Urgent advice needed - trouble with stock broker

joshclem

Hi

I have £2500 in my account with share.co.uk

£900 in shares and £1600 in cash

I deposited this £1600 on friday, I had a family emergency over the weekend and was going to buy share's with this money, but I cancelled the buy and left the money as cash in my account

I requested the money via same day transfer today because of my emergency, they told me they will not recieve the funds / they will not clear until Wednesday and they can send on Thursday.

I have sent them a picture showing the funds leaving my account but they are still not willing to send me the money - is this normal / fair / acceptable?

I need the money urgently... long before Wednesday... if the fund's truly havent gone into the account yet could I call my bank and ask them to cancel the payment and put the money back in my account or is it far too late?

I also think the share.co.uk should send my money as they have £900 in my share's currently... but they say it will take them 3 days to sell those share's and recieve the cash to send to me...

help!

sami456

The money is now going between your account and theirs (a sort of no mans land). I have had this problem in the past with it taking three working days but I thought the banks had improved this system. I now make sure I use the immediate payment method when sending bank payments but of course that is no help to you now.

Nicholas-bloody-Parsons

I had similar issue with a broker. If they use BACs then 3 working days is the usual time it takes.

A same day, CHAPS transfer is usually available at extra cost, the fee is normally £30.

Shaolin_Monkey

It is worth speaking with your bank yes. I was under the impression that all banks were now using the 'Faster Payments' system rather than the old fashioned BACS. This usually takes from less than an hour to a few hours rather than days for a payment to be cleared. I don't have any specific knowledge on bank processes, but that is my current understanding. Your bank should be able to tell you when the payment is going to clear to their account.

Just one other thing, it's sensible to have at least a few months income saved in ready cash before you make any long term investments. You really shouldn't be buying shares without that. If you had bought shares (say on Friday), a trade takes 3 days to be settled, without exception. So even if you sold them today the funds would not be accessible until Thursday.

alanq

Shaolin_Monkey wrote: »

I was under the impression that all banks were now using the 'Faster Payments' system rather than the old fashioned BACS.

If the payment to the broker was made by Debit Card then Faster Payments will not be relevant.

rpc

A few working days to settle debit card payments is not unusual. They could refund it earlier, but it is up to them.

Three days to settle a share sale is normal.

You have little option other than to wait. Family emergencies should really be paid from the emergency fund that you have and not the investment money though!

atush

And this post shows Exactly why investing money when you have no emergency cash buffer, is a bad idea.

dealer_wins

If it is vitally urgent, hopefully your bank can arrange an overdraft, or someone in your family can help for 3 days.

dunstonh

I also think the share.co.uk should send my money as they have £900 in my share's currently... but they say it will take them 3 days to sell those share's and recieve the cash to send to me...

You normally have to wait until settlement before you get the money.

It does appear you dont understand investing. share.co.uk dont have your money. You invested in shares of a company. If you want your money back, share.co.uk have to sell your shares and wait to get the money themselves before they can pass it back on to. You tend to find only a few big companies (typically the more expensive ones like insurance companies) will fund withdrawals knowing that money is coming in later on.