York Securities
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YORK Commissions, Requirements, Fees
  • Stocks: Commissions for online trading of stock: $.02 per share (subject to $40 minimum).
    Call for telephone commission rates: 800-221-3154
  • Options: Our rates for online handling of options are among the most competitive in the industry: $25 + $2 per contract (subject to a minimum commission of $31.50 per order). Complex option orders (including naked options, spreads, and straddles) must be placed via telephone. You can feel confident that your option orders will be handled by experienced professionals. Call for telephone commission rates: 800-221-3154

  • Bonds (and Other Debt Securities): Our rates for the handling of debt security (Corporate Bonds, Treasury Bonds, Bills and Notes) orders are among the most competitive in the industry: An initial charge of $35 + 3.75 per bond. Note that orders for these securities must be placed via telephone: 800-221-3154.

  • Mutual Funds: More than 10,000 mutual funds are available, which are divided into 3 categories:
    • Load: A front-end (or back-end) load, which is determined by the respective prospectus, is charged when purchasing (or selling) a load fund.
    • No-Load: There is a $25 commission to buy or sell a no-load fund.
    • No Transaction Fee (NTF): There is no fee to buy or sell a NTF fund, provided that a 30-day holding period (calculated from the last purchase date) has been met, otherwise a $60 early redemption charge will apply).
    Click here for complete listing of mutual funds. Note that orders for these securities must be placed via telephone: 800-221-3154.

  • Deposit Requirements: Deposits must be in cleared funds or fully paid marginable securities. See table below for more specific details...

  • Margin Requirements for Margin Approved Securities:
    Type Of Security
    Initial
    Requirement
    Maintenance
    Requirement
    Margin Approved Stocks
    Priced at $3 and above 50% x Market Value (M.V.) 30% x M.V.
    Priced below $3 100% x M.V. 100% x M.V.
    Leveraged Exchange Traded Funds*
    2x Leveraged 50% on the long side, 60% on the short side same as initial
    3x Leveraged 75% on the long side, 90% on the short side same as initial
    *Day-Trade Buying Power (DTBP) will be reduced if you choose to day-trade ETFS. For a 2x leveraged ETF, you may use up to half of your DTBP. For a 3x ETF, you may use 1/3. Click here for an example.
    Short Stocks
    Priced at $5 or over 50% x M.V. Greater of $5 per share or 30% x M.V.
    Priced Below $5 $5 Per Share $5 Per Share
    Shorts Vs Box NA 5% x M.V.
    Investment Grade Margin Approved Bonds (Not marginable if price is less than $50--except Governments)
    Convertibles 50% x M.V. 30% x M.V.
    Corporate / Municipals Greater of 25% x M.V. or 20% x Face Value Same as Initial
    U.S. Governments Greater of 10% x M.V. or 3% x Face Same as Initial
    Options
    Covered Options The sale of a call cannot be in the cash amount unless the underlying security is long in the account prior to the sale.
    Naked Equity Options

    (Must be done in Margin Account)    		 Puts:
    The greater of 25% of the underlying security, less any out of the money, plus the premium;
    or 15% of the strike price plus the premium.

    Calls:
    The greater of 25% of the underlying security, less any out of the money, plus the premium;
    or 15% of the underlying security price plus the premium.    		 Same as initial.
    Spreads

    (Must be done in Margin account)    		 Debit Spread (Bull Spread):
    100% of the debit and minimum equity of $2000.

    Credit Spread (Bear Spread):
    Lesser of uncovered requirement as above, or difference in strike price.    		 Same as initial.
    Naked Puts & Calls (Index) Not permitted.
    • A signed margin and/or option agreement must be on file prior to first trade.
    • All margin accounts require initial equity of at least $2000.
    • Requirements apply to diversified accounts only, which are normally subject to a 30% requirment. Concentrated accounts are subject to higher requirements, usually 50%. A concentrated account is defined as any account where one position is equal to or greater than 60% of total market value.
    • Certain issues may be subject to higher requirements due to market condtions such as liquidity and volatility. Contact us for the current list.
    • Naked call accounts require $25,000 equity over and above requirement.
    • Naked put accounts require $10,000 equity over and above requirement, not to exceed 100% of assignment costs.
    • Requirements are subject to change without notice.
    • A client may not be permitted to use the full value of covered option premiums for margin maintenance when the non-intrinsic portion of the option's value is deemed to be significant and or disproportionate to the overall price of the contract.
  • Ancillary Fees:

    Service Fee Recurrence Definition
    Account Transfer Out $60.00 Per Account Transferred Accounts that are transferred to another financial institution.
    Account Transfer Out- Partial $25.00 Per Transferred Security, Per Broker Accounts that transfer part of their portfolio to another financial institution.
    DRS Transfer- Out $25.00 Per Stock Instead of requesting a stock certificate, this type of transfer will allow you to maintain an account registration directly with the transfer agent.
    DTC Transfer- Out $25.00 Per Stock Electronic transfer of stock over the DTC system.
    DWAC Transfer- (In & Out) $50.00 Per Stock A type of electronic stock transfer.
    Post Actionable Reorganizations $25.00 Per Security Issue Reorganizations in which a physical certificate is delivered for processing after offer expiration.
    Voluntary Reorganizations $25.00 Per Security Issue Reorganizations such as tender offers in which a customer is able to elect to participate.
    Legal Transfers - Standard (Rule 144 Stock Certificate Deposit) $100.00 Per Certificate Transfers/deposits requiring legal papers in addition to stock powers. Note: York Securities no longer accepts transfers or certificate deposits of knowingly restricted stock.
    Legal Transfers - Restricted (Rule 144 Stock Certificate Deposit) $200.00 Per Certificate Transfers/deposits of restricted stock requiring legal papers in addition to stock powers. Note: York Securities no longer accepts transfers or certificate deposits of knowingly restricted stock.
    Stop Payment of a Check $30.00 Per Check Stopped Placing a "stop payment" on a check written off the balance of your brokerage account.
    Wire Transfers - Domestic $25.00 Per Transfer Transfer of funds to another financial institution via Federal Wire System.
    Wire Transfers - Foreign $50.00 Per Transfer Transfer of funds to another foreign financial institution via SWIFT Wire System.
    Overnight Courier $25.00 Per Occurrence Usage of overnight courier, DHL (for check withdrawals only).
    Returned Checks / ACH $40.00 Per Occurrence Checks deposited, or ACH items, which are rejected for insufficient funds, etc.
    T-Call or Extension Mailgram $10.00 Per Event Fee charged for inadequate cash position.
    House Call / Sell Out / Buy In Mailgram $5.00 Per Event Margin Notices.
    Uneconomical Sale Processing $35.00 Per Stock Fee charged on the sale of a stock where the proceeds do not meet the commission charge.
    IRA Maintenance $50.00 Per IRA Fee charged annually in December. Waived if one commissionable trade (purchase or sale of a security, in which a commission is charged) is made during the one-year period ending December 31st.
    IRA Termination $60.00 Per Account The closing or transfer of a retirement plan.
    Duplicate copy of Monthly Statement or 1099 $5 Per Statement A duplicate copy of a monthly statement is $5.
    Inactive Accounts $60.00 Per Account Fee charged annually based on the one year period ending June 30. (See below for exemptions)...
    Inactivity Exemptions:
  • A trade took place in the account between July 1, 2009 and June 30, 2010 (inclusive).
  • Assets equal zero (assets are defined as market value plus money market plus cash plus margin balance).
  • The average margin balance for the past month is $2,500.00 or more.
  • The average money fund balance for the past month is $5,000.00 or more.
  • It is a DVP account.
  • It is a Valet account.
  • It is a Householding account and the aggregate of the householding accounts meets the balance requirements of either a $2,500.00 margin (debit) or $5,000.00 money market balance.
  • It a Trust account.
  • It is a Retirement (Pension or IRA) account.
  • The account was opened on or after July 1, 2009.
  • The account is currently in the ACAT process.

Copyright 2010 York Securities, Inc. All Rights Reserved. York Securities, Inc, member FINRA / SIPC. Accounts carried by the clearing firm, Penson Financial Services, Inc., member FINRA / SIPC . Additional account protection ("Excess SIPC") provided through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter). Click here for more information.
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