a pattern of selling shares that were paid for with still unsettled sale proceeds will be restricted. A pattern will be defined as four occurrences within a 12-month period.
In summary, while these rules have been in place for a while, recent regulatory actions and trading practices have brought this matter to the forefront and affect every brokerage firm in the United States. It is recommended that if you wish to continue the method of trading as discussed above that you do so in a margin account. In a margin account no consideration is given to the settled or unsettled status of sale proceeds when computing various margin account calculations.