1. Margin interest is always a function of debit balance and current rates, or brokers' call. Ithink pershing,our clearing firm, charges .75% over brokers' call for debits > $50k. Call our offices and speak to Yi Lu or Joe Lobue about this. THey handle that area.
2. **SPG's tips for fastest way to transfers an account:
Step 1: open account at new firm, either fax in docs (and send hard copies) or simply overnight or USMail the hardcopies.
Step 2: send the ACAT transfer form WITH a copy of the statement from the other firm to the new firm. Let them put hte ACAT on the system. Its slow yet reliable so atleast you have some backup in case the other firm doesnt comply with steps 3 and 4.
Step3. Down the Fed funds wire instructions, for cash balance transfers, from our website and submit these to the delivering firm. THey should comply with the request within 24 or 48 hours, at worst. Make sure you get a name so you have some accountability.
Step 4. Fax the delivering firm the DTC forms requesting that the stock positons be transferred by wire, same or next day. Here you have to be careful. SOme firms wont permit a DTC if you are transferring the entire account. Might ask them about this before sending the transfer forms and ask how many positions you need to maintain. MIght be two, might be X. If so, keep back X number of positions. Send the delivering firm the transfer docs, specifically listing the positions, stating you will be leaving the rest. AHHHH! Whether they comply or not, the ACAT transfer is coming up the tracks. If they transfer everything via. FED funds or DTC, then ACAT transfers nothing, yet might clean up small credits that hit, dividends, et.c If there is something, the ACAT will clean it up.
Any other problems, call and ask for Yi LU or Joe Lobue. THose guys in my office are excellent when dealing with transfers.
Regards,
Steve@yamner.com |
