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“New share dealing system from June 3rd 2013.”

Written on: 10/06/2013 by jaf1948 (1 review written)

Since June 3rd, Lloyds have moved away from a credit based system to the more usual (but less helpful to the customer) system of needing to have the cash available in your share dealing account before making a purchase. As a result you can no longer:

1. Day trade: To day trade, you now need the money in your account first. In the past, all you need is to pay (or receive) the balance at the end of the day when the shares are sold.

2. If you trade in your wife's name as well as your own, and you used to make large (c.£30,000) transactions, you are limited to one in one day as your debit card will only allow you to make one £20,000 transaction per day.

3. Under the old system, if I sold £50,000 of shares today, I could then use that money to buy £50,000 of shares on my wife's account knowing that the transactions would balance themselves. There is now no facility to do this as funding cannot be shared between two accounts.

4. If I currently sell shares on a monday, the money is in my Lloyds TSB current account on the thursday. Now, the money will go to my Share Dealing account on the thursday and I then have to transfer it to my current account and wait another five working days. This means that it will be 11 days from selling to having the money in my current account which is totally unacceptable.

The main beneficiary for almost all the changes to the system is Lloyds - the changes have certainly not been put there to help the customer.

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