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Zecco.com » General Investing » Margin Trading » Cash account that has Margin privil...
Last post 04-27-2008, 11:49 AM by preacher. 4 replies.
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  •  03-20-2008, 11:30 PM 25468

    Cash account that has Margin privileges enabled later

    Reply Quote
    Kind of a weird question.... but here goes:

    I built up a long position in XYZ prior to having margin privileges enabled on my account.
    Since then, margin privileges have been enabled.
    I have continued to purchase more shares of XYZ.
    I have no intention of selling any of these shares.  (I plan to hold the shares for many many years.)

    The shares I had purchased prior to enabling margin appear to be accounted for "differently" than the shares I had purchased after enabling margin.  Specifically, the shares I had purchased while I had a cash account are not taken into consideration for increasing by "buying power."  (The two "groups" of XYZ are also listed as separate line items in my "Trading Center" positions window.)

    Is there a way to convert the cash-account shares to margin-account shares?  I know I could sell all my shares to flatten my position, and then purchase them again.... however, this would have potential consequences (including some tax consequences) that I would rather avoid.

    Any thoughts or suggestions would be appreciated.

  •  03-21-2008, 2:32 AM 25472 in reply to 25468

    Re: Cash account that has Margin privileges enabled later

    Reply Quote
    This seems to be more of a technical issue, I would recommend contacting your broker to resolve it.   Here is the info for Zecco Trading Customer Service:

    http://www.zecco.com/

  •  03-24-2008, 8:33 PM 25603 in reply to 25472

    Re: Cash account that has Margin privileges enabled later

    Reply Quote
    zecco-jon:
    This seems to be more of a technical issue, I would recommend contacting your broker to resolve it.   Here is the info for Zecco Trading Customer Service:

    http://www.zecco.com/


    Yeah, it absolutely seems like there is some sort of technical problem with my account.  I tried to sell my shares today, and my order was rejected -- it erroneously repported that I was trying to sell more shares than I owned.  I sent an email to Customer Service with all the details.

    Thanks!
    -Ryan

  •  04-27-2008, 11:13 AM 27890 in reply to 25603

    Re: Cash account that has Margin privileges enabled later

    Reply Quote
    I got the same problem. Did you have to call them to get it resolve because I emailed them with no answer?

  •  04-27-2008, 11:49 AM 27892 in reply to 25468

    Re: Cash account that has Margin privileges enabled later

    Reply Quote
    Just to note that this isn't a problem, nor is it unique to Zecco.  It is an accounting issue which I've experienced with other brokers that a phone call always resolved.
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