Interest Charges in Cash Accounts. As an introducing broker/dealer MOIS does not extend credit to customers in connection with the purchase of securities. Any extension of credit for such purposes must be done pursuant to a margin agreement with Pershing. In the event you create a debit balance in a cash account from failure to make payment in full for securities purchased by settlement date, from failure to timely deliver securities sold, from proceeds of sales paid prior to settlement date or for other charges which may be incurred in your account, we reserve the right to charge you interest on such debits until satisfied by you. Cash accounts with debit balances may be subject to interest charges of up to 3.00 percentage points above the Pershing Base Lending Rate (PBLR). For cash accounts, interest on debit balances is computed using the average daily debit balance of the account and the applicable interest rate in effect to determine the amount of interest charged per day. This amount is then multiplied by the number of days a daily debit balance was maintained during the interest period. Interest charged during the interest period is the total of such daily computations. The rate of interest charged to your account will be changed without notice in accordance with changes in the PBLR and in your average debit balance. Your monthly or quarterly statement will show this dollar amount of interest and the interest rate charged to your account.
Interest Charges in Cash Accounts. As an introducing broker/dealer we do not extend credit to customers in connection with the purchase of securities. Any extension of credit for such purposes must be done pursuant to a margin agreement with the Clearing Firm. In the event you create a debit balance in a cash account from failure to make payment in full for securities purchased by settlement date, from failure to timely deliver securities sold, from proceeds of sales paid prior to settlement date or for other charges which may be incurred in your account, we reserve the right to charge you interest on such debits until satisfied by you. Cash accounts with debit balances may be subject to interest charges of up to 3.00 percentage points above the Pershing Base Lending Rate (PBLR). The rate of interest charged to your account will be changed without notice in accordance with changes in the PBLR and in your average debit balance. Your monthly or quarterly statement will show this dollar amount of interest and the interest rate charged to your account.
