I receive an email from Robinhood today that I do not understand. (*value's fictional but in ratio)
Our records show that there wasn't a sufficient deposit or liquidation in your account yesterday to cover your Reg T call, and thus your call is now past due. Your account will be restricted from buying stock today to avoid worsening your Reg T call. If you've already purchased stock today, those positions will be liquidated.
Please sell stock for at least $0.80 in your Robinhood account as soon as possible in order to return your account to good standing. If no action is taken, we will sell a portion of your stocks later today to cover the call. Note that depositing cash is not sufficient, you must sell stock.
I have a Robinhood Gold (margin) account, which my App says is in "Good Health"
Account Total Market Value: $4.18
($1.99 as Gold Used & $2.19 as Portfolio)
Initial Requirement: $2.10
Margin Maintenance: $1.04
Today's Day Trade Limit: $4.60
Robinhood Gold: $2.00
Gold Used: $1.99
AML Holding period $0.006
Total Original Deposits: $2
The only action I did yesterday was add 1 share to my position @ $0.046. Can someone please explain what is wrong or does this seem like an erroneous automated message?
Almost every resource I've found online suggests that Reg T does not apply to Margin accounts.
Except Nasdaq Regulation T Call.