Can I use a prepaid visa card to use scottrade?
Im wanting to start a scottrade account with my parents help. But I want to use my own money. Can I use one of those prepaid credit cards to buy and sell stocks? And when I sell them and make money does it put the money on the prepaid card? Becouse I dont really want to connect my bank info to the wensite. Thanks!
Comments
No you cannot do that. You have to have your parent open an account similar to a bank account for you if your a minor. Scottrade can not and will not do trades with a minor. It is illegal with out a guardian/parent consent. After the account, you can go online and do what ever you want. Buy and sell, but the account has to be in your parents name for you. They will also have to accept the tax liablity for the account as well. Basically, the IRS is at the stock market with Scottrade and they wouldn't allow the prepaid visa card company to join their group. You can only use the money in that account. No credit cards or debt Visa
Scottrade Debit Card
NO you can not use a prepaid Visa card or any type of card at Scottrade or any other brokerage firm in North America, - it is against Federal law which makes it illegal.
Firms will not and can not move moves from or to credit card (or prepaid cards), if you do not want the firms to "connect" your bank, then you can either not play the game or you can accepts and/0or pay checks to the firm
No. Is the short answer.
Generally everyone keeps their money with the broker. At times they may request money or send the broker money.... but it usually has nothing to do with what they did on any particular stock trade.
Most people love the idea that the bank account can be linked to the brokerage account. It makes for quick transfers (2-3 days) without running to the bank or ATM to make a deposit or withdrawal. Many brokers do offer debit cards for withdrawals.
Well you have to open an account with a broker and deposit money (merrill edge, scrottrade, tdw, etc). You will go through the same validation that banks do when opening accounts, and you will have to deposit money in before you can make a trade obviously.
hahaha...you don't play with borrowed money...you will have to give them your personal info anyway as you have to pay taxes on gains