If I hold a short position over the weekend or holiday, will I be charged?

If you hold a short position after 8PM ET on Friday, the cutoff period to close your position, you will NOT be charged overnight borrow fees for the weekend due to the short trade settling on Monday. However, all short positions, if held after 8PM Eastern Time, the cutoff period
to close your position, on Thursday, will be charged overnight borrow fees for
the weekend due to any covering trade not settling until Monday at the
earliest. It is important to understand, an overnight borrow fee is based on
settlement (T+1) date.
For Example:

• Will not be charged for the weekend
  On Tuesday, Sell Short 100 XYZ
  On Thursday, Cover 100 XYZ
  Reason: Cover trade settles on Friday
  
  
• Will be charged for the weekend on Thursday
  On Tuesday, Sell Short 100 XYZ
  On Friday, Cover 100 XYZ
  Reason: Tuesday trade settles on Wednesday and Friday trade settles on Monday
  
  
• Will not be charged for the weekend
  On Friday, Sell Short 100 XYZ
  On Monday, Cover 100 XYZ
  Reason: Friday trade settles on Monday
  
  
• Will be charged for the weekend on Thursday
  On Thursday, Sell Short 100 XYZ
  On Monday, Cover 100 XYZ
  Reason: Thursday trade settles on Friday
  

How are Overnight Borrow Fees charged on a Thursday?
All short positions, if held after 8PM Eastern Time (the cutoff period to close your position) on Thursday, will be charged overnight borrow fees for the weekend due to any covering trade not settling until Monday at the earliest. It is important to understand, an overnight borrow fee is based on settlement (T+1) date but charged by our clearing firm on T+2 date. If you hold a position short overnight on Thursday, your account will incur 3 nights of overnight borrow fees as the earliest a short position held overnight on Thursday can settle, will be Monday.