what happens when a SB Firm goes bust

[montmorencyt2w]

It is correct that if IG go under you get at least £50k but what are the chances of IG going down? It's like FTSE100 going to 1,000.

Note to newbies: You'd have to have £50k in there in the first place don't forget


Would anyone care to answer my question here?
http://www.trade2win.com/boards/spr...readbetting-firm-goes-bust-2.html#post1385208

Thanks.

 

[hacks]

On that subject, how long do people find it takes to get the money from their SB firm into their bank account?

With mine, it takes either 2 or 3 business days depending on the firm.
However, when I closed an account with one firm they managed to get it back the same day somehow.

In all cases, accounts had been funded by debit card, and the money went back to the account linked to the card.

They probably made a faster payment to your bank a/c; that's why you received the payment the same day. CMC Markets once made a faster payment to my bank a/c (I didn't close it though).

I normally receive money in my a/c in 2-3 business days like you said.

 

[montmorencyt2w]

They probably made a faster payment to your bank a/c; that's why you received the payment the same day. CMC Markets once made a faster payment to my bank a/c (I didn't close it though).

This was with Interactive Investor I think. I don't think I had given them my bank details.
I don't know if somehow they can get the details and convert the card transfer to a BACS transfer, which could have been executed as a Faster Payment.

I normally receive money in my a/c in 2-3 business days like you said.

I think IG seemed to take 2 days, others 3, in my experience.

When Faster Payments came in, I'd had high hopes that transfers back to debit cards would be quicker, but I think the mechanism is different, and it doesn't apply. Bit naive I suppose.

 

[notanotherone]

Banks have speeded up their payments - they have been told to - and now it should be quite normal to find payments made originally with your debit card in your account on the same day, and certainly by the next day. It depends of course in the first place on when your SB firm sends the money.

 

[montmorencyt2w]

Banks have speeded up their payments - they have been told to - and now it should be quite normal to find payments made originally with your debit card in your account on the same day, and certainly by the next day. It depends of course in the first place on when your SB firm sends the money.

"Should be", but isn't, in my experience.

From the digging around I have done, "Faster Payments Service" only applies to telephone banking transfers, online banking transfers, and standing orders.

http://www.chapsco.co.uk/faster_payments/-/page/340/

EDIT: Some info about debit card payment speed. Does not cover repayments however:

http://www.ukpayments.org.uk/resources_publications/faqs/debit_cards/

 

[lancenicolase]

Note to newbies: You'd have to have £50k in there in the first place don't forget


Would anyone care to answer my question here?
http://www.trade2win.com/boards/spr...readbetting-firm-goes-bust-2.html#post1385208

Thanks.

I meant you'd get UP to £50k, if the SB firm goes bust... no need to have £50k in there to get your money back... even if you have £100 you still get your money back.