Customer Account Statements

What this video covers

• Why the quarterly minimum kicks in for any account with a security position, money balance, or activity, even a one-dollar cash balance with zero trades
• Which account types get bumped up to monthly statements: active accounts, options accounts, margin accounts with a debit balance, and penny stock accounts
• The four strict conditions a DVP/RVP account must meet to be exempt from quarterly statements, and why three out of four still fails
• The penny stock rules: monthly statements delivered within 10 days of period-end, the specific conspicuous legend about limited pricing data, and the six-consecutive-month inactivity rule that drops the account back to quarterly
• What the required customer advisory must say about reporting inaccuracies, and why oral complaints have to be confirmed in writing to protect rights under the Securities Investor Protection Act (SIPA)
• How statements must direct customers to report discrepancies to both the introducing firm and the carrying (clearing) firm when the account is serviced by both
• The exact content requirements: positions, balances, activity, and the estimated market value plus share count for penny stock holdings