Apologies in advance, if this has been addressed elsewhere - seems like an obvious question: -

Why is it that it takes 3 working days to make a debit card payment to my MF Sharebuilder account, when with a Selftrade account, a payment can be made immediately?

TIA

digitaria

Why is it that it takes 3 working days to make a debit card payment to my MF Sharebuilder account, when with a Selftrade account, a payment can be made immediately?

It's the way the underlying Halifax Share Dealing System works.

Watch out if you happen to be using a Halifax Debit Card as Halifax Share Dealing seem to bypass BACS and will debit your bank a/c at the weekend, and to make it worse it seems to be overnite batched processed and only displays the day after the value date.

Example: Transfer to Share Dealing Cash a/c using Debit Card on Friday posts as a debit to bank account on Sunday, but dated Saturday.

Not a problem if you have the cash sat there, but if you were thinking the transaction wouldn't happen until Monday you may find you have been on overdraft for two days!

(I assume the same may happen under TMF scheme as it does if you are using HALIFAX SHARE DEALING directly.)

Bob.

Why is it that it takes 3 working days to make a debit card payment to my MF Sharebuilder account, when with a Selftrade account, a payment can be made immediately?

Answer A - Different providers have different ways of handling money and some use techniques like these to "earn a little extra" (as The Halifax would say) from their customers.

Answer B - Different providers have different ways of handling money and some use techniques like these to gain competitive advantage and make their customer offer more compelling.

Answer C - Selftrade are better ;-)

kamru0

Why is it that it takes 3 working days to make a debit card payment to my MF Sharebuilder account, when with a Selftrade account, a payment can be made immediately?

If you use a debit card on the Motley Fool ShareDealing Service you can use that money to buy shares immediately. It is only the ISA and Sharebuilding account that there is a delay.

Answer C - Selftrade are better ;-)

Sorry but I do not agree with that statement. I had an account with them some years back and left them as I got bad prices. They may have improved BUT personally I couldn't recommend them.

Liz

If you use a debit card on the Motley Fool ShareDealing Service you can use that money to buy shares immediately. It is only the ISA and Sharebuilding account that there is a delay.

That makes even less sense - why have a delay on some types and not others?

Is it possible to move money into the Motley Fool ShareDealing Service and immediately transfer it to their ISA account, thus avoiding the delay?

I had an account with them some years back and left them as I got bad prices. They may have improved BUT personally I couldn't recommend them.

Can I ask if you had an account with Selftrade or Comdirect/Squaregain?

I ask as Selftrade now was effectively merged with Comdirect/Squaregain and uses their systems (not Selftrades) - the only part of Selftrade which remains is the name.. hence when people recommend them, they are in effect recommending Comdirect/Squaregain..

Regards
Sunil

Thanks all, for the replies.

Can I ask if you had an account with Selftrade or Comdirect/Squaregain?

I ask as Selftrade now was effectively merged with Comdirect/Squaregain and uses their systems (not Selftrades) - the only part of Selftrade which remains is the name.. hence when people recommend them, they are in effect recommending Comdirect/Squaregain.

Likewise, my account dates from the Comdirect days - Selftrade was a different animal then and the Selftrade we're using now is the rebadged Comdirect (later Squaregain) service. It's a very good service, but it doesn't offer Sharebuilder-type functionality.

Regards

digitaria

Sunil

That makes even less sense - why have a delay on some types and not others?

Is it possible to move money into the Motley Fool ShareDealing Service and immediately transfer it to their ISA account, thus avoiding the delay?

I am sorry but I do not know the answer. I will PP my post to see if TMF will come along and answer that. I suspect that there are reasons why it can only be on the sharedealing service and I note in the next post that Selftrade do not offer the sharebuilding type service.


Can I ask if you had an account with Selftrade or Comdirect/Squaregain?

Yes it was the old Selftrade hence why I said that they might have improved. I was fairly new to buying and selling shares at that time and it taught me that I needed to check prices before authorising a purchase. I was caught on a spike.

When you refer people to Selftrade do you get paid an amount for doing this? If so I would suggest that you may need to declare a conflict of interest re Selftrade ; - )

So far I have had no problems with this TMF service.

Regards
Liz

When you refer people to Selftrade do you get paid an amount for doing this? If so I would suggest that you may need to declare a conflict of interest re Selftrade ; - )

Selftrade do run a 'refer a friend' scheme (and have done since Comdirect days) - and if I do recommend Selftrade in a post, I include that information.

So far I have had no problems with this TMF service.

Thats good to know - I actually have two stockbrokers at the moment and have previously recommended both to different people, depending on their requirements (and the other one does not have a referral scheme)

I am here mainly to learn about the TMF service and see if its worth adding as a 3rd broker to that list - as I would like to support TMF, though in general, I currently find that my other two brokers meet my needs and the TMF service appears to have nothing that unique about it, given that I am not that interested in a Sharebuilder type service.

However, TMFWarburs response to my recent question about fractional shares in ISA's and the ability to use the 'Sharebuilder' option/tariff within their ISA account does raise some interesting possibilities though it would mean splitting my ISA over more than one broker and paying two sets of annual fees (:

As such, I thought that I would let others test the service before making a decision, as it seemed to get off to a rocky start (though part of that seemed to be due to underlying Halifax issues) - though there has not been much feedback here to date - and I may open a non ISA account at some stage to play with the interface etc., even if I do not actively/immediately use it

Regards
Sunil