Quote:
Originally Posted by NOVA
No,did not cash in, just found nothing, they are transfering from one to the other, they show nothing in either, they told us there would be like a black out for a few days which is happening, I am just wondering when it comes back online, how can there be a loss if the funds were not in the market ?
I am sure this is not the first time something like this has happened.
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You are invested in whatever you had before -- the transfer has NOTHING to do with what you owned -- this is simply a paperwork transfer from one brokerage to the other. Trust me - when you open your account when they finally post your holdings -- you'll either be up or down depending on what the market has done. You did not escape the carnage -- nor would you have dodged the UP market if that happened instead.
The good news is -- you're in a blackout period -- so it probably will save you from following all the lemmings that are selling instead of buying. Retail investors always buy at the top - and sell lower.... LOL It's why the rich get richer and the average guy loses money. They never quite figure out you buy low and sell high.
There are instances where one brokerage can't or doesn't have a product that the other one has - in those instances the shares are sold and the cash is transferred to the new account. You would have been told and would have had to agree to that happening.