Series 24: Reserve Bank Account

Taken from our Series 24 Online Guide

Reserve Bank Account

The Customer Protection Rule also restricts the use of customer cash or margin securities to activities directly related to financing customer securities purchases. The firm cannot use customer property for its own operations without the customer’s written consent. The rule requires a broker-dealer to periodically compute the amount of funds obtained from customers (credits) and compare them to the amount it has extended to finance customer transactions (debits). If credits exceed debits, the broker-dealer is required to keep on deposit in a “Special Reserve Bank Account for the Exclusive Use of Customers” at least an equal amount of cash or cash-equivalent securities. This accounting must occur weekly for most broker-

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