# Direct debit rejection when buying shares



## j0shi3 (14 August 2009)

What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?


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## drsmith (14 August 2009)

They will send around Mr T complete with knuckle dusters.


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## Nyden (14 August 2009)

j0shi3 said:


> What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?




You are kidding, right? It never ceases to amaze me, the amount of fools who believe the market has no risk.


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## nunthewiser (14 August 2009)

Personally finding all these COMMSEC queries from brand new posters of late a trifle suss actually .........

commsec trying to drum up some business ? or am i just just a cynical paranoid ole nun that thinks the internet is an evil place and should be monitored by the vatican ?


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## Nyden (14 August 2009)

nunthewiser said:


> Personally finding all these COMMSEC queries from brand new posters of late a trifle suss actually .........
> 
> commsec trying to drum up some business ? or am i just just a cynical paranoid ole nun that thinks the internet is an evil place and should be monitored by the vatican ?




$600 Free brokerage. Best way to lure in the suckers ... zero risk, don't you know


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## nunthewiser (14 August 2009)

Nyden said:


> $600 Free brokerage. Best way to lure in the suckers ... zero risk, don't you know





wooo hooo sign me up and i,ll take 20 thanks


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## awg (14 August 2009)

j0shi3 said:


> What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?




you will be liable for a "fail fee" of $50+ per day

check the commsec website

being a bank, they will want their money, and pursue the debt

if you cant settle on time, ring commsec immediately to make an arrangement

i imagine it happens a lot


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## nunthewiser (14 August 2009)

HANG ON ! 

STOP THE PRESS!

ive worked it out ................

its commsecs way of cutting out on a lil more customer service queries ! 

easy peezy . ask the most frequently asked questions in the forums and hey presto all US helpful souls answer all the questions for them , therefore saving on staff numbers and leading to less compalining about commsecs SHODDY customer service ways 


well there ya have it , another fine discrete message brought to you discretely by commsec


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## jono1887 (16 August 2009)

LOL!.. you'll get charged $54 per day... and I'm guessing + interest as well


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## swm79 (20 August 2009)

nunthewiser said:


> HANG ON !
> 
> STOP THE PRESS!
> 
> ...





they probably even direct people to post here... hang on, i'll ring them and see.... *on hold*


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## Kez180 (20 August 2009)

you enter into the contract when your order is accepted, so from that point on you have to pay the contract price, whether you do that on time or not will determine the fees you have to pay...

you can't renege on the trade by not paying...


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## Kez180 (20 August 2009)

swm79 said:


> they probably even direct people to post here... hang on, i'll ring them and see.... *on hold*




I'll see you in 4.5 hours once your off hold...

At least they are better than the CBA's residential lending team... talk about your mushrooms in the dark...


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## Surfer35 (20 August 2009)

Human idiocy reminds me of a bull market run, just when you think it can't keep increasing....it does.


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## jono1887 (21 August 2009)

Surfer35 said:


> Human idiocy reminds me of a bull market run, just when you think it can't keep increasing....it does.




works the other way as well... when you think it cant get any lower... :


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## OzzieBob (17 November 2010)

What is the problem with transfering funds from CBA accounts to CommSec accounts? 

I have no problem transfering funds from CBA to Bell Direct or eTorro within 24 hours but CBA to CommSec ? 48 hours (only counting working days).

Did CommSec piss the CBA off or something, or is it a ploy so they can hand out $54 Direct Debit Rejection Fines??


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## aglenday (8 December 2010)

OzzieBob said:


> I have no problem transfering funds from CBA to Bell Direct or eTorro within 24 hours but CBA to CommSec ? 48 hours (only counting working days).




I know this is an older thread but I have to post into a thread somewhere (damn being a newb).

The transfer can take an extra day if you transfer it after their cut off time. I think it's normally around 6-7pm EST for most banks but some of the smaller credit unions cut off as early as 2-3pm EST!


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