Before You Call: 7 Things To Know
05/19/2020
Recently, we are experiencing an especially high call volume. We want to respond to requests as quickly and efficiently as possible. To help you get to the bottom of any issue faster, here are some answers to our most recent frequently asked questions.
1. Domestic wires settle in 1-2 business days, and foreign wires in up to 5 business days. Please note that we do not accept third party transactions. All deposits and withdrawals must be in the same name. Before calling to check on the status of your wire, make sure the appropriate number of days has passed. If you would like to reach out via our Help Center, sending a photo of the wire receipt helps a lot!
2. A Cash Account is funded with cash before purchasing securities and all transactions must be made with available cash or long positions. A Margin Account allows you to borrow money to purchase new positions or sell short. You cannot sell short with a Cash account. The Pattern Day Trader rule, or PDT rule, applies to margin accounts only, and limits day-trades to three in five business days. When your Margin Account executes four or more day-trades within five business days and has a net account value below $25,000, an equity maintenance call occurs. A margin account with $25,000 or more always has unlimited day trade opportunities; it doesn’t matter if your account is flagged as a PDT . Please note that the PDT rule does not apply to Cash Accounts.
3. To reset your password or trading PIN: try to guess your password three times. After your third failure, you will be prompted to reset.
4. Looking for a free stock? Your free stock will be credited to your account within 7-10 business days after it is claimed. You can claim your free stocks in the 'My Free Stock' section of the 'Menu' tab in your Webull mobile app.
5. ACAT transfers are free for users transferring securities into a Webull account. Your other broker may charge a fee, however. Sometimes it might look like the stocks from your other brokerage account have transferred over at the wrong cost basis. Wait a few days: the contra-firm usually sends that information over a few business days after the ACAT settles, and it will be fixed. If not, send us a statement from your other account showing us the original cost basis and we will correct it.
6. To open an Individual Retirement Account, you must be a US citizen. You (or if you file a joint return, your spouse) must have received taxable compensation during the year. And you must be under age 70.5 by the end of the year. The maximum yearly contribution for an IRA in 2020 is $6,000, or $7,000 if you are over the age of 50. You are required to begin taking distributions by April 1 st of the year you turn 70.5. In subsequent years, the distribution must be made by December 31st. For more information on IRAs, please see IRS Publication 590.
7. ACH deposits usually take 5 business days to settle into your account. Before your deposit fully settles, Webull grants you a partial amount in provisional credit of buying power to start trading. For ACH verification, please wait up to 48 hours for the two micro-deposits to appear in your bank account. Before contacting us about ACH verification, please contact your bank.
source: https://www.webull.com/blog/37-Before-You-Call-7-Things-To-Know
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