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"Opening an account was easier than I could have imagined...just a few clicks of the mouse and I was actively trading!"

Sanjeev Patel - Arizona**

**The testimonial is not indicative of future success

Misc. Fees


  Transfer Fees
  ACAT Transfer Incoming FREE
  ACAT Transfer Outgoing $50
  Check Request Standard Delivery FREE
  Check Request Overnight Delivery $20
  Check Request Overnight Delivery (International) $30
  DTC Transfer Incoming FREE
  DTC Transfer Outgoing $25
  Internal Journal Transfer FREE
  Wire Transfer Outgoing (Domestic) $15
  Wire Transfer Outgoing (International) $50


  Hard-to-Borrow (HTB) Fee - Varies
  Change Orders* FREE
  GTC Orders* FREE
  MBTX Advanced Orders* FREE
  Order Cancellations* FREE
  Phone Orders* FREE
  SEC Transaction Fee $16.90/million
  Trading Activity Fee $0.000075/share
  Futures Execution Fee (PGHCO) $1.00 / month


  Securities Processing Fees
  ADR Holding $.03 per share per year
  DWAC and DRS Processing
  (Incoming/Outgoing)		 $30
  Statement Withdrawal $30
  ESOP Trades $125
  Foreign Transfer of Canadian Securities per certificate $50
  Physical Stock Certificate Deposit** $75 per cusip/deposit
  Physical Stock Certificate Safe Keeping per Quarter $15
  Physical Stock Certificate Withdrawal (Non-DRS Eligible)
  Standard Delivery 		$235
  Physical Stock Certificate Withdrawal (Regardless of DRS Eligible)****
  Rush Delivery 		$575
  Restricted Stock Processing $125 per cusip/deposit
  Worthless / Non-Transferrable Securities $7.50 / month
  Warrant Exercise $125
  Worthless Security Reinstatement $15 / per cusip


  Miscellaneous Fees
  ACH Recalls/Returns/Reversals $30
  ACH Correction $5
  Additional Username* FREE
  IRA Annual $30
  IRA Closing $20
  Money Market Check Re-order $10
  Non-Sufficient Funds (NSF) - ACH and Check Deposits $30
  Research Fee   $25
  Returned Money Market Check   $30
  Returned Mail*** $2
  Stop Payment $30
  Wire Investigation $50
  Wire Recalls/Returns $30
  Wire Repairs/Amendments $15

** Fees may apply if original username has subscribed software data feeds

** We reserve the right to refuse acceptance of any submitted stock certificates. Processing of stock certificates usually takes a minimum of 15 business days.

*** Each piece of mail returned mail will be a $2 charge including statements and confirmations.

**** Any securities that can clear through the DTC's Direct Registration System (DRS) should be withdrawn via DRS transfer rather than a physical Stock Certificate. DRS eligible securities withdrawn by a physical Certificate can only be sent via Rush Delivery.


Worthless / Non-Transferrable Securities
Close Move

If DTCC deems a security worthless and non-transferrable when a security has no transfer agent or company contact for a period of six years or more. DTCC will charge all participants for holding this position monthly. To have this removed from account, please send an email to orderdesk@mbtrading.com

Misc. Fees
Close Move
SEC Section 31 Fee $16.90 per million
This fee is paid to the SEC (Securities Exchange Commission) and is based on the total dollar amount of securities sold. To calculate the fee, multiply the aggregate dollar amount of sales by the current fee rate (0.0000169). The resulting figure should then be truncated at the fifth place after the decimal point and then rounded up to the next cent. For more information please visit the FINRA website.
 
Trading Activity Fee $.0.000075 per share
The FINRA charges a Trading Activity Fee (TAF) to ensure adequate funding levels for its member regulatory program. All equity transactions (including Bulletin Boards and Pink Sheets) incur an additional $0.000075 per share charge (maximum of $3.75 on a 50000 share order), while option transactions will incur an additional $0.002 per contract charge, regardless of commission plan. For more information please visit the FINRA website.
Fees associated with Shorting Equities
Close Move

Please be aware that any equity that you “short” can be subject to added fees. Equity symbols that are on the "Easy to Borrow" list do not automatically qualify them to not be charged added fees. While this is subject to change the current fee to short any of the Equity symbols that are not on the “Easy to Borrow” list will range from 0% to 5% per year. All fees are calculated daily and the interest rate could increase and vary from day to day.

Intra-day locates for stocks that are not on the Easy to Borrow list are subject to the same fees with the initial percentage being 0% or greater.

Fees can change daily and are in addition to the Margin fees that are applied separately to all short positions held overnight.

SEC revised its short sale regulation regarding the prohibition of short sales of financial company stocks which, among other things, amended the list of securities which are to be covered. Pursuant to the short sale rules, Penson is required to borrow shares to make delivery and in doing so, incurs charges, which is passed through to your account. Each security’s availability vary day to day, in addition rates may vary as well. For more information related to the SEC Short Sale Rule, please visit SEC’s website at http://www.sec.gov/.

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