Series 24: Customer Free Credit Balances

Taken from our Series 24 Online Guide

Customer Free Credit Balances

A free credit balance is a credit in a customer’s account that is not invested in anything. This is a cash balance that may accrue from sales of securities, dividends, interest, deposits, or otherwise. Free credit balances are considered liabilities of a broker or dealer to customers that are subject to immediate cash payment on demand. According to Rule 15c3-2 free credit balances must be segregated from the rest of the firm’s accounts unless the firm discloses its intent to use them, and affirms that they will

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