Frequently Asked Questions: General
Can I use margin capacity in one account to collateralize a margin loan in another account?
Yes, the securities in one account can be used to collateralize a margin loan in another account provided that Vision has signed authorization from the owner of the account providing the collateral. Please note that securities in either account may be liquidated at any time to cover any resulting margin call (i.e. the risks associated with borrowing on margin apply to both accounts – not just the account with a loan outstanding). While two or more accounts can share margin excess, they can not share Special Memorandum Account (referred to as “SMA”).
Can I utilize a margin loan from Vision for purposes other than buying securities on margin?
Yes, margin loans through Vision can be used for other purposes. While the purchasing of securities is the most common use of margin funds you should know that the proceeds of a margin loan can be used for multiple purposes including meeting other financial obligations, making purchases (e.g. you can purchase a car utilizing proceeds from a margin loan) or just to raise cash should you need it. However, while margin lending provides flexibility you must remember that there are risks associated with utilizing margin and it is not suitable for all investors. Please read Vision’s Margin Supplement for more information and a thorough discussion pertaining the associated risks.
Does Vision offer any account protection?
Vision Financial Markets LLC is a member of the Securities Investor Protection Corporation (“SIPC”). SIPC provides up to $500,000 of coverage, with a limit of $250,000 claims for cash balances. This protection does not safeguard against a decline or loss in market value of the securities in your account. For more information, please read Vision’s Asset Protection brochure or visit the SIPC Web site.
Can my accountant or another person I designate have access to my information on your Web site and can I have duplicate copies of my trade confirmations and/or statements sent to someone else?
Yes, Vision allows you to authorize other individuals to either access your account information via our Web site or just gain access to your trade confirmations and month end statements. If you would like someone to receive duplicate statements or confirmations you may indicate that on the new account form or provide us with a written request. The ability to trade online via our Web site will never be given out unless you specifically designate an additional authorized trader on your account which requires you to complete, sign and submit a form for such purpose.
When are my trade confirmations available for viewing on Vision’s Web site?
Trade confirmations for all of the trading day’s transactions are generally available via our password protected Web site on or around 7:30 AM ET.
Whom should I make the checks payable to?
Checks must be made payable to “Vision Financial Markets” and should contain the account number in which it will be deposited in the memo portion of the check. For IRA deposits, checks must be made payable to “Sterling Trust Company” which acts as the custodian for IRAs at Vision.
How long does it take for my check deposit to clear?
Checks that are deposited into your Vision account have a three day holding period. Check deposits in excess of $100,000 may take longer to clear. Please contact our Client Services team at 1.877.836.3949 if you have specific questions on when your funds will be available.
How do I fund my Vision account?
You can fund your account through the transfer of securities or via a check deposit, wire transfer or ACH (electronic) payment. Please view Vision's Open An Account page for complete details regarding the various methods of funding your account.
What is an ACH transfer and how does it differ from a wire transfer?
An ACH is an electronic funds transfer system that you can utilize through your bank or other financial institution. An ACH transfer is free of charge and the funds are sent the same day, but can take up to 48 hours to be received by the other institution. Wire transfers are sent and received the same day, but involve a fee per transfer which can be expensive.
How do I make a withdrawal from my account at Vision?
Please contact Vision’s Client Services team at 1.877.836.3949 to request a withdrawal from your brokerage account. Funds can be sent to you via check, ACH transfer or wire transfer (note there is a fee for wire transfers). In order to take a distribution from a retirement account, you need to complete and submit a Distribution Request Form which is available on our Web site. Securities may be registered in your name and sent to the address of record for a fee. Please contact Client Services at 1.877.836.3949 to request a certificate to be re-registered (if necessary) and shipped.
What are the hours of Vision’s Client Services team?
Vision’s Client Services team can be reached each business day between the hours of 8:00 AM ET and 6:00 PM ET, 5:00 PM ET on Friday’s. You can reach us either by e-mail or by telephone: 1.877.836.3949.
What types of changes in my life require me to notify Vision?
You are required to notify Vision on any of the following changes: address, employment, marital status, death of an account holder, investment objectives, risk tolerance, income, liquid or total net worth. You can do so by submitting the “Account Information Change Request Form,” which is available on our Web site, to Vision’s Client Services team.
What should I do if my address has changed?
If your address has changed, you must notify Vision’s Client Services team in writing. Vision can not accept a request to change an address by telephone. Please complete and submit an “Account Information Change Request Form” which is available on Vision’s Web site. As soon as the address change is made in our system a letter will be sent to both your new and old address to confirm the change.