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eDDA and Deposit FAQ

 

 

1. About eDDA

Electronic Direct Debit Authorization(eDDA) , an authorization to debit the payer’s account by direct debit payments initiated by the payee through FPS. Enables our clients to link their bank accounts with securities accounts. Once eDDA instruction is established via "Solomon Win" APP, client can execute the instructions immediately. Funds transfer could be done in 5 minutes.

 

2. Advantages of eDDA

Safety: The safe transfer service provided by Solomon Securities in conjunction with DBS Bank (Hong Kong) involves a deep system integration between the securities firm and the bank. Each account authorization and fund transfer requires identity verification by both parties, meeting the standards of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority.

Convenience: Deposit funds via "Solomon Win" APP, client does not to require to submit deposits slips and notify us.

Speed: 24/7 deposit service, funds transfer could be done in 5 minutes.

Free: Application and transfer fees are entirely free.

 

3. Authorization and Deposit Process

 

(3.1) Bank Authorization

Select on the "Trade" page in the "Solomon Win" APPDeposit Funds > Deposit by Hong Kong Bank Account > eDDA Deposit Application > Apply Now

After completing the information, submit the authorization application

* The authorization application is usually completed within 1-2 business days, depending on the bank's processing timeline. The results of the application will be notified via email, and customers can also login to "Solomon Win" APP to check the progress themselves.

 

(3.2) Fund Deposit Procedure

After the authorization takes effect, select on the "Trade" page in the "Solomon Win" APPDeposit Funds > Deposit by Hong Kong Bank Account > eDDA Deposit Application > Apply for eDDA Deposit

 

Enter the amount and submit the deposit request. Funds transfer could be done in 5 minutes if the amount for a single transaction is not exceed HKD 5 million

 

4. eDDA-FAQ

 

Q1:

How long does it take for an eDDA funds transfer?

A1:

For a single transaction of no more than HKD 5 millioncould be done in 5 minutes

Single transaction of no more than HKD 5 million made at business day 09:00-18:00 could be done in about an hour

Single transaction exceeding HKD 5 million made at other times will be processed on the next business day.

 

 

Q2:

What currency is eDDA supported?

A2:

Only HKD is supported.

 

 

Q3:

Is transferring funds to a Third-Party Registration via online banking the same as eDDA Registration via online banking?

A3:

Transferring funds to a Third-Party Registration in online Banking is not the same as eDDA Registration. Client needs to submit eDDA via “Solomon Win” APP in order to linkup their Solomon securities account for the initiate direct deposits.

 

 

Q4:

Can I register eDDA to Third-Party Bank Account?

A4:

No, We not accept third-party deposits.

 

 

Q5:

Can I apply eDDA for different Banks account?

A5:

Yes, you can linkup more than one HKD bank account of different banks.

 

 

Q6:

Which bank support eDDA?

A6:

Major Hong Kong banks are supporting eDDA, you can check the authorization list while register

 

 

Q7:

What is the reason of failure of eDDA Registration

A7:

There are the following probable causes

1) Your Bank account is not applicable to eDDA Registration.

Please ensure:

- Your bank can support eDDA

- The ID number entered when applying for eDDA Registration must match the ID number of the bank account holder

- Must be HKD account

- All account must be individual

-Bank account and Securities account is in normal status.

 

2) Bank account information error.

Please ensure:

- Bank Code and Bank name is correct

- Bank account number is correct.

Remarks: Bank account number should be 10-12 digits. If your Bank account number is less than 10 digits, that may not include the bank branch code in the account number. Should you have any enquiries regarding your bank account no., please contact your bank directly.

 

 

Q8:

What problems can arise when deposit via eDDA if the bank account has insufficient funds?

A8:

Please ensure your bank accounts maintain sufficient funds for funds transfer instructions. Your bank may charge service fees when insufficient fund or eDDA authorization is cancelled.

 

 

Q9:

What is the eDDA authorization valid period and deposit limit?

A9:

The customer can set the eDDA authorization valid period and deposit limit according to their own usage needs, and apply to the bank for modification. When registering, the application amount is preset to "maximum amount" or "no limit", and the valid period is preset to "until further notice" or "not specified" to ensure that the authorization setting will not expire, but some banks may have limits on the daily deposit frequency and amount. Please check with the relevant bank for details.

 

 

Q10:

If the authorization has already been completed, is it possible to cancel the authorization?

A10:

You can check the bank cards that have been authorized via "Solomon Win" APP > click on "My Bank Card", select the bank card you want to cancel the authorization for > click on "Unlink" > click on "Confirm" to cancel the authorization.

 

Please note that this only deletes the authorization application with Solomon Securities. If you want to completely delete your bank account binding records, you need to contact the bank directly to handle it.

 

协议及声明

eDDA and Deposit FAQ

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price