Well, tomorrow on the phone with them, through a voice phone call, talk with them, and ask them what the deal is.
Is this even LEGAL?
- Thread starter trader99
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Well, tomorrow on the phone with them, through a voice phone call, talk with them, and ask them what the deal is.
Because that is the law. Deposit enough to cover the PDT requirement and once the funds clear they will unlock the account and you can take your money.
Is it legal? Yes. It is the law.
Lockout period is 90 trading days. Closing transactions only.
No, they didn't say I'm locked out because of PDT. They said I'm locked out b/c of a margin call that happened maybe for an hour months and months ago.
Actually, now that I remember I did deposit to go above PDT and traded. And I tried to withdraw cash they wouldn't let me! Now, I remember.
A PDT margin call.
While anything is possible, I suppose, it sounds as though this has something to do with a PDT margin violation that was not properly cured.
https://www.finra.org/investors/lea...ng/day-trading-margin-requirements-know-rules
"The pattern day trader will then have, at most, five business days to deposit funds to meet this day-trading margin call."
Can I withdraw funds that I use to meet the minimum equity requirement or day-trading margin call immediately after they are deposited?
No, any funds used to meet the day-trading minimum equity requirement or to meet any day-trading margin calls must remain in your account for two business days following the close of business on any day when the deposit is required.
OK. That's probably a good idea! I should switch it to cash account then withdraw the money. Assuming they let me. I'll give them a call tomorrow!
When big companies start with BS like this you have to begin building a legal case against them.
Write a paper letter addressing your concerns. Sign and express to their address for process. If they don't respond, follow up with a letter to the Division of Consumer affairs and Better Business Bureau. Make em pay a a lawyer to answer you.
It costs them $1,000 or more just to draft a response. The minute you start costing them dollars and they see a lawsuit threat they loosen up quickly.
I had this issue once with paying out a 401k. It was in the tens of thousands, and they were reluctant to let the money go. I started writing letters... and they cracked.
Write a paper letter addressing your concerns. Sign and express to their address for process. If they don't respond, follow up with a letter to the Division of Consumer affairs and Better Business Bureau. Make em pay a a lawyer to answer you.
It costs them $1,000 or more just to draft a response. The minute you start costing them dollars and they see a lawsuit threat they loosen up quickly.
I had this issue once with paying out a 401k. It was in the tens of thousands, and they were reluctant to let the money go. I started writing letters... and they cracked.
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It pays to know the in-out of the law. I love this. It always work when you are on the right side of it.
Having a word with them will make things clear. Hope your situation gets sorted out and you get your money.