Settlement through Internet Banking

ndnk · 1 Settlement through Internet Banking Tue Mar 15, 2011 10:08 am

ndnk

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When we settle some amount to the stock broker through commercial bank internet banking How long will it take to update in the CDS account?... Pls comment someone who has experienced this

Slstock · 2 Re: Settlement through Internet Banking Tue Mar 15, 2011 10:11 am

Slstock

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ndnk wrote:When we settle some amount to the stock broker through commercial bank internet banking How long will it take to update in the CDS account?... Pls comment someone who has experienced this

I do not know about Commercial but it usually take only a day ( next day).

chamith · 3 Re: Settlement through Internet Banking Tue Mar 15, 2011 10:34 am

chamith

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The transaction take only 1 day. and it may take up to 2 days to update ur CDS a/c.
best thing is to send a receipt of the transfer to ur broker via email...

2011_NewComer · 4 Re: Settlement through Internet Banking Tue Mar 15, 2011 11:03 am

2011_NewComer

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I have done that with combank online. They asked me to send(email or fax) a snap shot of the transfer. I did the transfer in a evening and sent the snap shot, next day morning they have updated. (might depend on the broker)

essares · 5 Settlement through Internet Banking Tue Mar 15, 2011 11:08 am

essares

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I have been using the commercial bank online to settle my payments. Following day it gets updated, provided it is done during banking hours.

2011_NewComer · 6 Re: Settlement through Internet Banking Tue Mar 15, 2011 6:54 pm

2011_NewComer

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ndnk wrote:When we settle some amount to the stock broker through commercial bank internet banking How long will it take to update in the CDS account?... Pls comment someone who has experienced this

@ndnk - I don't have the option to reply to messages. It says "You haven't reached the post limit for sending private messages."
There's a person whom I contact. I am sending the snapshot to that person. If you don't have such person you contact regularly, better to call your broker and clarify how to do that exactly. What they told me was "we will be updating your account as soon as we get the source document, whether its the deposit or the snap shot."

wis · 7 Re: Settlement through Internet Banking Tue Mar 15, 2011 7:28 pm

wis

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I assume this the payment for the broker. As soon as you buy or sell shares they get updated in the CDS account.
The payment depends on the broker. Some brokers have online payment directly connected to online banking. When you do it through them you have to enter the CDS account number. The brokers usually update your account once a day in the morning usually. If you have something urgent then you can call your broker agent and tell them. If it is not the online banking then you have to instruct the bank to add your ID number as reference so that the broker can add it to your account.
From my personal experience for some brokers it takes many telephone calls and few weeks to update the transaction sometimes :-( But those brokers are seldom I think.
Others update the account next morning if you gave the CDS or ID number correctly.

npc86 · 8 Re: Settlement through Internet Banking Tue Mar 15, 2011 7:30 pm

npc86

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Friends
Generally, (share trading payments) the bank (Combank-online) update the stock brokers A/C with your CDS A/C number withing 5-10 min.time in the normal banking hours. You have to ask about the online statement updating time from your broker. At that time they will update your CDS A/C from their end according to their online A/C statement. Depending on this procedure you decide the time what you should do the transfer.
Happy trade..! jocolor

limestone · 9 Re: Settlement through Internet Banking Thu Mar 17, 2011 9:20 am

limestone

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its better to settle one day before the date of settlemet if u ar paying online . my broker's finace department do the updates only in the morning even if the bank credits them the money immidiately . because, I think the two systems are not interlinked. some one has to do it mannualy at the brokers end. I hope someday will come where we can get immidiate update online so that wecan see it on our portfolio in few miniutes