Fretting Over Paying For Shares
Recently got my wife to finally open a stock trading account with Phillip Securities. She now has a POEMS account. The other day, we received a mailer from them saying that her trading account is linked to the bank account.
So technically, we can pay through that account for the shares we were going to buy. So I put up two buy orders on the Internet on Saturday bidding at the selling price at the close of the last market day.
Both were done on Monday, and now it is already T+2 days but there is nothing on the EPS screen when we log on to the bank’s Internet banking screen.
I had to take out my dusty chequebook and write out the amount to pay for shares that should have been already been paid for. Instead of fretting and getting my wife all worked up about making a trip to the cashier office tomorrow to pay for the shares.
I am still hoping that tomorrow being T+3, the contract order will miraculously appear on the bank’s EPS screen and my wife doesn’t have to make a trip down. Or I will get a earful from her. Again :)
Wish me luck tomorrow.
And oh, SGX, MAS, CDP and banks, please get your act together and work out something to ease or speed up the payment modes. If one fine day we move to a T+1 day for payment of shares bought, you cannot have banks taking two business days to transfer money between them over the Internet. Or have EPS set up but not reflecting trades or contracts till T+3. And aren’t we supposed to be in the internet age where everything is fast or be “faster, cheaper.”
September 16, 2010 at 1:08 AM
Hi Lemi,
As far as I know, I've never seen a contract order for EPS using poems. I've seen it for dbsvonline, but not for poems.
But there are two modes of payment, one is through contracts, the other is lump sum. Just pay by lump sum (I suppose you know how much you have to pay) through EPS. It'll work fine.
Btw, my account is linked together with the MMF account. You should do that too, it gives better interest than savings bank, though equally miserably.
Do email me more if you need clarifications.
September 16, 2010 at 8:07 AM
Just do a lump sum EPS transfer to your broker if you can't find the contract but you have confirmed at your broker's trading platform that the buy order has been done.
October 11, 2010 at 10:11 PM
Hi La Papillion,
Sorry for the super late reply. Been busy with work. Yeah, the EPS finally appeared on T+3 days and we paid through the contract that appeared.
So I was guilty of being a 'kan-cheong spider'. For those not familiar with Singlish, it means being too over-eager.
I have no problems with OCBC's internet to pay for my POEMS account, so that was why the unfamiliar DBS site made me fret.
I'd go and check out the money market fund account. Heard about it but as usual was too lazy.
Lemiz
October 11, 2010 at 10:13 PM
Hi Createwealth8888,
Thanks for the tip. I'd do that the next time I buy shares on behalf of my significant other. Apologise for the very late reply.
Lemiz
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