Personal Finance & Money Asked by Guy B on May 1, 2021
I accidentally bought a stock in the wrong account. I don’t have the money to cover it. Can I sell it same day to get out of it, or, what do I do?
My other account is TFSA so I don’t want to transfer money over and I don’t have any other cash to cover it.
Selling the stock today might make the problem worse. It might result in a good faith violation, freeriding violation or cash liquidation violation, which might result in a temporary restriction being placed on your account.
Call your brokerage on the phone and ask them what to do.
If you already sold the stock, and your account now has a credit balance (that is, a positive balance) in cash, I can't think of anything further that you can do to make the situation better.
Answered by Tanner Swett on May 1, 2021
In Australia at least you buy & sell all through the day and owe (or are owed) your end-of-day net after T+2 days. So "yes" if your broker has allowed you credit to buy without a balance in your trading cash account. Any obligation is between you and your broker and whatever terms they gave you.
After 14 hours, I am guessing this answer is now irrelevant though.
Answered by LoztInSpace on May 1, 2021
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