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I borrowed money on margin from TradeKing to buy stocks. I recently made a deposit to my TradeKing money market account and want to start to pay back the margin loan with that deposit. How do I put the money toward the loan so as to reduce my loan balance?
Posted July 04, 2008 (12:42AM)
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The fees are automatically assessed at the end of the month, they usually take out the margin fees around the 27-28th of each month. So you don't need to worry about "paying off" the margin you used- it will simply be automatically deducted from your account at the end of the month.
Posted July 05, 2008 (10:03PM)
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Hey EmiTR... Any time funds enter your account, whether through a deposit made by you, sale of securities, or any dividends/interest credits posting to your account, these funds will immediately go towards reducing any debit balance in your account. At the end of the month any interest you owe TradeKing for holding a debit balance is charged to your account. If you need any further clarification on this topic, let me know. Thanks for the question! Chris Lebhar
Posted July 07, 2008 (03:40PM)
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Chris and locogmac, I suspected that's how it worked but wasn't sure. A couple of months ago, or so, I had deposited a previous amount to my TradeKing money market but did not notice a subsequent drop in my loan balance (i.e., I did not notice an increase from the negative amount in the 'Money' field in the account summary). I'm seeing no loan balance in my account summary today, which is good, but it confuses me, since my most recent deposit was only a third of what the loan balance was prior to the deposit. No doubt my confusion is due to misinterpreting the summary data. In any case, thanks for your answers. I know what to expect next time and will contact customer service if that doesn't seem to happen. 'ppreciate it.
Posted July 07, 2008 (11:36PM)
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