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.
Proceeds from shares sale - how long?
Jun 08, 2012
4 Replies
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I was under the impression that UK settlement dates were somewhat later, but that might be out of date information.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.
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?)
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........
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.
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