Cool, thanks for the response.

It seems am flagged, and so I raised my balance above 25k, but I had no buying power, I contacted them but they told me that I had unmet calls, whereas they were met since I have funded 25k, so despite that I have above 25k and they tell me am freezed 90 days ??!! and when trying to trasfer out, it states that there is no balance ??!! where the account record is above 25k.....whats the solution ?

Engineer,

It may take up to 3 days for your deposit to clear up.  As for transfering money out, you can't do that while your margin call is still in active.  No brokerage firms in the right mind would let their clients transfering money out during  Margin Call.

Stardust,

 

My deposit has been in my account 5 days now, and since my deposit arrived to zecco account, my calls were cleared, that is now 5 days ago, but still no buying power. Now it says that I have funds available to transfer out, but buying power is still ZERO.  I checked that if I raise my funds back to 25k, I should be able to trade again, but they seem didn't correct for some reason.

Engineer,

I see what you meant.  In that case, if you still don't have your buying power back by next business day 's morning (before the market open, this is usually when the buying power is computed), you should call them.  Please let me know how it turns out.  Since I have been recommending Zecco to many of my friends, if there is a problem with transfering money out, I'd to know.  Thanks!

PS:  Every time I call to report a bug or problem with Zecco, I always get an apology....which is fine...but this is getting old because words are cheap!   In my other account with TDAmeritrade,  I usually get the usual thanks for helpping us...please accept our apology...and your next 10 trades are free.

Damn man.... no buying power still and a week since the deposit, and still it denies to transfer money out, stating no funds available .... that is very very unacceptable, and no one even is replying e-mails.

 

That is very bad service i consider, well certainly no reccomendations for them and even no staying with them !

The Engineer:

Damn man.... no buying power still and a week since the deposit, and still it denies to transfer money out, stating no funds available .... that is very very unacceptable, and no one even is replying e-mails.

According to Fidelity broker,  "if a day trade call of a pattern day trader is not met by the due date, the account is restricted. This reduces the leverage of the day trade buying power for 90 days".  I believe Zecco has similar rule; therefore, your day trading buying power will be zero for 90 days.  Please note that you would still have your regular overnight buying power.  The reason you have no buying power at all probably because you have used up all your regular overnight buying power.

Ok, I have figured this out.  If you get an Equity Maintence Call (because you are a pattern day trader and your balance just falls below 25K), Zecco will give you exactly 3 days to fix it.  If you fail to bring your balance back up to 25K within 3 days, your margin account will be restricted to cash only for 90 days (meaning that it works just like the Cash Account for 90 days).   Therefore, no margin buying power of any kind for 90 days.    The good news is that you can day trade all you want (assuming that you have the cash); the bad news is that you have to wait 3 days (1 day for option contract) for your transaction to settle/clear before you can trade again.

This policy is unacceptable!

I'd move my account to Ameritrade or Scottrade. They have better customer service than zecco!!

fedup:

This policy is unacceptable!

I'd move my account to Ameritrade or Scottrade. They have better customer service than zecco!!

This policy is everywhere!!!   These pattern day trading rules were created by NYSE and NASD.  And it was created with intent to protect the traders.  When you look back years from now, you will be glad with these rules because without them, you may self destruct.

Thanks Stardust, for your relentless drive in explaining the visitors and members of the Zecco Forums the various policies.

For those that are not entirely clear about the general (e.g. FINRA) of specific (e.g. Zecco Trading) policies, please consult the Zecco Trading FAQs.

And in case you have a specific Zecco Trading account matter, please contact Zecco Trading customer service:

• Email: customerservice@zeccotrading.com
• Fax: (909) 657-6638
• Phone: 877-700-STOCK (877-700-7862)

Thank you for your understanding,

Zecco Editor