Who keeps the interest during lag time for deposits & withdrawals?

Discussion in 'Retail Brokers' started by Option Trader, Jan 9, 2008.

  1. 1. One broker I use holds the check for over a week before registering the funds as "cash", and meanwhile only provide purchasing power.

    2. Another broker I use, when wiring funds to another broker, already deducts the funds from the first account the moment it is "sent", even though they don't actually send the money till the next day.

    Do brokers keep the interest for such things?
    IS this also what banks do?