Proceeds from shares sale - how long?

How long should one have to wait for the proceeds from the sale of shares to hit their bank account.
These were Wal-Mart shares sold at the start of business (New York time) on 1st June.
Reply to
Tim Richards
This is a UK specific group.
The standard settlement date for stocks, in the USA, appears to be three working days after the contract date. I presume that there may be subsequent EFT delays before the money arrives.
I was under the impression that UK settlement dates were somewhat later, but that might be out of date information. Your stockbroker terms and conditions should specify.
Reply to
David Woolley
On Jun 8, 8:11 pm, David Woolley wrote:
Apologies, I was speaking as a UK resident hence my query about how long it takes (even though in this electronic age I assume distance shouldn't matter?)
Reply to
Tim Richards
Ok, have the answer - we received a letter today:
sale date 01/06/2012 settlement date 06/06/2012 payment date within 5 business days of the settlement date
Nice bit of interest being earned by someone I imagine........
Reply to
Tim Richards
In 5 days you may be able to earn a few hundredth of 1%. Insignificant unless you turn over tens of millions in a year. In any case, the dealing comissions will be much higher than the interest earned.
Reply to
S

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