If I make a purchase and then later make a sale to cover this - will my Direct Debit be used to collect funds from my account?
When you buy or sell shares, there is always a three working day settlement period for the deal.
This means the costs of any purchase are deducted from your MarketMaster on the third working day after you buy the shares and the sales proceeds are paid into your account on the third working day after you sell your shares.
If you purchase shares on for example, Thursday 18th July 2013, the costs are due to be paid on Tuesday 23rd July 2013. On Thursday 18th July 2013, our automated systems will review your account to check if there are sufficient funds available to pay for your purchase. If there are insufficient funds we will send a request to your bank for the funds to be paid to us.
Due to the time needed to process this Direct Debit instruction, we send this in advance of the settlement date of your purchase so it arrives in time for the settlement date. Sales not yet settled are not taken into account.