Misleading rules of MMF cash fund! Beware!!
under rules of MMF cash fund, it said can be redeemed immediately to trade stock but apparently it is nonsense. i have to wait for two days for the amount to be credited to my account only can trade stock. can moomoo clarify this?! beware guys, if u plan to invest in this MMF cash fund.
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Moomoo Lily : Hi, @Moomoo Buddy Please assist. Thanks!
Moomoo Buddy : Hi, we are sorry for the experience you went through. Once you had redeemed, user who activate the margin function could use the equivalent of the amount to buy stock immediately. Thank you for your patience and understanding.
Keo11 OP Moomoo Buddy : If using margin, interest will be charged right ? What’s the point then?
Moomoo Buddy Keo11 OP : Hi, thank you for your patience. If you turn on the margin function, after redemption, you could use the equivalent amount to buy stock immediately. If you were to buy stock based on cash buying power with equivalent units showed at the order pad, then you will not get the interest charged.
Keo11 OP Moomoo Buddy : May I know how to turn on the margin function that u mentioned?
Moomoo Buddy Keo11 OP : Hi you may use the magnifying glass search bar and key in keyword "Margin Settings" click on "Margin Settings" and you may toggle to orange color to activate the margin function. Another route is Me >> Settings >> Account Page & Positions >>Margin Setting