Is anyone else worried about Penson Financial?
- Thread starter serenfin
- Start date
Just to clarify: Penson is not FDIC insured, but they are SIPC insured, right?
I found this on the SIPC website:
"If sufficient funds are not available in the firm's customer accounts to satisfy claims within these limits, the reserve funds of SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $250,000 for cash claims. "
I have less than $100k total, so wouldn't SIPC fully cover me if Penson fails?
I found this on the SIPC website:
"If sufficient funds are not available in the firm's customer accounts to satisfy claims within these limits, the reserve funds of SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $250,000 for cash claims. "
I have less than $100k total, so wouldn't SIPC fully cover me if Penson fails?
Is this how the process would look?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
Is this how the process would look?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
Is this how the process would look?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
Is this how the process would look?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
If Penson goes under, all of the brokerages that use them would come to a halt. It might take months for the Penson to be sold and SIPC to pay out claims. After that process is finished, would each brokerage would take their customer accounts to a new clearing firm? Or would all accounts just cease to exist and you'd have to take your assets and open a new account somewhere?
