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Post by captainconfident on Jun 16, 2016 20:15:50 GMT
I decided on a whim to move funds which have sat, having no chance of being invested, from my GBBA and GEIA into my cash account while I pondered what to do. To my annoyance, this transfer caused the funds, which had been swept up as idle funds into the QAA to be disinvested from the QAA during the move.
I am really annoyed by this. What is the rational, if idle funds in one account are moved as still idle funds in another, to be sold out of the QAA? I didn't authorise this.
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SteveT
Member of DD Central
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Post by SteveT on Jun 16, 2016 20:32:20 GMT
If there was no queue then the funds would be re-swept instantly once they reached the new account. However, by leaving the QAA even briefly (to be transferred between accounts) the funds go to the back of the queue.
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Post by captainconfident on Jun 16, 2016 21:05:27 GMT
Well I'm really pissed off about that and rather than leave several thousand sitting in millionth place in the queue, its straight off to SS and TC. Some warning, like "it is not logical, but this transaction will also remove funds from the QAA" would have been welcome.
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baz657
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Post by baz657 on Jun 16, 2016 23:30:23 GMT
The same thing caught me out last week, although I was only moving hundreds as opposed to thousands so I wasn't quite as annoyed. I could undertand the reasoning if the funds were removed from the platform but not when transferring from one queue to another. |
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Post by chris on Jun 17, 2016 10:06:43 GMT
The reason is that the swept funds have to be returned in order for them to be removed from one investment account to the other. If the funds aren't returned, withdrawn, reinvested, and then reswept then you're trying to create transactions against cash that isn't there and the system and its checks make that impossible.
So funds are returned then moved and that requires a movement of funds out of the QAA. As cash leaves the QAA someone else's cash moves in and when your cash is where you want it it's then added back to the queue.
To me from a systems point of view it's illogical that funds could move from account to account without those funds being there. It's unfortunate that expectations may be different but the system works the way it does for very good reasons.
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