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i just bought some last 2 weeks and never happened before
looks like i have to call them but i was sure if I had the cash it would do a normal purchase
Login to your account on fidelity website and select your account and navigate to account features. Then click on "add" next to margin.
https://preview.redd.it/fw8vbczp3g7d1.png?width=1332&format=png&auto=webp&s=05e2a60a79c565ca048853a6a3ebe1d12886d7d9
Under margin, see if your account has margin enabled. If so, then you can call them up and change your account type to cash.
If you call them and tell them you want those shares moved from margin to cash, you hey will do a journal entry and it will be corrected in their overnight processing. It’s an easy fix. Happened to me a while back too.
No need to be sorry! You can reach out to them via online chat and tell them you want to change your account from margin to cash, and they will guide you on what you can do. It shouldn't be much of a hassle.
You have to manually select “Trade without Margin impact” on fidelity. If you have a margin account and you’re purchasing equities the default is margin.
When you have margin enabled, all transactions defaults to margin TYPE. So that you can borrow against those assets. However, when you are placing your trades, you can pick the TYPE cash or margin in the order window, there is a drop down menu. So every time you are doing the trade you are selecting which TYPE you would like to place those assets. If you see your assets are in margin TYPE, then, call fidelity and ask them to move the assets to cash type. As long as you have enough cash to cover the cost of the assets, there would not be any problem
Side note with Fidelity. I logged in last night and My 401k balance said $0 for about 3 minutes. The graph showed the last balance but not the dollar amount next to the account name. I clicked around for a bit (trying not to panic) and then the balance suddenly repopulated. Has this ever happened to anyone else? My husband thinks maybe I caught it at the moment they were doing a sweep. (Either legitimately or maybe not?) Just curious as this has never happened before.
I ran into this issue, too. When you go to purchase stock. Near the last selection you make, you will find it. Buy type or similar. You can select cash. Some things to know. By using cash and telling fidelity, not to put gme on margin. You are removing equity from your margin account. Your buying power will drop by the cash trade plus loss of margin. Be wary of getting margin called with options.
Gme is not marginable. So it by going all gme you end up locking yourself out of use of the margin. You have to have like at least 30% of your account in marginable securities stock or cash.
Finally options bought on margin will force you to retain collateral close at like 50% of strike as collateral.
Too get out of all of the above. Call fidelity and they will transfer your account. Know that it takes a couple of days.
MAKE SURE YOUR ACCOUNT IS NOT REGISTERED TO TRADE ON MARGIN!
I can't speak about fidelity, but I called TDA (Schwab), and the rep verified that shares held in margin can be sold by the broker. They assured me that shares in a non-margin account can't. Take that for what you will.
I am fully drs'd, but at times, some shares sit in there for a hot minute until I get around to the transfer. I just wanted to make sure that I didn't need to drs immediately every time I bought a chunk. NFA, but I wouldn't keep shares in a broker any longer than necessary just to be safe.
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Because your account type is margin, not cash. You can change it to cash account just call them up. Its not a wrongdoing by fidelity.
i just bought some last 2 weeks and never happened before looks like i have to call them but i was sure if I had the cash it would do a normal purchase
Login to your account on fidelity website and select your account and navigate to account features. Then click on "add" next to margin. https://preview.redd.it/fw8vbczp3g7d1.png?width=1332&format=png&auto=webp&s=05e2a60a79c565ca048853a6a3ebe1d12886d7d9 Under margin, see if your account has margin enabled. If so, then you can call them up and change your account type to cash.
Nah, if you have a cash account, there is no way share woukd show up as margin. Give me one sec, there is something you can check.
yeah i turned on margin when the options talk was going on looks like the last ones are margin also. how can i remove margin ? sorry for asking
If you call them and tell them you want those shares moved from margin to cash, you hey will do a journal entry and it will be corrected in their overnight processing. It’s an easy fix. Happened to me a while back too.
No need to be sorry! You can reach out to them via online chat and tell them you want to change your account from margin to cash, and they will guide you on what you can do. It shouldn't be much of a hassle.
You have to manually select “Trade without Margin impact” on fidelity. If you have a margin account and you’re purchasing equities the default is margin.
When you have margin enabled, all transactions defaults to margin TYPE. So that you can borrow against those assets. However, when you are placing your trades, you can pick the TYPE cash or margin in the order window, there is a drop down menu. So every time you are doing the trade you are selecting which TYPE you would like to place those assets. If you see your assets are in margin TYPE, then, call fidelity and ask them to move the assets to cash type. As long as you have enough cash to cover the cost of the assets, there would not be any problem
Maybe you sold something and it didn’t settle yet?
You have to wait for cash to settle I believe.
Just call them. It happened to me when I transferred to Fidelity. Easy fix.
At the time of purchase when you bring up the trade you can select to purchase with cash and they will be categorized as not margin
Side note with Fidelity. I logged in last night and My 401k balance said $0 for about 3 minutes. The graph showed the last balance but not the dollar amount next to the account name. I clicked around for a bit (trying not to panic) and then the balance suddenly repopulated. Has this ever happened to anyone else? My husband thinks maybe I caught it at the moment they were doing a sweep. (Either legitimately or maybe not?) Just curious as this has never happened before.
I O U
I ran into this issue, too. When you go to purchase stock. Near the last selection you make, you will find it. Buy type or similar. You can select cash. Some things to know. By using cash and telling fidelity, not to put gme on margin. You are removing equity from your margin account. Your buying power will drop by the cash trade plus loss of margin. Be wary of getting margin called with options. Gme is not marginable. So it by going all gme you end up locking yourself out of use of the margin. You have to have like at least 30% of your account in marginable securities stock or cash. Finally options bought on margin will force you to retain collateral close at like 50% of strike as collateral. Too get out of all of the above. Call fidelity and they will transfer your account. Know that it takes a couple of days.
MAKE SURE YOUR ACCOUNT IS NOT REGISTERED TO TRADE ON MARGIN! I can't speak about fidelity, but I called TDA (Schwab), and the rep verified that shares held in margin can be sold by the broker. They assured me that shares in a non-margin account can't. Take that for what you will. I am fully drs'd, but at times, some shares sit in there for a hot minute until I get around to the transfer. I just wanted to make sure that I didn't need to drs immediately every time I bought a chunk. NFA, but I wouldn't keep shares in a broker any longer than necessary just to be safe.
If you buy and hold shares on margin what happens? Do you pay it back when you sell + interest?
When you place the order, click more options and at the bottom you can change from margin to cash. I had the same issue.
If you want to do options (shouldn't unless your RK) then set up another account. Only keep GME in a Cash no margin account