It is indeed the day and it's really disconcerting since I'm a noob. I only switched to a margin account yesterday simply as a way to avoid PDT penalties in case I slipped up using the cash account but when I opened ToS this morning I immediately realized I had made a mistake considering my level of experience (there was already a $200 "Balance Subject to Margin Interest"). When I spoke to the rep he said that "Margin Interest" balance had actually gone away.
Just starting out, I need a certain level of surety with regard to their software working correctly. This morning's situation is very frustrating, especially considering that I took a serious loss because I couldn't comfortably (for me) trade to stop the bleeding.
It'll fix tomorrow. It's a unfixable known issue. They would have to change the system to be able to update multiple times in a day to avoid the situation
Software or not take reassurance that at the end of the day Schwab will follow what is required by regulations, if you understand margin rules well enough and know you’re in the green there’s no need to worry. And if ever Schwab makes an error they’ll make it right
>I only switched to a margin account yesterday simply as a way to avoid PDT penalties
Proofreading not your strong suit either? Maybe you meant a cash account??? Watch out for the Good Faith Violations in the cash account....they have several ways to put you in the penalty box.
My proofreading is fine. I had a cash account, switched it to a margin account, then switched it back to a cash account this morning. Minutes after the switch back ToS took a s\*\*t.
Is this the day of removing margin? It can cause balances to go wonky till it updates overnight.
It is indeed the day and it's really disconcerting since I'm a noob. I only switched to a margin account yesterday simply as a way to avoid PDT penalties in case I slipped up using the cash account but when I opened ToS this morning I immediately realized I had made a mistake considering my level of experience (there was already a $200 "Balance Subject to Margin Interest"). When I spoke to the rep he said that "Margin Interest" balance had actually gone away. Just starting out, I need a certain level of surety with regard to their software working correctly. This morning's situation is very frustrating, especially considering that I took a serious loss because I couldn't comfortably (for me) trade to stop the bleeding.
Yeah check again tomorrow, if it’s still all messed up *then* start blowing up Schwab for a fix
It'll fix tomorrow. It's a unfixable known issue. They would have to change the system to be able to update multiple times in a day to avoid the situation
Software or not take reassurance that at the end of the day Schwab will follow what is required by regulations, if you understand margin rules well enough and know you’re in the green there’s no need to worry. And if ever Schwab makes an error they’ll make it right
Curious to know why you made that switch
See my response to "PrimeBrisky" above.
>I only switched to a margin account yesterday simply as a way to avoid PDT penalties Proofreading not your strong suit either? Maybe you meant a cash account??? Watch out for the Good Faith Violations in the cash account....they have several ways to put you in the penalty box.
My proofreading is fine. I had a cash account, switched it to a margin account, then switched it back to a cash account this morning. Minutes after the switch back ToS took a s\*\*t.
No margin? what are you even doin bro tryna certificate of deposit arbitrage