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Based on my very limited knowledge, it is my understanding that banks/brokers don't actually consider the deposit to be valid until several days after the trans
by itronitron 6y ago
Based on my very limited knowledge, it is my understanding that banks/brokers don't actually consider the deposit to be valid until several days after the transaction. Even if you deposited cash they would probably find some way to delay letting you use the funds pending some 'internal checking'.
So in Robinhood's case if there are many people depositing dollars to buy stock then that could be their reason or excuse to not have funds available for trading. Just a guess.
- LandR 6y agoYeah I forgot about a credit card payment that was due a number of years ago, before I had online banking. I went in 2 days before it was due and paid it cash. I still got a late penalty added brcause cash takes three days to clear. A bill under £2 and got hit with a fee of £20
- Wildgoose 6y agoIn the UK, cash paid at the institution in question clears the same day. If bundled with a cheque (rather than as two separate transactions) it will clear at the same time as the cheque. I had something similar happen to me many years ago. I took ATM cash from another account, plus what I had in my house and wallet, to make up the amount that an auto-paid credit card bill due on that same day would have sent me overdrawn. I avoided the overdraft penalties.
- LandR 6y agoThe most absurd thing was that the bank, RBOS, callee me few days after about the late fee asking me if i was having money problems... It was a bill under £2 that had just slipped my mind. If they had checked any of my other accounts they would have seen that i had about £50k with them.. . But no a £2 bill has them calling me almost sounding like they were shaming me over an inconsequential amount of money!