How long to have Bank account credited after sale

obinnaD · #1 (**permalink**) 8th September 2007, 06:02 PM

Folks,

Please, how long does it take, on the average, to have your bank account credited after you have received confirmation from your broker, of the sale of your stocks?

Mine seems to be taking ages.....

ugovictoria · #2 (**permalink**) 10th September 2007, 04:43 PM

Hi Obinna D,
Your posting seems worisome. The transaction cycle is T + 3 days (ie transaction plus 3 days) so once your stock has been sold, say on a Monday, you get a crossed cheque in your name on Thursday, and when paid into your account different from your stock brokers account, it takes another 4 days for your cheque to clear. I hope this larifies your worries

obinnaD · #3 (**permalink**) 11th September 2007, 01:45 PM

Quote:

Originally Posted by ugovictoria

Hi Obinna D,
Your posting seems worisome. The transaction cycle is T + 3 days (ie transaction plus 3 days) so once your stock has been sold, say on a Monday, you get a crossed cheque in your name on Thursday, and when paid into your account different from your stock brokers account, it takes another 4 days for your cheque to clear. I hope this larifies your worries

Thanks a whole lot....

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