Barlcays Stocbrokers, quick question.

[SpKM3]

Hi

I recently joined Barclays to be my broker and filled in the DD mandate etc.

I purchased some shares yesterday, does the money from my current account automatically get taken out to pay for the shares, or do I have to manually transfer money into the portfolio?

I would ask Barclays but seem to be on hold for ages!

Thnaks in advance.

 

[MajorMaccas]

I believe you have to settle the balance at the end of the week

Thus, you can make money from no money, since you could sell them later in that week and make profit without ever having to front cash

 

[siandtina]

Ignore Cyberstrike, that is incorrect. Purchases of shares take 3 days to settle. After 3 working days have passed I believe the money will be taken directly from your account. The only time you can buy and sell without having the money is intra-day. Otherwise 3 days later the amount will be taken out.

And from the second point, you could sell them later in the week, find the markets have dropped 10% and you owe them money without having any stock to show for it.