Money Requirements
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Minimum deposits: $0 / no minimum
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Minimum trades: None / no minimums
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Commission on trades: $0 / no commission on orders
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Bank deposit fees: $0, and instant transactions up to $100
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Debit card deposit fees: 5%
Account Regulations
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All accounts must have an eligible sponsor to act as the “custodian” for the account. This is most often a parent, older sibling or relative.
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The sponsor must be the age of majority in their state and eligible to invest themselves (US citizen, visa, green card, work permit or ITIN letter recipient)
Investing Regulations
Bloom follows standard brokerage practices. Most of the provisions below simply follow legal requirements:
- Pattern Day Trading is not allowed and will result in ban after a couple of warnings. Since day trading is illegal unless you meet the minimum requirements.
Transaction Regulations and Fees
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Returned Deposits result in temporary bans for the safety of your account, and to prevent incurred fees. A returned deposit happens when you have insufficient funds (deposited more than you had), incorrect banking info or expired bank connection.
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5 Business Day Settlement on stock sales. So, if you sold a stock on the 1st of a month, the earliest you could withdraw is the 8th (weekends do not count as business days).
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7 Business Day Hold on non-invested funds. So, if you deposit $100 but never invest it, on the 1st of the month, the earliest you can withdraw it is the 11th (weekends do not count as business days).
I think my account is banned. What do I do?
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Contact support from your app or email support@joinbloom.co
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Please explain why you think you are banned. The two indicators are: incoming transfers are being canceled 2) buying power is set to $0, even if you know you have funds there.
From here, our team will do everything we can to restore your account!