Poems payment issue???

[chewchun]

I started trading and is very confused about what they are saying.
Currently i'm under 21 and can only apply for phillips prepaid account.So i just top up money from my bank into the poems account through EPS.
I don't understand this:

Payment is to be made latest T + 3 by 9 p.m.

Payment will be automatically deducted 2 market days after due date (i.e. D + 2). Please ensure that there is sufficient funds in your account by D + 1.

Payment is to be received latest T + 3 by 5 p.m.
Lets say i bought SGX shares at monday- So monday is transaction date.
Payment is made at T+3- aka thursday?
But the due date given to me is Thursday, payment will be deducted D+2-aka monday?
So whats the difference between payment made and payment deducted?What happens on thursday, if on monday money will be deducted from my account?

And is it possible for transactions/payments to be instant? All these T+3,D+2 is making me so confused....
And money will be AUTO-deducted from my phillips account right? I do not have to transfer anything right?

And on the website, it says prepaid account promotional commission rates from 1March to 31 August US rates is $8.88USD flat but my estatement still shows $20USD.

 

[chewchun]

I started trading and is very confused about what they are saying.
Currently i'm under 21 and can only apply for phillips prepaid account.So i just top up money from my bank into the poems account through EPS.
I don't understand this:

Payment is to be made latest T + 3 by 9 p.m.

Payment will be automatically deducted 2 market days after due date (i.e. D + 2). Please ensure that there is sufficient funds in your account by D + 1.

Payment is to be received latest T + 3 by 5 p.m.
Lets say i bought SGX shares at monday- So monday is transaction date.
Payment is made at T+3- aka thursday?
But the due date given to me is Thursday, payment will be deducted D+2-aka monday?
So whats the difference between payment made and payment deducted?What happens on thursday, if on monday money will be deducted from my account?

And is it possible for transactions/payments to be instant? All these T+3,D+2 is making me so confused....
And money will be AUTO-deducted from my phillips account right? I do not have to transfer anything right?

And on the website, it says prepaid account promotional commission rates from 1March to 31 August US rates is $8.88USD flat but my estatement still shows $20USD.

Bumpzzzz!!!

 

[gtreds]

I started trading and is very confused about what they are saying.
Currently i'm under 21 and can only apply for phillips prepaid account.So i just top up money from my bank into the poems account through EPS.
I don't understand this:

Payment is to be made latest T + 3 by 9 p.m.

Payment will be automatically deducted 2 market days after due date (i.e. D + 2). Please ensure that there is sufficient funds in your account by D + 1.

Payment is to be received latest T + 3 by 5 p.m.
Lets say i bought SGX shares at monday- So monday is transaction date.
Payment is made at T+3- aka thursday?
But the due date given to me is Thursday, payment will be deducted D+2-aka monday?
So whats the difference between payment made and payment deducted?What happens on thursday, if on monday money will be deducted from my account?

And is it possible for transactions/payments to be instant? All these T+3,D+2 is making me so confused....
And money will be AUTO-deducted from my phillips account right? I do not have to transfer anything right?

And on the website, it says prepaid account promotional commission rates from 1March to 31 August US rates is $8.88USD flat but my estatement still shows $20USD.

U buy sgx shares on monday u need to have money in the account by thursday and they will deduct ur money on friday..

 

[do_not_obstruct]

Since yours is a prepaid account, you can only buy shares if you have sufficient money in your account so you don't really need to care about the dates.

If you open the other cash account where you can contra. Due date is T+3, but they will only force sell on T+6 if you don't pay by T+5.

The above applies to SG markets only. Other markets different.

And to end off, POEMS sux.

 

[chewjekhui]

Since yours is a prepaid account, you can only buy shares if you have sufficient money in your account so you don't really need to care about the dates.

If you open the other cash account where you can contra. Due date is T+3, but they will only force sell on T+6 if you don't pay by T+5.

The above applies to SG markets only. Other markets different.

And to end off, POEMS sux.

Y so? Care to comment? I heard lots saying SCB is better as it charges a lower transaction cost per trade.... What is the difference?

 

[do_not_obstruct]

Y so? Care to comment? I heard lots saying SCB is better as it charges a lower transaction cost per trade.... What is the difference?

The platform has not been improved since 10+ yrs ago. Even the new poems 2.0 is unstable and hanged sometimes. Sometimes when volume is high and market is volatile, the platform will be down.

The only good thing abt poems is the ability to trade warrants online. Other brokers require you to call in to trade.

Under the promotion, SCB will only charge you for one leg of the trade. However, they require cash upfront, and the platform is not user-friendly.

 

[simon_84]

The platform has not been improved since 10+ yrs ago. Even the new poems 2.0 is unstable and hanged sometimes. Sometimes when volume is high and market is volatile, the platform will be down.

thanks for the highlight, just open a poems account last week with a friend...
thank god my primary activity account is still iocbc.

 

[quirkyhill]

i just applied for an account and they want me to return a 'client investment profile' form and include my tax return... i'm wondering if that is strictly necessary...?

 

[do_not_obstruct]

have never submitted any tax return for any brokers before. Likely before you did not open with a broker you know, so they expect more details to determine your trading limit.