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Net sweep from brokerage

net sweep from brokerage

You will have final say on investment decisions in your account unless you give "discretionary authority" in writing to another person, such as your financial professional.
The new account form will also ask you to make some important decisions about your account, including how you will pay for your transactions, how any uninvested cash will be managed and who will have control over your account.
Be sure that you understand how these accounts work before you sign up for one.While it may take a little time to fill out the application, it is important to answer the questions on the application accurately.Here's a list to get you started.Before you borrow money from your brokerage firm-for any reason-be sure you fully understand the terms, costs and consequences.Be sure to read carefully your new account application and any other documents that your broker gives you about margin loan accounts.Also make sure that the phone numbers and addresses that your broker and brokerage firm give you as their contact information are consistent with those listed in Brokercheck.For more information about margin loan accounts, read finra's Investor Alert, Investing with Borrowed Funds: No "Margin" for Error.Fees for not maintaining a minimum balance?This will include a new account application, which brokerage firms may also call a new account form, account opening form or something similar.For example if the value of your securities declines significantly, you may be subject to a "margin call." This means that the brokerage firm can either (1) require you to deposit cash or securities to your account immediately, or (2) sell any of the securities.Account maintenance, account transfer, account inactivity, wire transfer fees or any other fees?And do not sign them unless you thoroughly understand and agree with the terms and conditions they impose on you.

No matter what your level of investing experience, don't be shy or intimidatedit's your money.
Most brokerage firms offer at least two types of accountsa cash account and a margin loan account (customarily known as a "margin account.
You might hear terms such as "income "growth "conservative "moderate "aggressive" and "speculative." If you don't understand the distinctions among the terms, ask your broker to explain or give examples.In connection with these loans, a firm might ask the customer to sign a margin agreement.So, be sure to read the application and the accompanying agreements and other documents the brokerage firm gives you carefullyand ask questions about anything you don't understand.If you're reading this, amazon book coupon code free shipping you may be planning to open a brokerage account.Your brokerage firm typically will automatically placeor "sweep"that cash into a cash management program (customarily known as a "cash sweep" program).Is this a margin account or a cash account?Tip: Whether the securities are registered in your name or in the name of the brokerage firm can affect how soon you receive your dividends and interest, the ease with which you can sell your securities and the types of communications you receive directly from.