This is so hilarious, I must share what happened to me yesterday for everyone to read.
Yesterday at around 1pm, I received an email from Maybank-Kim Eng telling me that I got a margin call. In that email, I was told that can either pony up $7k or they will sell off $22k of my shares.
I've only traded for a day. With a cash collateral of $10,000, I bought about $22k of REITs and even made $60 on the first day and I received a margin call a day after that ?!?!?
The news almost gave me a heart attack.
At around 3pm yesterday, my broker wrote me back telling me that it was a mistake and nothing needs to be done on my side. Apparently, a colleague was allowed to use the broker's name ( I'm not even sure this is ok from a compliance perspective ! ) to write ......