What is a Required Maintenance (RM) Call? An RM call is triggered when an account's margin equity falls below the maintenance requirement, often due to a decline in the value of the account's positions or an increase in margin requirements for the holdings.
How to resolve an RM call
Deposit additional funds or liquidate securities in your account. Covering the full amount of the RM call through liquidation may require selling more than the dollar amount of the call, depending on the maintenance requirement of the security being sold.
For example:
- Selling a stock with a 25% maintenance requirement requires liquidating 4 times the RM call amount.
- Amount to liquidate = Call amount ÷ Maintenance Requirement
Important to note
- RM calls are calculated using the official 4:00 PM ET closing prices of all positions held as of 8:00 PM ET on the same day, so any after-hours price movements do not impact your margin equity calculation for that day.
- Buying power is zero when an RM call is issued.
- Webull may liquidate assets to satisfy the call if not met by the due date.
- Instant buying power will disabled while the margin call is open
What is a Regulation T (RT) Call? A Reg T call occurs when there is not enough equity in an account to cover the 50% initial margin requirement. This can happen due to open positions depreciating or from holding positions overnight that were opened with day trade buying power.
How to resolve an RT call
Deposit funds equal to the amount of the call or liquidate marginable positions for twice the call amount. Liquidating non-marginable positions equal to the call amount will also satisfy the call. Calls met through liquidation may take up to two business days before they are removed.
RT Call Liquidation Strikes If a Reg T call is met through liquidations after the call’s due date, a Reg T liquidation strike will be applied. This applies to both client-initiated and forced liquidations. A strike is also issued if account equity is below 25% when the call is triggered and a liquidation is used to cover, regardless of the due date. However, no strike is issued if the call is triggered by an options exercise or assignment, since those are automatically resolved through liquidation or exercise on the following business day.
Liquidation strike policy:
- Strikes remain on your account for 1 year from the date they are issued. Accumulating multiple strikes within this rolling one-year period will result in account restrictions.
- 3 strikes: Account is restricted to liquidations only to prevent further Reg T strikes. These restrictions may be removed if you provide verbal or written confirmation that you understand why Reg T calls and liquidation strikes occur.
- 4 or more strikes: Account is restricted to liquidations only for 90 days after the fourth strike. This restriction cannot be lifted early.
Important to note
- If three Reg T calls are issued within 30 days, your account's Day Trade Buying Power (DTBP) is reduced from 4x to 2x. The reduced 2x buying power automatically reverts to 4x 30 days after the due date of the third Reg T call. These buying power restrictions may be removed early if you provide verbal or written confirmation that you understand why Reg T calls occur and how to avoid them.
- Past-due Reg T calls must still be met through liquidation, even if funds were deposited to cover them.
- If you temporarily exceed your Overnight Buying Power (ONBP) but close other positions before market close so that your ONBP is positive by end of day, you will not receive a Reg T call.
- Webull reserves the right to liquidate positions at any time to meet a margin call.
- Instant buying power will be disabled while the margin call is open.
What is an Equity Maintenance (EM) Call? An EM call is triggered when a flagged Pattern Day Trader (PDT) account closes the prior business day below the $25,000 minimum Net Account Value (NAV) requirement. Only positions held in the margin account will count toward this requirement. Crypto, futures, event contracts, and any assets held outside the margin account are excluded from the calculation.
How to resolve an EM call
- The account must close above the $25,000 NAV requirement by 4:00 PM ET. This can happen through deposits or if existing positions increase in value. Once the closing NAV meets the threshold, the call will be considered satisfied and removed from the account the following business day.
- Alternatively, a one-time PDT Flag Reset can be used. For more information on pattern day trader rules and guidance on resetting your PDT status on our platforms, please visit our Day Trading Rules page.
Important to note
- The NAV balance is calculated at the end of the trading day using the 4:00 PM ET closing prices of the positions held at 8:00 PM ET, plus the cash balance at 8:00 PM ET.
- Trading securities after 4:00 PM ET at prices higher than the official close may decrease your end-of-day (EOD) NAV and potentially trigger an EM call.
- The platform's NAV displays option values using the mid-price, while the NAV used for EM calls is based on their closing price. This difference may create an end of day NAV discrepancy and potentially trigger an unforeseen EM call.
- Placing day trades with an open EM call will result in a DT call also being placed on the account
- Buying power replenishes the following business day after closing positions
- Any day trades made while the PDT reset request is processing will count towards your day trade count the following day, potentially leading to reclassification as a PDT.
- Webull does not force liquidate accounts with past-due EM Calls.
- The due date listed on the EM Call is a suggested date and not a mandatory deadline.
What is an EM/DT Call? An EM/DT call is issued when you place a day trade while an open EM call is active on your account. It can also occur when the NAV of a PDT account with an open DT call falls below the $25K minimum equity requirement.
How to Resolve an EM/DT Call
- You can resolve an EM/DT call by depositing the greater of the EM or DT call amount in cash or marginable securities
- If no deposit is made, you may use a PDT reset to remove the EM call (if available)
- The DT call will expire automatically 90 days after its due date if not met
- Once both calls are resolved, liquidate-only restrictions will be lifted within 1–2 business days
Important to note
- You will be in a liquidate-only restriction until both calls fall off the account
- While an EM call is open, placing a DT will automatically trigger a DT call
What is a Day Trade (DT) Call? A DT call is issued when day trades are placed that either exceed your available day trade buying power or are executed while an EM call is still open. Exceeding day trade buying power most commonly results from trading on intraday profits. For more details on how buying power is replenished, please refer to our Margin Buying Power page.
How to resolve a DT call
A DT call can be met by depositing funds or transferring in securities equal to the call amount. Funds must remain in the account for two full business days to satisfy the call. If you choose to cover a DT call by transferring in securities, the value applied toward the call is determined using the inverse of the margin maintenance requirement. For example, if you transfer in a security with a 25% maintenance requirement, 75% of the value will be applied toward the DT call. Conversely, if you transfer in a fully margined security with a 100% maintenance requirement, none of the value will count toward meeting the call.
Important to note
- Any withdrawal while the DT call is open will increase the call amount
How do DT calls affect my account's buying power?
- PDT accounts before the DT call due date: You will have access to 2x overnight buying power (ONBP) and 2x day trade buying power (DTBP). Please note, same-day buying power replenishment does not apply — any buying power freed up from closing positions will not be available until the next business day.
- Non-PDT accounts before the due date: You will have access to 4x DTBP and 2x ONBP, with the same next-day replenishment rule applying.
- After the DT call due date: Buying power is reduced to 1x ONBP, and no same-day replenishment is provided from closing trades. Placing additional day trades will result in a DT/DT call and further restrict the account.
What is a DT/DT Call? A DT/DT call occurs when you place a DT while a previous DT call is still open and past due. This results in a second DT call being issued, and stricter restrictions are applied to the account until both calls are resolved or expire.
How to Resolve a DT/DT Call
- If the second DT call is not yet past due, you must deposit funds to cover the larger of the two DT call amounts in order to remove both calls and lift the restrictions.
- If the second DT call is past due, you must deposit enough to cover the total combined amount of both DT calls
- Both DT calls will expire 90 days after the due date of the second DT call if not met
Important to note
- DTBP and ONBP are set to $0 while a DT/DT call is active
- Your account will remain in liquidate-only status for 90 days unless both calls are resolved
What is a Concentration Maintenance (CM) Call? A Concentration Maintenance (CM) margin call occurs when your margin account is highly concentrated in one or more positions (holding a position with a market value of 70% or more of your portfolio) and holds a debit margin balance of $500,000 or more. This call elevates the maintenance requirements for holding the concentrated position.
- Only marginable equity positions are considered.
- ETFs and options are excluded from the calculation.
The required maintenance percentage increases based on your concentration level. Below are the concentration requirements: | 
Index Options
State Street
CME Group
Nasdaq
Cboe
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