Perhaps I’m missing something but if you have planned to buy a particular stock then why would you not have your account properly funded in advance of your buy?
Is this just an instant gratification thing that people expect these days? I’d hope people aren’t buying stocks on a last second whim? We all knew it was a bank holiday.
Interesting tone, but good question.
First thing I would say is, as we live in “these days” and not “the old days” one might argue that what is generally expected would be the most sensible way to run your business.
As such, if “instant gratification” (I’m not entirely how that works in anything but day trading, but ok) is required, then it should be the business model to provide it.
Further. While we may all have known it was a bank holiday, what I suspect we didn’t all know is that the people who credit our accounts were taking the day off too even though the markets, are open.
And what some may also not have known is, that a human needs to be involved in a data transfer of money, given that the transfer of money between our accounts and FTs Lloyds bank account is immediate per FAST payments.
So, for those of us that don’t think we need to credit our account 17 days in advance of a buy because some of us are long term investors and as such didn’t need to check the precise buy and sell price on Fri close - and maybe tried to credit our account over the weekend, or this morning given the nice window in time we have before the US markets open - perhaps we have a right to be surprised that on this day of all days (when two big name companies did a stock split) that FT didn’t think to, oh I dunno, pay some overtime perhaps?
Additionally, as not everyone is always aware of the particulars of every app when they open an account on it, perhaps we should also fairly say, when on other apps the world over, credits are immediate, that it would be a surprise to any customer not well versed in the payments process of Freetrade, that an app that launched in 2018 might oh, I dunno, not seemingly require a lady with a stamp to authorise our account credits!
This is all the more annoying when the GooglePay feature is immediate, yet we can only use it once, evidently because there may be an additional charge to FT.
So, a form of the functionality tediously is there, but we can’t get to it more than once!
True, perhaps it’s just me… but I suspect, it isn’t.
This system needs changing, and I suspect everyone (bar the outliers who still request a chequebook from their bank) knows that.
Appreciate the comment tho - good to keep the post to the top of the page