dough is closing FAQ

How do I withdraw funds from my dough account?

You can choose to close any open positions and withdraw any remaining cash balance or proceeds via ACH after it settles (T+1 for options and T+2 for stock and futures).  If you do not have a bank account linked to your dough account, please visit our help center for instructions. You must verify and/or link your bank account and withdraw funds before September 23rd to ensure timely completion of your withdrawal and the closing of your dough account by the transfer date of October 1, 2021. After your withdraw completes and your account has a $0.00 balance, you may write to help@dough.com and request an account closure.

Additionally, you may request a check delivered by regular mail or perform an outgoing wire transfer. Our clearing firm charges a $5 fee for checks and $30 for an outgoing wire transfer. Please reach out to help@dough.com if you wish to receive a check or set up an outgoing wire transfer. 

After dough closes, you canarrange withdrawals by reaching out to Apex’s BDW account team at bdwacct@apexclearing.com for instruction.

How do I transfer my account to another brokerage?

To transfer a dough account with open positions and/or cash to a different brokerage firm, you will need to initiate an outgoing ACATS (Automated Customer Account Transfer Service) Transfer at the brokerage firm you are transferring the content of your dough account to. In most cases, you will need to have a like-account open at the firm you are transferring to. For example, if you have an individual margin account at dough then you must open an individual margin account at your receiving firm.

We ask that you submit an Outgoing ACATS Transfer request with your receiving firm from dough by September 23 to avoid the chance that your account will not be in the group of accounts that automatically transfer to our clearing firm, Apex. There are critical cut-off times that dough has no control over that your new broker will need to abide by for dough/Apex to receive the necessary ACATS instructions for your dough account to transfer out using the ACATS process. Please communicate this cut-off date of September 23, 2021, for dough to receive proper ACATS instructions to your new brokerage firm to ensure timely delivery of your dough account to your receiving firm.

One thing to note is that you’ll still be able to transfer out your account after dough closes since it will still be in the custody of Apex. Similarly, all you would do is initiate the outgoing ACATS Transfer with the receiving firm. Just ask the firm you’re moving to for their ACATS instructions, and they’ll know what you’re talking about. 

All ACATS Transfers requests initiate from the receiving firm and are subject to a $75 Outgoing ACATS Transfer Fee, charged by our clearing firm, Apex Clearing Corporation. As a result, your account must have $75 or more in available cash to facilitate the transfer.

However, if your account only holds cash, you can withdraw your account balance via ACH, check, or wire and then write to help@dough.com after you withdraw your funds. 

How can I manage my portfolio if my account gets transferred to Apex?

After dough closes, we will no longer serve as your introducing broker. When your account gets assumed by Apex, our clearing firm, you must reach out to Apex’s BDW Accounts team at bdwacct@apexclearing.com. Apex will only accept closing orders. 

How do I get grandfathered into dough’s commission schedule at tastyworks?

Are you a new tastyworks customer? To open a tastyworks account, just go to tastyworks.com and click “Open an Account.” To be grandfathered into dough’s commission schedule of $0*/contract for equity options, make sure you click the button in the email you received initially informing you of dough’s closure so that the dough referral code gets applied to your account application. 

Are you an existing tastyworks customer? If you are an existing tastyworks customer, you can be grandfathered to dough’s commission schedule of $0*/contract for equity options by transferring your dough account via ACATS to tastyworks. However, suppose you are an existing tastyworks customer and did not have an individual cash or margin account. In that case, we will grandfather the dough commission schedule for equity options ($0*/contract) to the individual cash or margin account that you open. 

Whether you are a new or existing tastyworks customer, note that the dough commission schedule will only apply to one account, not to any additional tastyworks accounts you open.

*Clearing and regulatory fees still apply.

How do I retrieve my account documents?

While dough is still open you may retrieve any account documents such as prior-year tax documents, monthly statements, and trade confirmations in the dough app. After dough closes, you can retrieve your account documents and view historical account activity by setting up a view-only Apex Online account. Please reach out to Apex’s BDW Account team at bdwacct@apexclearing.com for instructions.

When is dough’s last day of business?

The last trading day at dough will be Friday, October 1, 2021. Any account that is still open on that day will be transferred to our clearing firm, Apex Clearing Corporation. If you have a cash balance, open position(s), or closed a trade that did not settle on or before Oct. 1, you will need to reach out to Apex as they will act as your new broker after October 1st.

Who can I contact if I need help?

While dough is still open, please direct any questions to the dough support team at help@dough.com or chat us through the dough app. Please note that tastyworks personnel will not have any information about your dough account, so if you have any questions about your dough account in the meantime, please reach out to the dough support team.

After dough closes, your account will be assumed by our clearing firm, Apex Clearing Corporation. If your account is still open on Friday, Oct. 1, Apex will act as your broker. You must reach out to Apex’s BDW Account team at bdwacct@apexclearing.com if you have any questions about your account.

Who is Apex Clearing Corporation?

Apex Clearing Corporation is dough’s clearing firm and custodian of your account assets. In this industry, dough is referred to as an introducing broker. As a result, dough does not hold any of your assets. Rather, dough facilitates your trades while your assets are in custody and held at Apex. 

Who is tastyworks?

tastyworks is our sister company under the tastytrade family of companies, which dough falls under as well. 

Will I have to start paying commissions at tastyworks?  

The commission schedule for stocks or ETF share trades ($0 to open and to close) and Small Exchange Futures ($0.25*/contract to open and $0.25*/contract to close) is the same from dough to tastyworks.  However, dough account holders will be grandfathered to tastyworks with $0*/leg commission for equity options. However, suppose you’d like to trade other products not previously offered with your dough account, such as proprietary index options** (SPX, NDX, VIX, etc.), CME futures, CME Micro Futures, CME Futures Options, and cryptocurrencies. In that case, those trades will be subject to tastyworks’ commission schedule. To learn how to grandfather your dough commission schedule for equity options, please refer above to the “How do I get grandfathered into dough’s commission schedule at tastyworks?” section.

*Clearing, Regulatory, and Exchange fees still apply.

**Proprietary Index Options are subject to commission and an additional fee on a per-contract basis.

Why did my ACAT fail?

If there are any issues with your outgoing ACAT Transfer causing it to reject, your account will be responsible for any fees incurred. When you request an outgoing ACAT transfer from dough with the firm you are moving to, make sure that you do not have any options position(s) expiring within 10 to 15 days. Additionally, after you make an ACAT request with the firm you are moving to, if you manage any positions after requesting an outgoing ACAT transfer, that can cause your ACAT transfer to reject. 

Why does it say I have $0.00 to withdraw after closing a position?

When you close a position, the cash from the trade must settle before it is available for withdrawal. Any cash that does not settle before Oct. 1, 2021 will transfer to our clearing firm, Apex Clearing, so please be mindful of settlement times if you plan on withdrawing cash from a closing trade. After dough closes, you must reach out to Apex’s BDW Account team at bdwacct@apexclearing.com to request any withdrawals. Unfortunately, we do not have any way to expedite settlement. To learn more about settlement times, please click here. 

Why is dough closing?

Our parent company, tastytrade, Inc., wholly owns two broker-dealers (dough & tastyworks), and we made the tough decision to close dough to streamline operations under one brokerage, tastyworks, our sister company.

Will the dough app still be available at tastyworks? 

You bet! In addition to the dough app, you’ll also have expanded trading platform access if you transfer your dough account to tastyworks, so there’s no need to learn a new set of “hands” if you don’t want to. However, if you want to explore the other platforms tastyworks has to offer, then they’re at your fingertips. 

To sign up for the next live tastyworks desktop demo, please click here.
To learn more about the platform offerings at tastyworks, please click here.