I've got stock that is book-entry with a financial co. I'm not market savy by any means. I'd like to sell my shares at a point and cash out. The company they're with only does lump sales once a week, so that could mean $2 a share difference when they sell from what I've seen. I'm thinking about transfering it to someone like Scottrade, or Ameritrade. I want to cash out at some point and be able to do it over the net with a minimum of fees. How long does it typically take to set up a new account with one of these firms? Who seems to be the easiest to use and manage?
I've held the stock for at least 18 months, what can I expect in the way of taxes when I cash out?
I was planning on entering a limit order (correct term?) so that when it hit a certain amount, it would sell.
I assume that most brokerages set you up with a kind of bank account so that you can write a check against any cash balance that you have after a sale. Is that pretty standard or is that something extra that you have to request?
Thanks in advance for any help.`