My Fidelity Account Restricted for 90 Days: Here’s Why
Summary of User’s Issue and Solutions Discussed:
- The user, samTN, reported receiving a restriction on day trading for 90 days due to multiple Day Trade Calls, despite believing they had not violated the intraday margin requirements.
- Fidelity’s representative explained that Day Trade Calls occur when trades exceed intraday buying power and highlighted the consequences of failing to meet these calls, including account restrictions.
- To address the restriction, samTN was advised to review their trading restrictions on the Fidelity platform and contact the trading team for a review of their account if needed.
- Fidelity provided links to resources for understanding trading restrictions and margin requirements for further assistance.
Here’s the full thread
Got a message in the morning that “
A violation occurred on 10/23/2024 due to day trading activity. As a result of this violation, your account has been restricted from day trading for 90 calendar days” I thought it would. It apply to accounts>25K
Thanks for reaching out, @samTN.
Based on what you have shared, it sounds like you may have had multiple Day Trade Calls that resulted in liquidations. So that you know, Day Trade Calls occur when a trade is placed that exceeds the intraday buying power. Clients have 5 business days to meet the call., which can be met by depositing additional cash into the account in which the call was created, or by liquidating positions that were established prior to the issuing of the call.
Please note that satisfying a day trade call by liquidation three times in a rolling 12-month period or failing to meet a day trade call once will result in the account being restricted for 90 days. Additionally, the $25,000 amount is a minimum account balance needed for Pattern Day Traders (PDT).
Trade Restrictions FAQ: https://www.fidelity.com/trading/faqs-trading-restrictions
You can review your trading restrictions by logging into Fidelity.com and clicking the “Balances” tab. Scroll to “Restrictions” and click it to launch a pop-out window to review them.
If you would like your restriction reviewed, please contact our trading team. They are available 24/7 and can be reached using the link below.
Contact us: https://www.fidelity.com/customer-service/contact-us
Learn more about margin by reading our Trading FAQs: Margin: https://www.fidelity.com/trading/faqs-margin 🟢
Not sure how that’s possible. I literally cannot place any trade that is above the intra day margin amount. It’s happened before and I have not had the time to follow up. I would like to be able to research and find out what flagged it. Thanks