Friday, February 17, 2006

Scottrade Debit Balance In Cash Account

I have an IRA with Scottrade. I haven't had any fees applied to my account (beyond commissions) and I don't trade much with this account. This is a cash account - no margin. Nevertheless, their systems allowed me to create a debit balance. I don't understand how this can happen.

IRA Debit $ 365.29

There is a debit balance in your IRA account.

If you have not yet made a contribution to your account this year (and are eligible to do so), please deposit funds; if you have already made a contribution for the year, sell enough stock to cover the debit.

If this debit balance is due to account transfer/reorganization fees charged against your account, you may be able to make a non-contributory deposit to clear up the debit.

Please contact us for further assistance.

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