Can i short sell a stock through my brokerage account with usaa bank?
If i cant what do i need to do to be able to short sell stocks.
- 4 years agoFavorite Answer
YES USAA is a self clearing brokerage firm that offers full srvices for their clients BUT you will need their perrmission to sell short.and of course you can not short penny stocks.
DAVID - When a person sell short, THEY DO NOT HAVE TO BORROW THE STOCK, it is the brokerage firms esponsibility to borrow the stock since they need the stock to cover the fail to deliver and not the customer, and when they cover their short THEY DO NOT have to return the stock, the brokerage firm must return the stock. The stock loan/borrow agreement is signed by the brokerage firm not the customer, and the loan/borrow is recorded on the books of the firm and IS NOT posted to their account.
Becareful, you give out bad information on many of your responses
- Ziff SpiffingtonLv 74 years ago
you have to set up a special brokerage acct with a lot of money to short stocks
- A nobodyLv 74 years ago
YES, very definitely, USAA is a very good firm that enjoys a very good reputation.
But remember, no reputable firm will permit you to short penny stocksSource(s): from The Street