Series 26: Payment

Taken from our Series 26 Online Guide

Payment

When a broker-dealer delivers a security, it has the right to require immediate payment by certified check, cashier’s check, bank draft, or cash. Brokerage firms who do not “self-clear,” however, are prohibited from accepting checks, cash, or securities from their customers. Checks must instead be forwarded to their clearing firm.

FINRA Rule 11330

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