Interactive Investor - An Incompetent Firm

amandajc

gterr wrote: »

Then once the cash does hit my account I'll have the joy of waiting several days for III to transfer it to my bank account.

Can you not transfer the money into your bank account yourself via the "Fund/Withdraw" option? I've never tried to take money out this way - just used it to pay money in, but I presume it works both way?

gterr

amandajc wrote: »

Can you not transfer the money into your bank account yourself via the "Fund/Withdraw" option? I've never tried to take money out this way - just used it to pay money in, but I presume it works both way?

Hi, yes, that is the way to do it, but it takes at least 3 working days.


On this occasion I am not in a hurry for the money, but I'm getting an idea now of how long it takes with III to sell a fund and get the cash out to an external account. At least 11 days - more if Bank Holidays are involved.

masonic

gterr wrote: »

On this occasion I am not in a hurry for the money, but I'm getting an idea now of how long it takes with III to sell a fund and get the cash out to an external account. At least 11 days - more if Bank Holidays are involved.

Based on my experiences, orders placed on Tuesday or later would span two weekends with T+4 settlement followed by BACS withdrawal, so it could be more than 11 days even without bank holidays.

gterr

masonic wrote: »

Based on my experiences, orders placed on Tuesday or later would span two weekends with T+4 settlement followed by BACS withdrawal, so it could be more than 11 days even without bank holidays.

This is longer than, say, with HL or CSD?

masonic

gterr wrote: »

This is longer than, say, with HL or CSD?

With HL and CSD, the cut off period for same day dealing is later (or at least more reliable), so you might gain 1 day there. The settlement period is the same. HL (and I don't know about CSD) will send withdrawals by faster payment, saving another 3 days. So potentially, with HL, a sell order could be placed first thing on Monday morning and the money could be in your account on Friday, although normally you'd expect it to take 7 days.

OldDIYer

masonic wrote: »

With HL and CSD, the cut off period for same day dealing is later (or at least more reliable), so you might gain 1 day there. The settlement period is the same. HL (and I don't know about CSD) will send withdrawals by faster payment, saving another 3 days. So potentially, with HL, a sell order could be placed first thing on Monday morning and the money could be in your account on Friday, although normally you'd expect it to take 7 days.

I asked II why they don't use faster payments and they said something like 'we cannot use faster payments as we are not a bank'!:mad:

I was going to reply saying 'I am not a bank but I have no trouble paying the window cleaner by faster payments', but I didn't bother as they would have replied saying they'll pass my comment on ..... :rotfl::rotfl: