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Account Protection
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York Securities, Inc. is a member of the Securities Investor Protection Corporation (SIPC). Accounts are carried by the clearing firm, Penson Financial Services, Inc., member SIPC.
As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org.
Penson Financial Services, Inc. has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
About the SIPC:
The Securities Investor Protection Corporation (SIPC) is a non-profit organization established by the Congress of the United States to insure client accounts against the failure of member brokerage firms. You can obtain more information by visiting http://www.sipc.org.
Frequently Asked Questions :
Q: How is my customer’s account protected with "excess SIPC" coverage?
A: Customer accounts are protected in the event that SIPC limits are exhausted. The additional insurance becomes effective after the implementation of SIPC coverage. The coverage is in place to protect the customer in the event of a theft, misplacement, destruction, burglary, embezzlement or abstraction of customer securities. It does not protect the customer from declining changes in market value.
Q: What triggers SIPC and "excess SIPC" coverage?
A: Three things must happen for SIPC and "excess SIPC" coverage to be triggered:
. There is a financial failure and a liquidation of the carrying Broker Dealer
. Securities/Cash are missing from an account
. SIPC pays each client in accordance with their pro-rated share of the loss, up to $500,000 per account (of which $250,000 may be cash)
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| Account Transfer |
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You must have an account open at York Securities before the transfer can take place. If you are transferring funds and or securities from another firm, you will need to fill out an Account Transfer Form  {PDF,32KB}. This transfer form which must be filled out, signed, and mailed back to us for processing. This is called an ACAT transfer and normally takes 5 -10 business days to complete from the time we receive your paperwork. (Make sure the account titles match and include a copy of your most recent statement from the firm you are transferring from).
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| Address Change |
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Address Change - Postal
Please fax or mail a signed letter of authorization {PDF,5KB} to update your postal mailing address. (Address changes are prohibited without a client signature. For a joint account make sure both account holders sign.)
Please Note: If you are changing your MAILING address to a PO Box or "courtesy of", be sure to also reference your HOME street address in the letter. (Knowledge of each client's home address is required by industry regulations, but know that mail will not be sent there, it will be sent to the designated mailing address).
Fax signed letter to: 212-619-1593.
or mail to:
YORK SECURITIES
160 BROADWAY, FL 7 EAST
NEW YORK NY 10038
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| Bonds |
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If you wish to purchase or sell a bond or any other debt security, please call and speak to a broker at (800) 221-3154 or 212-349-9700. (This service is not offered via the Internet at this time). |
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| Broker Assisted Trade |
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call 212-349-9700 or 800-221-3154 to speak to a live broker. |
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| Check Request |
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See Withdrawing Funds. |
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| Clearing Agent |
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Penson Financial Services, Inc. is our clearing firm. |
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| Confirmations |
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See Trade Confirmations. |
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| Contact York Securities |
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See the Company Info page. |
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| Cost Basis Rule Implementation (effective 2011) |
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New IRS regulations require Broker-Dealers to report cost basis on the Form 1099B for equities acquired after January 1, 2011. Our Clearing Agent, Penson Financial Services' tax lot system will use First In First Out (FIFO) as the default closing method, where lots with the earliest acquisition date are sold first.
If you choose not to use the FIFO method for a particular transaction, and would like to designate a specific lot or lots purchased versus a specific sale (known in the industry as a "versus purchase"), please email info@yorksec.com prior to settlement date.
Here is an example:
- Trade Date Jan 4th 2011: Bought 100 XYZ at $25
- Trade Date Jan 5th 2011: Bought 100 XYZ at $26
- Trade Date Jan 6th 2011: Bought 100 XYZ at $27
- Trade Date Jan 10th 2011 (Settlement Date Jan 13th 2011): Sold 100 XYZ at $28
Using the default accounting method of FIFO, this sale on Jan 10th would be matched against the purchase on Jan 4th at $25.
If instead of FIFO, you would like to have this sale matched against the purchase on Jan 6th at $27, you would need to inform us of your lot selection by emailing info@yorksec.com prior to settlement date on Jan 13th.
Note: Emails received after 12PM eastern time on settlment date will be attempted for processing on a best efforts basis.
If you have further questions, please email info@yorksec.com.
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| Credit Interest |
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See Money Market |
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| Debit Interest |
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See Margin Interest. |
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| Debt Securities |
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See Bonds. |
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| Depositing Funds |
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Deposits may be made via check, Federal Fund (Domestic) or International Bank Wire.
CHECKS:
Please make the check payable to: "PFSI" (that is the acronym for our clearing agent, Penson Financial Services, Inc).
Be sure to put your account number on the check in the "Memo" field.
Mail to:
York Securities
160 BROADWAY, FL 7E
NEW YORK NY 10038
USA
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DEPOSITING FEDERAL FUNDS WIRE:
To send a "Fed fund wire" (A wire transfer between two banks that are members of the United States Federal Reserve System) to York Securities, please provide the following instructions to your bank:
ABA # 021000018
Bank of New York, One Wall St., New York, NY 10286
For Account of Penson Financial Services, Inc.
Penson Financial Account Number 8661169975
For Benefit of (Enter your York Securities account number and title here) Example 450-12345
George P. Smith
Depositing an International Wire:
IRVTUS3N
Bank of New York
ABA# 021000018
DDA: Account of Penson Financial Services 8661169975
FFC: (Enter your name and York Securities account number here Example: John Doe 450-12345)
Please be advised: Any international wire where the By Order (B/O) indicates a name that does not match that of the beneficiary account is considered a third party wire, and is therefore prohibited.
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Notes: We only accept deposits in US ($) dollars via checks and Fed Fund / international wires.
We do not accept the following forms of deposit:
foreign currencies
credit or debit cards
money orders
third party checks (Usually a personal check, written on an account not belonging to the account holder or holders)
government issued tax-refund checks
checks from foreign banks with out a United States bank affiliation.
The name on the York Securities account must appear on the check being deposited. Corporate checks may only be deposited to corporate accounts. When sending wires, account titles must match. |
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| Depositing Stock via Certificate, DWAC, or DRS |
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If depositing a certificate, be sure the name on the certificate matches the account title. If they do not match, please send an explanation by e-mail prior to sending the certificates. Sign the back of the certificate, exactly as the name or names appear on the front. In the blank space between "Appoint" and "Attorney", write in "Penson Financial Services, Inc.". Be sure to also write your account number on the certificate.
Mail certificates to:
York Securities
160 BROADWAY, FL 7E
NEW YORK NY 10038
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Instruct transfer agents to deliver stocks via DWAC or DRS to:
Penson Financial Services, Inc. (broker #0158), F.B.O (enter your name and account number)
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Please note the following restrictions:
- Deposits of stocks bid less than $0.10 per share are not accepted.
- Deposits of bulletin board, pink sheet, or unregistered stocks may be refused. Contact us prior to attempting such a deposit. If accepted, the "Deposit Securities Request" form must accompany deposits of certificates.
- There may be a 2-week holding period after deposit of a bulletin board/pink sheet stock before it may be sold.
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| Dividend Reinvestment Plans (DRIPs) |
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As an added service to our customers, York Securities offers a dividend reinvestment program without charge. You can purchase fractional shares.
To register shares in our DRIP, simply send us an e-mail. Provide your full name, account number, and whether you would like to register your entire account, or just certain stocks. Please put "DRIP/ACCOUNT" in the subject line in order for York Securities to expedite the process on your behalf.
Note: If or when you decide to sell your stock that is enrolled in a DRIP, your partial shares will be automatically liquidated upon settlement date.
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| DTC Transfer (incoming) |
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This type of stock transfer between two brokers usually takes 1 business day. To transfer a stock into your York Securities account, you need to provide your other broker our DTC instructions:
Deliver to DTC Clearing #0158, Code 40
F.B.O. (Enter your Name(s) and York Securities account number here)
(There is no fee for an incoming DTC Transfer.) |
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| DTC Transfer (outgoing) |
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This type of stock transfer between two brokers usually takes 1 business day. To transfer a stock out of your York Securities account, you need to provide York Securities with your other broker's DTC instructions. All requests must be signed and faxed to (212) 619-1593. Be sure to include all pertinent information, including your signature. There is a charge for this service, see Ancillary Fees |
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| Duplicate Confirmations & Statements |
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These are sometimes required if you work for a bank, investment firm, or other financial service companies. Check with your supervisor or compliance manager to be sure. In order to have confirms sent to other than your designated mailed address, you will need to complete the Mail Authorization Form (PDF,5KB). |
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| E-Documents |
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Instead of receiving trade confirmations, monthly statements, 1099's, annual reports, and proxy statements via postal mail, one may sign up for Edocuments to receive all this material electronically. Sign into your account,and click on E-Documents to register.
***** For technical help with E-Documents, visit E-Documents Help. |
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| Email Address Change |
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Please sign into your account. On the top navigation bar, select
"Preferences", then "Edit Email". From here the change can be made and will take effect instantly.
Note: If you are registered for E-Documents, be sure to also update your email address on the E-Docs web page: Sign into your account, click on the E-Documents link in the main navigation bar. In the new window that opens, click on the "Change E-Doc E-mail" link at the top of the page.)
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| Federal Fund Wire |
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See Depositing Funds or Withdrawing Funds. |
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| Foreign Accounts |
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See International Account.
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| Funding an Account |
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See Depositing Funds.
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| Higher Margin Requirement Stocks |
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Click here for the Securities with Increased Margin Requirements {PDF,20KB} list. |
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| Interest |
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See either Credit Interest or Margin Interest. |
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| International Account |
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Those who reside outside the USA can open accounts with York Securities.
Visit the Getting Started International Page for detailed information.
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| International Wire |
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See Depositing Funds or Withdrawing Funds. |
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| IPO's |
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On the day of the offering York Securities encourages clients to place limit orders only. York Securities has the right to reject any market order. However, clients will be responsible for market orders placed before the stock begins trading in the secondary market. (Market orders executed at substantially higher opening prices may cause financial hardship for clients with limited resources.)
The date, time and price of an IPO are subject to change. Please read related news stories. You may purchase shares in an IPO, once the shares open for pubic trading only. Please use extreme care and consideration when placing an order for an IPO. Executions are not reversible. Clients will be responsible for any market or limit order placed on an IPO. IPO's may not be shorted for the first thirty days after coming public. |
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| Limited Trading Authorization |
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Trading Authorization {PDF,78KB} limited to purchases and sales of securities, options, and commodities. This form is required if anyone other than yourself or your joint partner will be placing trades in this account. |
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| Linking Additional Accounts |
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If you have multiple accounts, all the account numbers can be linked to one User Name and Password:
First, simply sign into the account which has the User Name and Password you would like to use.
Next, from the top navigation bar, scroll over "Tools", then "Link an Account",
and follow all on-screen instructions.
Please allow time for processing of the Link Request. (All links are manually reviewed for accuracy during normal business hours). |
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| Margin Interest |
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See the Pricing page for details. |
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| Minimum to Open An Account |
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There is no minimum balance required for a cash account. There is a $2000 minimum equity requirement to initiate margin trading. The requirement may be met with cash or marginable securities. In a cash account the anticipated
dollar amount of the purchase must be deposited before an order will be accepted. |
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| Money Market |
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Click here for current yields.
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| Monthly Statements |
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Accounts are mailed monthly statements for each month there is activity. Accounts with no activity are mailed statements quarterly. Activity is defined as a transaction (purchase or sale of a security).
Please note, rather than have statements and confirms mailed, you may print your own. See
E-Documents
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| Mutual Funds |
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We offer access to more than 4,000 fund choices (load and no-load).
Note that we do not issue prospectus'. The cut-off time to get an order in is usually 4PM eastern time, but each mutual fund company has their own specified cut-off time for an order to be accepted during the trading day and minimum investment amount. You must contact the individual fund company for specific information about their funds.
Please see the Pricing page for mutual fund charges. |
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New Account Choices |
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Account Types Offered at York Securities
- Individual
- Joint
- Custodial
- IRA—Traditional, Roth, SEP and Educational. (We do not offer 401K's or 403B's)
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Profit Sharing
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Money Purchase
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Investment Clubs / Partnerships
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Trusts
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Corporations
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Foreign—Individual and Joint only. (No foreign corporations please)
Please see the Forms page for specific account application forms. |
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| Options Trading |
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We permit buying options and selling of covered calls (selling a call to open for a stock in which you own at least 100 shares) only. All purchases of options must be paid for in full prior to accepting an order. We do not permit naked positions, spreads, etc.
Option transactions may be either to "Open" or to "Close".
Open—To open or create a new position. You may buy to open a long position or sell a covered call to open a covered call position (assuming you are long the underlying stock.)
Close—To close out an existing position. You may sell to close out a long position or buy to close out a covered call (short) position.
Note: At expiration, option positions which are in the money, will be automatically exercised (or assigned).
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| Password |
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See User Name & Password or Trading Password |
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| Penny Stocks |
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York Securities permits buying penny stocks or stocks under $1 per share. The trading of any penny stock entails risk but there are additional considerations if the stock trades on the Bulletin Board or Pink Sheets in the Over the Counter market. The stocks in these markets are not regulated by the same rules that govern an exchange or the NASDAQ National Market.
Some of the additional considerations, if you choose to trade these securities, include but are not limited to the following:
- The market makers do not have to reflect the best bid and offer by public customers.
- There could be very wide spreads between the bid and offer.
- Execution reports may have substantial delays.
- The market may be illiquid.
- The company may go bankrupt, and the entire investment may be lost.
Note: York Securities reserves the right to reject any MARKET orders for stocks trading under $1.00 per share. Please place LIMIT orders for these securities.
Also, odd-lot orders over 30,000 shares are not accepted by the system, and there is a 1 million share limit per order.
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| Power of Attorney |
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We do not offer clients to give another person full power of attorney, but we do offer Limited Trading Authorization, see above. |
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| Quotes |
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Unlimited 20-Minute delayed quotes are available to all registered users.
Clients may receive up to 50 free real time stock quotes per day. Clients will also receive a free real time stock quote before verifying an order for submission to York Securities. Realize that "time" can be a misnomer in the Internet world. |
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| Real Time Quotes |
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See Quotes. |
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| Register User Name |
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See User Name & Password
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| Rejected Orders |
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The following are the most common reasons why an order would be rejected.
- NOT ENOUGH FUNDS
- FUNDS ARE NOT CLEARED
- BAD STOP ORDER
- DAY TRADING/CASH ACCOUNT
- EXCEEDING DAY-TRADING BUYING POWER/MARGIN ACCOUNT
- SHORT SELL: STOCK NOT AVAILABLE TO BORROW
- INVALID ORDER ENTRY FORMAT
- MARKET ORDER ON AN IPO, PENNY STOCK
- MARKET ORDER ON AN OPTION CONTRACT WHEN THE UNDERLYING STOCK IS NOT OPEN FOR TRADING
- MARKET ORDERS FOR STOCK RECEIVED AFTER 4:00PM, BEFORE 4:02PM-TRADING
- ACCOUNT IS RESTRICTED
- LACK OF MARGIN OR OPTION APPROVAL
- ATTEMPTING TO SELL FROM THE WRONG ACCOUNT TYPE (CASH OR MARGIN) OR INSUFFICIENT HOLDINGS.
- ATTEMPTING TO EDIT AN EXPIRED DAY ORDER.
*York Securities reserves the right to reject any order at any time. |
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| Security of Account |
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The entire Investors portion (logged into an account) of the website is secure. Right click the mouse on any page, and click properties to view connection: SSL 3.0, RC4 with 128 bit encryption (High); RSA with 1024 bit exchange. |
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| Settlement Period |
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The day an order is executed is the "Trade Date". The brokerage community requires a period of time to process the transaction. That period of time is the "Settlement Period." Stock trades settle in three business days (trade date plus three business days). Option trades settle the next business day. Mutual Funds have a settlement period ranging from 1 to 3 days, which depends on the particular mutual fund company. Please refer to the prospectus or contact the particular mutual fund company for information. In a cash account, money must be deposited before an order will be accepted. |
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| SIPC coverage |
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See Account Protection.
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| Statements |
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See Monthly Statements. |
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| Stock Certificates |
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See Depositing Stock Certificates or Withdrawing Stock Certificates. |
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| Trade Confirmations |
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Each transaction is confirmed to the customer in written form. Clients are postal mailed a confirmation letter ("Confirm") no later than the day after a trade is executed.
Clients may verify a transaction four different ways:
- Instantly on the order status screen
- On the history screen
- In written form on the postal mailed "Confirm"
- A second time in written form on the monthly statement.
Note: Confirmations and monthly statements will not be mailed if a client registers for E-documents (Electronic Delivery).
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| Trading Password |
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On accounts opened prior to November 1st 2003, for United States citizens, the trading password is initially set to the last 4 digits of your Social Security number. If you are a foreigner to the USA and do not have a social security number, your trading password is the month and year of your birth. For example, March 1970 is 0370.
Accounts opened after November 1st 2003: The trading password is initially set to the login password.
If you subsequently changed your trading password and found that it does not work, please call us at (212) 349-9700 or (800) 221-3154 to have it reset.
If you know your Trading Password and would like to change it, sign into your account and
select "Preferences, then "Edit Trading Password."
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| Transfer |
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See Account Transfer. |
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| User Name & Password |
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If you already know your User Name and Password and would like to change the password, simply sign into the account, select "Tools", then "Preferences". Click on the appropriate link under the "Preferences Menu" on the left side of the screen. Follow all on-screen instructions.
If you find that your User Name and or Password to access your account does not work, or need to create new ones for the first time, follow the instructions below for submitting new "User Name Registration" Request. (Please note, if you do not know your account number, please call us at (212) 349-9700 or (800) 221-3154 before submission)
The steps are as follows:
- From any page on www.yorktrade.com, click on customer "Register User Name" in the Top-Nav Bar;
or from investor.yorktrade.com, click on "Register" in the Top-Nav Bar.
- Follow all on-screen instructions.
Note: Please allow time for processing of the Registration Request. (All submissions are reviewed for accuracy during normal business hours). If you need to access your account right away, please call customer service to request the link be approved promptly.
If you have already tried the registration process and still cannot access your account, please call us at (212) 349-9700 or (800) 221-3154. We can then tell you your User Name and reset your Password.
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| Wiring Funds (Into Your York Securities Account) |
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Depositing Federal Funds Wire:
To send a "Fed fund wire" (A wire transfer between two banks that are members of the United States Federal Reserve System) to York Securities, please provide the following instructions to your bank:
ABA # 021000018
Bank of New York, One Wall St., New York NY 10286
For account Penson Financial Services, Inc.
Penson Financial Services, Inc. account number 8661169975
For Benefit of (Enter your account number and title here) Example 450-12345 John Doe
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| Wiring Funds (Leaving York Securities Account) |
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See Withdrawing Funds below.
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| Withdrawing Funds |
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Cash withdrawals made via check request, or Federal Fund / International Wire.
Note: Recent deposits may not be withdrawable for up to 60 calendar days.
To request a check from your York Securities account, please send an e-mail to: info@yorksec.com. Be sure to include your name, account number and amount of the check.
To request a Federal Fund Wire (or International Swift Wire) from your York Securities account, please fax a signed letter of instruction. Our fax number is (212) 619-1593.
Contact your bank for their wiring instructions. The instructions should include:
A nine digit ABA routing number (or SWIFT Code)
The name and address of your bank.
Your bank account number and exact title of the bank account.
A phone number at the bank.
Note: Third party wires are prohibited.
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| Withdrawing Stock Certificates |
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Physical stock certificates are no longer issued. As an alternative, a DRS transfer may be enacted. This will allow an account registration to be maintained directly with the company's transfer agent.
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