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Zecco.com » General Investing » Margin Trading » Day Trading Account restriction til...
Last post 05-15-2008, 12:46 AM by Stardust. 6 replies.
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  •  04-30-2008, 11:12 AM 28071

    Day Trading Account restriction till 90 days.

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    Day Trading Account restriction till 90 days.

     

    • I opened a margin account with Zecco with initial acct balance of 13000. I was not aware of the rule to maintain min 25000 for Day trading. I did few day trades.
    • I got margin call on the first day of my "Day trade", but I did not notice this.
    • As I was not aware, I did some more day trades for next two days, I received Day Trading Margin call for 35000 & 24000 for those two days.
    • I came to know the rules and stopped Day Trading, But my trading account got restricted with Buying power set to Zero.
    • Since, I did not had money, I missed out all 3 margin call deadlines.
    • Now (after 7 days) I got 25000+ in my account. But Zecco customer support says my account restricted till 90 days as you missed out the Day Trading call.

    Is there any way I can get remove this restriction on my account? Please help...

    Thank you....

     

  •  04-30-2008, 11:18 AM 28072 in reply to 28071

    Re: Day Trading Account restriction till 90 days.

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    If you put the 25k into your account then there shouldn't be a problem.  If they did that to me I'd probably take my money somewhere else if they didn't remove the restriction.

  •  04-30-2008, 11:33 AM 28073 in reply to 28072

    Re: Day Trading Account restriction till 90 days.

    Reply Quote

    Thanks for your response...

    In fact, I told the the samething to the customer support person. He said this is a rule from FINRA and zecco have to follow. I searched in FINRA website, but did not find any rules to restrict account for 90 days even after 25000 acct balance rule met by investor.

    Thanks...

  •  04-30-2008, 3:21 PM 28116 in reply to 28073

    Re: Day Trading Account restriction till 90 days.

    Reply Quote
    hmanju:

    Thanks for your response...

    In fact, I told the the samething to the customer support person. He said this is a rule from FINRA and zecco have to follow. I searched in FINRA website, but did not find any rules to restrict account for 90 days even after 25000 acct balance rule met by investor.

    Thanks...



    Here the link to the rule:  http://www.nyse.com/

    Yes, the 90 days rules are clearly stated.  It's in the "Day Trading Margin Call" section.

  •  04-30-2008, 4:23 PM 28121 in reply to 28071

    Re: Day Trading Account restriction till 90 days.

    Reply Quote

    I had the same thing happen.  I called customer service and told them that at the time I didnt understand the rules but now I have read and completely understand the rules.  They told me to fax them a letter stating that you understand and then they will email you a web link to read and check a box that you understand the rules.  Once you do that they will waive the margin call deposit.  Even though my margin call still shows it has not hindered me from future trades.  They said that because people dont use brokers anymore there is a learning curve and that they will waive it once. 

    Hope this helps,

     

    John

  •  05-15-2008, 12:41 AM 29118 in reply to 28121

    Re: Day Trading Account restriction till 90 days.

    Reply Quote
    i had the same issue. Zecco made up these stupid rules. I'd take my account to another company! IMO.

  •  05-15-2008, 12:46 AM 29119 in reply to 29118

    Re: Day Trading Account restriction till 90 days.

    Reply Quote
    fedup:
    i had the same issue. Zecco made up these stupid rules. I'd take my account to another company! IMO.


    This isn't  Zecco's rules.  It doesn't matter where you go, you will encounter these rules.  I have been with other brokers (and still with them); so, I know.
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