Unforseen&Non upfront advertised Investment platform

gesdt50

Hi all. Some platforms don't show the charges & restrictions that they impose on you and your cash until you learn the hard way when you want to take uninvested cash out & then they inform via a brief info that it's 4 business days, I guess that would be 6 if a wknd is involved so investment platforms aren't like banks where you should ideally have instant(seconds) faster transfers that many banks don't honor anyhow although they do generally do within the 2 hr limit or end of business day at least

Wondering what other general sneaky tactics the investment platforms or using?

masonic

Which platforms don't make a list of its charges available until after you sign up? BACS transfer for withdrawals is pretty much the standard when it comes to investment providers, although some new entrants to the market are faster.

flaneurs_lobster

Ergo, if you want an account that gives you instant access to your cash then use an Instant Access cash account, not an investment account.

Name the "sneaky" investment platform(s).

dunstonh

 Some platforms don't show the charges & restrictions that they impose on you and your cash until you learn the hard way when you want to take uninvested cash out & then they inform via a brief info that it's 4 business days

What undisclosed charges are you referring to? - Please name the platform.

Are you referring to physical cash or investments on the platform? (the latter will always be delayed due to trading times and settlement periods)

, I guess that would be 6 if a wknd is involved so investment platforms aren't like banks where you should ideally have instant(seconds) faster transfers that many banks don't honor anyhow although they do generally do within the 2 hr limit or end of business day at least

You are correct. Investment platforms are not banks.

Wondering what other general sneaky tactics the investment platforms or using?

You haven't actually explained what sneaky tactics you think exist.

Albermarle

https://forums.moneysavingexpert.com/discussion/6659885/unforseen-non-upfront-advertised-investment-platform

so investment platforms aren't like banks 

Correct, they are investment platforms.

gesdt50

https://forums.moneysavingexpert.com/discussion/comment/81924665#Comment_81924665

Don't know what sneaky tactics, reason for asking; they're could be numerous ways of charging or holding ones cash and it was uninvested cash, completely out of and kind of trades - reason they've done four working days is because five with a wknd would be a week where one would'nt have access to there money & so four they probably decided sounds like four when in actual fact if you include the wknd, two days also as the bubble of info is displayed then it might as well be called a week, a lot of time I would say, I would have a business day or two in mind for a financial institution so, so many was a bit of a shocker

masonic

Financial institutions are not allowed to use sneaky tactics. They have a Consumer Duty set out by the FCA. What you describe is not sneaky, it is merely the consequence of an unreasonable expectation. The reason for the timescales you mention has nothing to do with scheming about what they can get away with, it is the result of long established clearing cycles, cut-off times, and settlement times.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81925018#Comment_81925018

Assuming you don't need to wait for a trade to settle, I know of a few brokers which use faster payments for cash withdrawals: Trading212, CMC Invest (same day if AM request), IG Invest and Freetrade if you're on the highest subscription, otherwise Bacs timescales. Hargreaves Lansdown was usually same day if AM request, next day if PM. Barclays SmartInvestor was same day to my Barclays current account and HSBC funds GIA is instant to my HSBC current account.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81925018#Comment_81925018

Nothing sneaky there. You have just described a BACs payment.

BACs payments to building societies and non-clearing banks often take 1-2 days longer than a clearing bank. So, timescales can vary from 3-5 working days.

jimjames

when you want to take uninvested cash out & then they inform via a brief info that it's 4 business days, I guess that would be 6 if a wknd is involved so investment platforms aren't like banks where you should ideally have instant(seconds) faster transfers

Not even all banks do that instant transfer. Try drawing cash out by bank transfer from YBS and it takes 2 days.

GeoffTF

You can add Vanguard to the list of platforms that use Faster Payments. Even if platforms use Faster Payments, they will often delay payments for security reasons ("You have made a payment, please contact us if you did not") or because they suspect fraud. Some platforms support CHAPS withdrawals at extra cost.