Most of you are helping the GME shorts and you don't even know it
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/CalamariAce](https://www.reddit.com/user/CalamariAce/)| [Reddit](https://www.reddit.com/r/wallstreetbets/comments/l2n5wv/most_of_you_are_helping_the_gme_shorts_and_you/) | 

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[DD](https://www.reddit.com/r/wallstreetbets/search?q=flair_name%3A%22DD%22&restrict_sr=1)

Since many of you are looking at new brokers, it's a good time to see which ones allow you to opt-out of share lending. Some brokers (cough Robhinhood) will happily loan out your shares to people who want to short stocks you own. Did I mention the gobs of money they make doing this?

The following table compares the *fully-owned* share lending programs offered by brokers, if any:

| Broker | *Fully-Owned Share Lending* |
| --- | --- |
| Ally Invest | #3: Enrolling in Ally's [Securities Income program](https://www.ally.com/invest/self-directed-trading/securities-income-program/) requires meeting certain requirements and completing an opt-in form. You need to make a call to Ally to unenroll. |
| Avanza | #2a: Their website says that "[Everyone is included automatically](https://www.avanza.se/konton-lan-prislista/konton/kapitalforsakring/aktielan.html)", with an option for manual [opt-out](https://www.avanza.se/min-profil/installningar/aktielan.html) of the program. However, [/u/Snelsel](https://www.reddit.com/u/Snelsel/) reports that "lending only applies to those who have capital insurance activated. Capital insurance is not active by default. I called them and it did not apply to my "aktiedepå-konto". As per their website it is also clear that the receiver is Morgan Stanley. There are several prerequisites for the loaning to happen. One being that Avanza Pensionsfonder is trading the stocks you happen to own." And [/u/Insani0us](https://www.reddit.com/u/Insani0us/) reports that share lending "only applies to Kapitalförsälringskonton and not ISKs". |
| BinckBank (SaxoBanck group) | No info submitted. Feel free to contact your broker, and I will add here any info they provide you! |
| BM mBank via KBC broker (Polish) | #5: [/u/Lamatotalna](https://www.reddit.com/u/Lamatotalna/) reports no fully-owned share lending program |
| BMO (Bank of Montreal) | #5: Their client agreement allows for BMO to lend/borrow shares without explicit authroization from the user, "so long as any Obligations to BMO InvestorLine exist." In other words, they can loan your shares but only if you had a negative margin balance (i.e. using money borrowed from the broker). |
| Bolero (Belgium) | #5: [/u/kama5638](https://www.reddit.com/u/kama5638/) reports no fully-owned share lending program |
| capital.com | #2b: [/u/Obvious-Elk8708](https://www.reddit.com/u/Obvious-Elk8708/) provided the reply from capital.com support, "We kindly note that trading on Capital.com you don't own real shares." capital.com uses [CFDs](https://www.investopedia.com/articles/stocks/09/trade-a-cfd.asp); the underlying shares can be loaned out since you don't own them to begin with. |
| Comdirect | #5: [/u/FpoonSpork](https://www.reddit.com/u/FpoonSpork/) reports no fully-owned share lending program |
| Commsec | #5: [/u/MikeOxxxmal](https://www.reddit.com/u/MikeOxxxmal/) reports in a conversation with support that Commsec shares "are not and will not" be lent out. |
| Degiro | #1: Share are lent if you have a "basic account" plan. You can avoid this by using a "custody account" instead. The account type cannot be converted, so you need to create a new custody account and then transfer funds over. NOTE: According to a customer service email received by [/u/LeftyLuke-87](https://www.reddit.com/u/LeftyLuke-87/), "... share lending at DEGIRO is only internally possible and that it is not possible to lend American stocks. [If] your only position is in Gamestop, making a Custody account will not make a difference." |
| eToro (US) | #2a: Share lending is the default. You can file a support request to opt-out. You need to be firm with them about it, as they will try to convince you not to disable it (it's a big money maker for brokers) |
| eToro (UK, Slovenia) | #5: [/u/Ed_Fire](https://www.reddit.com/u/Ed_Fire/) reports a reply from eToro UK support: "eToro does not currently engage in securities lending. However, we may decide that this is the appropriate action to take in the future. Please note that, should we decide to go in this direction, it will not be possible to opt out of this process." |
| eTrade | #3: eTrade will give you 50% of share-lending proceeds if you opt-in to their [Fully Paid Lending program](https://us.etrade.com/what-we-offer/our-accounts/fully-paid-lending). However, they will loan out your margin account shares regardless of your participation in this program. The only difference is whether you're getting paid 50% or not. So you should either opt-in, or downgrade to a cash account to prevent shares from being lent. |
| Fidelity | #4: Fidelity will loan out your securities if you have options level 3 or 4 trading permissions. You can phone them at 800-343-3548 and tell them not to lend specific shares (or all shares), which will take effect after a 3-5 day adjudication process and may or may not result in downgrading to level 2 options trading level. (Other uses report success using [Live Chat](https://chat.fidelity.com/ftgw/chat/guest/login_page?verror=yes))Fidelity also has a [Fully Paid Lending program](https://www.fidelity.com/trading/fully-paid-lending) which will allow you to profit from lending your shares, but you need an account value >= 250k to be eligible. |
| Freetrade | #5: [/u/ancientgreenthings](https://www.reddit.com/u/ancientgreenthings/) reports no fully-owned share lending |
| Hargreaves Lansdown | #5: [/u/No_Run3357](https://www.reddit.com/u/No_Run3357/) reports no fully-owned share lending program |
| IG (UK) | In conversation with IG support, [/u/whiskyteats](https://www.reddit.com/u/whiskyteats/) reports that IG does not lend shares. |
| Interactive Brokers | #3: IB's [Stock Yield Enhancement program](https://www1.interactivebrokers.com/en/index.php?f=46942) can be found under Settings --> Account Settings on their website (last item on right-hand pane). Default opt-in when you signup with them with a margin account. However, a credible individual also reports that "IB reserved the right to lend the stock", regardless of whether you opt-in to the Stock program to receive your cut. You cannot disable this, at least for IB users trading in Germany. This may or may not apply to other countries too, we don't know at this point. |
| J.P. Morgan Chase Self-Directed (formerly You Invest) | #5: "Margin trading is not available on Self-directed accounts so your securities are not lent out and do not participate in any lending programs." JP Morgan reply reported by [/u/terholan](https://www.reddit.com/u/terholan/) |
| M1 Finance | #2b: M1 [loans out your shares](https://www.m1finance.com/blog/how-m1-makes-money/). You are auto enrolled unless you email <support@m1finance.com> and request to Opt Out of their Securities Lending Program. |
| Merrill Lynch | #3: Merrill appears to offer a [Securities Lending Program for margin accounts.](https://www.seclending.ml.com/) No info yet on their opt-in / opt-out policies. |
| Nordnet (Sweden) | #2a,3: [/u/cornersafe1](https://www.reddit.com/u/cornersafe1/) reports that "If you have a "investment account Zero / IKZ", you have to [OPT-OUT](https://www.nordnet.no/no/tjenester/kontoer/investeringskonto-zero/utlan-aksjer)". Nordnet also offers a separate [stock lending program](https://nordnetab.com/stock-lending-program-give-the-savers-additional-return/) which is only enabled when you opt-in, but this only applies to [lending out Nordic shares](https://www.nordnet.se/se/marknad/aktier/aktielaneprogrammet) per [/u/Sparrowy](https://www.reddit.com/u/Sparrowy/). |
| OnVista | "They never lend out your shares" according to a user who spoke to onvisa support. |
| Qtrade | #5: No fully-owned share lending program per [/u/crscrs5](https://www.reddit.com/u/crscrs5/) conversation with Qtrade support. |
| Questrade | #5: ~~One Canadian user reported that Questrade loans out their shares regardless of account type, with no way to opt-out~~. Multiple other users have reported conversations with Questrade that fully-owned shares are not loaned out. [Conversation with Questrade support](https://imgur.com/i5SjED9). |
| Public.com | #2a: [/u/salientecho](https://www.reddit.com/u/salientecho/) reports that public.com has "fully paid securities lending turned on by default for cash accounts and do not have an in-app setting to change it" and that "you must contact customer support to opt out." |
| RBC Direct | #1: [/u/bethebenoodle](https://www.reddit.com/u/bethebenoodle/) called RBC and was told that shares shouldn't be lent out with TFSA or with cash accounts. No info about how fully-owned shares are treated in margin accounts. |
| Revolut | #5: [/u/polenta2025](https://www.reddit.com/u/polenta2025/) and [/u/robertino129](https://www.reddit.com/u/robertino129/) reports that this broker does not lend shares. |
| Robinhood | #1: The [RH website](https://robinhood.com/us/en/support/articles/how-robinhood-makes-money/) says it makes money by loaning your "margin securities". Switching to a Cash account should prevent this. They also loan shares bought on instant-deposit and shares purchased with unsettled funds. |
| Saxo | #5: [/u/Jaded_Voice6422](https://www.reddit.com/u/Jaded_Voice6422/) reports no fully-owned share lending program |
| Schwab | #3: [Security Lending Fully Paid Program](https://client.schwab.com/secure/file/P-5182696/MKT33373-05.pdf) (SLFPP). Some users reported they were opted-in by default, but you should be able to opt-out if desired. |
| SoFi | #1/2a: Your Active Invest accounts may be involved in securities lending. If you didn't buy the shares on margin, call SoFi at 855-525-7634 and ask to opt-out of securities lending for your fully-owned shares. |
| Stash | #3: Stash offers a [securities lending program](https://learn.stash.com/securities-lending) which you can opt-in or opt-out of as desired |
| Swissquote | #5: [/u/Arduou](https://www.reddit.com/u/Arduou/) reports in a conversation with support that they do not lend shares. |
| Tastyworks/TastyTrade | #1: Conflicting user reports. Some users report Tasty only loans shares bought on Margin just like TDA. Others are reporting that Tasty will loan out your shares in a margin account, regardless if they were bought on margin, and that downgrading to a Cash account is the only option to stop lending, and that you can do this by filling out an "[Internal Transfer Request](https://assets.tastyworks.com/production/documents/internal_transfer_request.pdf)" form, and submitting it to <accounts@tastyworks.com> |
| TD Ameritrade | #5: No fully-owned share lending program |
| Tiger Brokers | No info submitted. Feel free to contact your broker, and I will add here any info they provide you! |
| TradeRepublic (Germany) | Multiple users reporting that TR does not lend shares. |
| TradeStation | #3: [/u/whaddupmonica](https://www.reddit.com/u/whaddupmonica/) reports in a conversation with support that shares can only be loaned "in equities accounts that are enrolled in fully paid lending". This appears to be disabled unless you deliberately enroll in their share lending program. |
| Trading 212 | #1: [/u/KingSkegness](https://www.reddit.com/u/KingSkegness/) reports that share lending opt-out is not possible for Invest accounts, but is supported for ISA accounts. |
| US Bancorp Investment Management | [/u/skrimskram](https://www.reddit.com/u/skrimskram/) reports on a call with US Bancorp that "they don't lend out shares/securities unless you have a margin account. If you do have a margin account, then I believe share lending needs to be authorized." |
| Vanguard | #5: No fully-owned share lending program |
| Wealth Simple | #5: No fully-owned share lending program |
| Webull | #2a: Webull loans out your shares, regardless whether you have a Margin or Cash account. You can opt-out on the Webull app under Settings --> Account & Security --> Brokerage Account --> More --> Stock Lending Income Program --> Exit |

Reasons you might want to disable your share lending settings include:

1.  You don't want to lend your shares to people trying to short your stocks

2.  You think the person/entity loaning your stock may not return them

3.  You're not being compensated well enough (or at all) for putting your stocks at risk

These programs are complex and highly variable depending on your broker. Without getting into all the details now just now, you should be aware of the most common types of lending:

-   Brokers reserve the right to lend out securities bought on margin (in other words, with borrowed money from your broker). To avoid this type of lending, don't buy stocks on margin. As far as I know, this is the case for all brokers that offer margin accounts. (However if you have explicit confirmation to the contrary from your broker, feel free to provide it here!)

    -   Same deal with unsettled trades. Your broker will loan out shares you bought until they are required to "really" deliver them to you at settlement 3 days layer, which also applies to cash accounts. Additionally, your broker can lend out shares purchased with unsettled funds in a margin account. You can only minimize this by trading less (in the first case) and not trading with unsettled funds (in the second case).

-   Most brokers can ALSO lend out your fully-owned shares. Brokers will do one of the following:

1.  Lend out fully-owned shares purely based on the type of account or level of trading permissions you have (e.g., Margin account type). The only solution in this case is switching account and/or trading permission types. Example: Degiro

2.  Lend out fully-owned shares regardless of account type (even Cash accounts).

    1.  Some brokers allow you to opt-out. Example: Webull

    2.  Some brokers do not allow you to opt-out. Your only recourse to avoid lending is switching brokers. Example: M1 finance

3.  Lend out fully-owned shares in a Margin account, and giving you a portion of the profits. These programs vary widely in the way they work. Some require account minimums (Fidelity requires 250k+ account), or will only loan domestic shares (e.g. Nordnet), among other caveats.

4.  Some combination of the above

5.  None of the above (i.e. no lending) Example: TDA, Vanguard

So yeah, every broker does it differently. The numbered scenarios here are referenced in the table above. The table only addresses fully-owned share lending, because the ability for your broker to lend your shares bought on margin is (as far as I know) the same with all brokers.
