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SRS to buy SGX, due date not T+2?

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Old 08-10-2019, 12:07 PM   #1
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SRS to buy SGX, due date not T+2?

Hi all,

I used SRS to buy some SGX stocks on date T, when I don't have sufficient amount in my SRS account. I thought due date was T+2, and so top up my SRS account on T+1. Now on T+2 I was told that I had to pay partially with cash, since their attempt in drawing fund from my SRS on T was only partially successful.

Is this correct?
Does it mean that we have to have sufficient fund in SRS account before trading?

Many thanks.
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Old 08-10-2019, 12:36 PM   #2
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It takes time for bank to pick up srs
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Old 08-10-2019, 12:47 PM   #3
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That is correct. For SRS the funds must be there at the end of that same trading day.

When I buy something using SRS I will transfer the money immediately after the trade is executed.

Is this correct?
Does it mean that we have to have sufficient fund in SRS account before trading?

Many thanks.
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Old 08-10-2019, 01:37 PM   #4
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Thanks for the reply. It's a lesson learnt.
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Old 08-10-2019, 03:43 PM   #5
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Thanks for the reply. It's a lesson learnt.
Yes. Anything to do with SRS...it depends on the SRS operator which can be very slow

As an example, for OCBC.
Top-Up - Should see it by end of 2nd business day excluding the top up day.
Dividend - Slower than cash account by up to 3 working days.
Dividend (where script option is offered, but u take cash) - slower than cash account by up to 5 working days.
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Old 08-10-2019, 05:11 PM   #6
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SRS is due the next working day
Which bank is your srs bank? The stupid UOB if see your srs not enough money they will change the trade to cash. DUN EVER OPEN SRS with UOB. NEVER
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Old 08-10-2019, 05:13 PM   #7
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Yes. Anything to do with SRS...it depends on the SRS operator which can be very slow

As an example, for OCBC.
Top-Up - Should see it by end of 2nd business day excluding the top up day.
Dividend - Slower than cash account by up to 3 working days.
Dividend (where script option is offered, but u take cash) - slower than cash account by up to 5 working days.
Wah, looks like OCBC is hopeless too.
At least UOB will credit the CD to srs the next working day
omg, our local bangs all really cmi
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Old 08-10-2019, 05:38 PM   #8
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Wah, looks like OCBC is hopeless too.
At least UOB will credit the CD to srs the next working day
omg, our local bangs all really cmi
In my recent encounters with OCBC for AIMS APAC REIT, it took 6 working days.
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Old 08-10-2019, 05:50 PM   #9
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In my recent encounters with OCBC for AIMS APAC REIT, it took 6 working days.
omgotch, that ish very very wols riao.
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Old 08-10-2019, 10:05 PM   #10
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Wah, looks like OCBC is hopeless too.
At least UOB will credit the CD to srs the next working day
omg, our local bangs all really cmi
Yeah OCBC quite jialat. Sent them a secured msg through the internet banking can take more than a week to respond one.
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Old 08-10-2019, 11:06 PM   #11
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Yeah OCBC quite jialat. Sent them a secured msg through the internet banking can take more than a week to respond one.
Confirm. I called to enquire my sign up promo for credit card payment - link to OCBC card. Supposed to be credited by 31 Aug. Now still checking.

SRS - I called to ask what's the expected turnaround time for dividend crediting. The CSO just happily pluck a figure from the air say 7 working days until I kpkb slam table and ask them to give me a firm answer.
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Old 12-10-2019, 07:22 PM   #12
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Yeah OCBC quite jialat. Sent them a secured msg through the internet banking can take more than a week to respond one.
You should be happy liao. Sometimes even RM give u wrong info
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Old 12-10-2019, 09:43 PM   #13
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Recently OCBC the current ADB increase like got bug, I had transferred more than $1k in to meet the $500 increase, I checked online the increase is only $100plus...donít know whatís the problem.
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Old 14-10-2019, 09:43 AM   #14
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Anyone using DBS for SRS? Anything negative?
Am using OCBC for SRS and seems like they not keen doing SRS account business.
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Old 14-10-2019, 02:08 PM   #15
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Recently OCBC the current ADB increase like got bug, I had transferred more than $1k in to meet the $500 increase, I checked online the increase is only $100plus...donít know whatís the problem.
Hi there,

The average daily balance for the month is calculated by adding the end day balances and dividing it by the number of days in the month.

If you need assistance with the calculation, please call our hotline at 1800 363 3333 or send us a secured mail via Internet Banking / Mobile Banking.

^DG
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