Do they say you can’t use it on Robinhood? Your logic is missing a couple of parts.
Call your bank.
I wonder if campaign contributions were still allowed? Which is the biggest definition of gambling.
If you live in a state that prohibits gambling then the bank will have to adhere to state law.
I live in California and I can’t use my credit cards to gamble outside of the state.
What state do you live in? Mine outlawed those sports betting sites.
My bank has done that for years.
Shorting DraftKings, Inc right after I hit enter.
They should ban margin purchases altogether with these stocks. Make purchasers pay for it out of their own funds.
FWIW, I got this notice from my broker (E*Trade) Wednesday. I have to wonder if it is connected to the GameStop situation. The “holding” is not GameStop and I’ve not seen it mentioned in any of the stories on short trades, but it has shown sharp swings of prices in the last 3 weeks. I’ve held this stock for over 20 years.
***01/27/21 09:15AM ESTSpecial Margin Maintenance Requirement Increase
To effectively manage the risks associated with margin trading, E*TRADE periodically reviews and updates margin requirements.
The maintenance requirement for your holding below has increased. This may decrease your available purchasing power. It may also put your account at risk of a house call if your equity falls below the minimum requirement.
Account: XXXX-XXX
Holding ticker symbol:
Holding description:
New requirement: 100%
Old requirement: 60%
Please note: If you have uncovered options on this security, your requirements for those positions may also be affected.
This market-index no thrills non gambling ‘get rich slowly’ investor LOVE seeing those SOB bastard short sellers and the margin users getting hammered; it’s like watching a crappy driver who cuts you off slam into a telephone pole.
Risk sucks. Short sellers suck more and I’ll gleefully laugh to see anyone who has shorted a company holding a ‘will work for food’ sign. A pox on all volatility and those who create or thrive on it.
Your post makes no sense. Can you add context or background to what it means?
