Payment Period and 90-Day Freeze
Customers of member firms who miss the settlement date are offered two additional business days for payment and delivery for both cash and margin accounts. This is known as a payment period and constitutes the number of days in the T + 2 settlement cycle plus two business days. Broker-dealers must obtain full cash payment from a customer’s purchases within one payment period, or four business days, of the date they were purchased.
Broker-dealers may buy securities for any customer who has sufficient fun
