Online brokerages why wait for funds to be processed?
A Quick Review of the HSBC Direct Savings Account
The HSBC Direct Savings Account usually offers an Annual Percentage Yield (APY) in excess of 4%. Currently, it is 4.65%. Opening an account with HSBC Direct is a smooth procedure with more than one option available for verifying the account to be linked. Instant checking account verification is done with the help of Yodlee online banking solution. The account is made active after the account holder enters the password; which is received by postal mail. Thus, even though the account opening procedure is quick, it takes time before the account can be used. Other things sent to the account holder’s address by postal main include the ATM card with its pin. The entire mailing process can take a week or more depending upon the account holder’s state of residence.
A user-friendly interface on the HSBC Direct Savings Account website leads one to the Account Summary which carries a concise record of the transaction details. The website; however, does not provide an update of the interest accrued on a daily basis.
An online bank-to-bank transaction requires the insertion of a security key. There are no transaction costs charged by HSBC. Unlike other online banks that allow only a limited number of accounts to be linked, HSBC allows for an unlimited number of accounts to be linked. This facilitates the use of HSBC Direct as a central hub for transfer of funds between checking accounts. These accounts can include checking accounts, brokerage accounts, and savings accounts. A deposit to an HSBC Direct account takes place in a day or two; withdrawal from HSBC Direct can take longer and is not really on par with industry-standard times. Fund transfers with HSBC Direct do not attract a service charge from the bank.
The Bank Mail facility enables interaction with the customer service department; the usual response time is between 4-8 hours. Telephonic contact with the call center is not highly reliable and often the wait-time can be over 5 minutes.
Accounts with HSBC Direct are insured by FDIC. There is no minimum account requirement and account holders can enjoy a high APY even with $ 1 in their account. Moreover, unlike other online accounts HSBC Direct allows account holders to maintain a zero balance account.
Overall, HSBC Direct offers a good online banking experience with an attractive APY, no restrictions on the number of linked accounts, and an easy to browse website.
About the Author
Stanley McMahon recommends you visit http://www.osawatch.com/2006/05/hsbcdirectrev.html for a more in-depth review of the HSBC Direct savings account.
Online brokerages why wait for funds to be processed?
How come you have to wait a few days before you can sell a security you just bought and buy with proceeds from a security you just sold?
Is this a government regulation or common among brokerages.
The traders I hear about and see execute hundreds of trades per day and buy and sell every few minutes and they have online brokers too. Is it because they have day trading or margin accounts?
http://www.sec.gov/investor/pubs/tplus3.htm
Its an SEC rule. Those who trade frequently have margin accounts.
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jeff410 7th March 2010
http://www.sec.gov/investor/pubs/tplus3.htm
Its an SEC rule. Those who trade frequently have margin accounts.
Pramod J 7th March 2010
The Reason why you are not able to seel the shares bought as the same on the delivery get transferred to Demat account and unless the same is not credited you can not sell as you have to give delivery very next day after the sales and if the share ius not credited you will fail to deliver and it will go in auction. you can tell your broker in case oif share which you want to sell of immidiately not to deliver and keep with him and in such case you will be able to seel any time. but if you want him to keep in his account for long time thats not allowed.also there is a case of margin also.