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Zecco.com » General Investing » New Investors » When do I get charged fees for marg...
Last post 07-18-2008, 10:28 AM by Cashiuus. 2 replies.
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  •  07-18-2008, 3:46 AM 33753

    When do I get charged fees for margin?

    Reply Quote
    A few times I have mistakenly put in another buy order in rather than sell so I have overdrawn my account.  So I will have a negative cash balance until I can sell off my position.  Is there a fee for my OD account?  If so, when does it get taken out?

    I have shorted stocks a few times to try it out.  The longest I held it was 3 days but once again I didn't notice any fees.  When do the fees show up?  What about the margin rates.  That is a yearly rate of 7.25% and not a 7.25% charge per margin use, correct?

  •  07-18-2008, 9:58 AM 33772 in reply to 33753

    Re: When do I get charged fees for margin?

    Reply Quote
    The margin interest will be paid (deducted from your account) once a month.  If you want to know how much you had paid for the margin interests, check your monthly statement.  Of course,  you are paying only for those days that you are on margin.

  •  07-18-2008, 10:28 AM 33777 in reply to 33772

    Re: When do I get charged fees for margin?

    Reply Quote

    Yeah a margin balance of $1,000 comes out to around 20 cents per day it's being used at the 7.20% rate.

    balance x 7.20% (or .072) divided by 365 = .197 (or $0.20) per day

    So you make a 5-day trade using $1,000 margin, you pay them around $1

    That is the answer I received from customer service a few weeks back.
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