Bank Branch Sharedealing

Duke203

Good afternoon

I have a share certificate in front of me for a FTSE100 company and the value is about £2,000. I am looking into the various options for selling these but there is not a great deal of information about selling these through your bank branch.

Has anyone here got any information on 2 points specifically that I have please.

Firstly, what is the usual spread of prices that they give you? Is it the standard couple of pence either side of the current price, or would my £5 share (for example) be sold for £4.50?

Secondly, as I bank there, how long would the money be in my account? I would have the certificate with me along with my bank card so surely they can't take too long.

My bank is RBS although I have just opened an HSBC one so details about these two specifically would be grand I understand the cost is higher for this form of selling, but if I can save a week or two waiting for the cash then I'll go for it.

Thank you for reading my ramblings

On edit: Sorry, one further point please. Would they give me the price there and then and I would have it 'locked in' so to speak. Getting a little nervous about this Euro unpleasantness

JoeCrystal

Well, you can just transfer your share certs for free with most internet share dealing accounts and just pay internet dealing charge instead? When you sell online, you could be able to see how much you be getting beforehand. With my internet share dealing account broker, it take about three days before you can transfer the money out since it tend to settled three days later. It take another three days or so before you get the money in the bank.

It may take time for same amount of time or longer to arrive into your account through bank branches anyway. You might as well reduce the cost of selling as much as possible.

Speaking of which, I am actually very surprised that banks still offer share dealing through branches from what you are saying.

Cheers

Joe

gkerr4

yep - what he said above - open an online trading account and transfer it in to an online account - then you can track, price and sell as you wish.

there are loads to choose from - bear in mind that most banks use a T+3 system which means they provide you with a credit line and trading account - this gives a search on your credit file, which you can avoid as most online trading accounts require you to pre-pay your trading account with a debit card first. i use iii.co.uk for most of my trading but there are a lot to choose from. once setup, it'll cost you around £10 to sell and yes, on a £5 share the spread is likely to be a few pence, not 50p as your second example.