Silly Question maybe?

[Jay_1]

I made a sale 2 days ago and need to transfer the cash into my SBK account. Apparently the funds only clear in 5 working days. has this always been like this? I would love to know the reason for the delay..........Is it just so that SBK can score the extra 0.25% early settlement fees. Thanx

[Samir]

Always like this... with any broker for that matter.

[Dilligaff2]

IMHO-It's based on historical cheque-clearing times, so it is actually possible to do this realtime,near realtime or overnight, given STRATE, de-materialised shares and that many transactions are done online.... Be interesting to hear from SPB on this

[SimonPB]

been like this for ages, it's called T+5, used to be T+7 and before that the following Tuesday was settlement day. An yes a hang over from the days of paper scripts that had to be delivered. As for the interest, on a sale you only start earning after five days, but on a purchase you earn for the 5 days after the sale.