Deposit Guidelines

• All checks must be made payable to Penson Financial Services.
• Cash and Money orders are NOT acceptable for deposit.
• Third Party checks are not acceptable for deposit. A third party check, including Cashiers & Traveler’s Checks, are defined by Penson Financial Services as any check drawn on an account other than that of the owner of the account serviced by Penson Financial Services.
• Any deposits drawn in foreign currencies or against a foreign bank will be sent for collection. The customer will not be credited for the deposit until the bank has collected the funds from the foreign institution and credits Penson for the item in converted USD funds.
• All checks received for deposit by Penson for $25,000 or more will be deposited only after funds have been verified at the paying bank. In the event the bank informs Penson the funds are not sufficient to pay the item, Penson will attempt to verify funds for a period of 3 additional days. If after the third day, the funds are still not available for deposit the item will be returned to the customer un-deposited.
• Checks on which the written and numeric amounts do not agree will be returned to the customer un-deposited.
• All unsigned checks will be returned to the customer un-deposited.
• All checks received after the pre-printed expiration dates will be returned to the customer.
• Checks drawn against lines of credit or credit card accounts will be returned to the customer.
• All incoming checks for foreign accounts will be subject to a 30-day holding period prior to being eligible for disbursement (this does not prevent deposited funds being used for trading).

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