Commsec: Can I buy shares with zero balance, and put money in later?

[fzbkk]

Hello, I want to know if I can buy shares via my commsec trading account, with my cash managment account not having sufficient funds in it, and transfer the money before the 3 day settlement?

 

[Julia]

Re: Using commsec, can I buy shares with a balance of 0, and put money in later?

Have you simply asked Comsec rather than depend on replies from a forum?

I don't understand why people don't do the most logical thing first.

 

[cutz]

Re: Using commsec, can I buy shares with a balance of 0, and put money in later?

Hello, I want to know if I can buy shares via my commsec trading account, with my cash managment account not having sufficient funds in it, and transfer the money before the 3 day settlement?

Yeah,

It shouldn't be a problem, just stick within your credit limit and make sure the funds are cleared on settlement day, but as Julia suggested DYOR by ringing up the kind folk at Commsec.

 

[fzbkk]

Re: Using commsec, can I buy shares with a balance of 0, and put money in later?

Have you simply asked Comsec rather than depend on replies from a forum?

I don't understand why people don't do the most logical thing first.

Considering the time I don't think I can call them right now, tried to find it on google but nothing. Anyway Julia last time I checked this forum was for noobs like me to ask questions, so thanks for nothing........

 

[fzbkk]

Re: Using commsec, can I buy shares with a balance of 0, and put money in later?

Yeah,

It shouldn't be a problem, just stick within your credit limit and make sure the funds are cleared on settlement day, but as Julia suggested DYOR by ringing up the kind folk at Commsec.

Thanks cutz.

 

[Amor_Fati]

I have done that a few times before. Never any probs. I don't use their cash account but I don't think it would make any difference.

 

[jono1887]

yes, but there is a credit limit of 25k I think... so you can't buy any more than that without money in your account.

 

[Wysiwyg]

Re: Using commsec, can I buy shares with a balance of 0, and put money in later?

Have you simply asked Comsec rather than depend on replies from a forum?

I don't understand why people don't do the most logical thing first.

Can`t wait until tomorrow. :sheep:

 

[Amor_Fati]

yes, but there is a credit limit of 25k I think... so you can't buy any more than that without money in your account.

Actually I have run into this before. It is 25k for "leading" stock but only 7.5k for the rest. Not sure how they define leading but I guess it's ASX100 or 50 (it's not the ASX200). And then when the trade settles you get that amount back plus twice (I think) that amount extra as now they have some collateral to lay their hands on. If you need to buy your shares faster than this will permit you can ring them and arrange a bpay transfer which has the same effect of adding double to your limit when they receive the funds.
If you already have some shares that have settled with them (as most established accounts would) you get double that amount added on to your limit.

This is from the pespective of using an external account to settle your trades. It was very frustrating for a while because I had all this money sitting in my bank account but Commsec kept refusing my orders. It was because I had just started a new account for my discretionary trust and was starting from scratch hence no extension to my limits.

 

[SilverRanger]

buy 25k worth of shares, sell on the same day or the day after, take profit/loss, that's free cfd for you

 

[Wysiwyg]

buy 25k worth of shares, sell on the same day or the day after, take profit/loss, that's free cfd for you

Don`t get caught in a trading halt otherwise one would have to cough up the trade cost.

 

[nunthewiser]

if only one could save people from themselves

 

[LeeTV]

buy 25k worth of shares, sell on the same day or the day after, take profit/loss, that's free cfd for you

Been tempted to do this

 

[LeeTV]

Hello, I want to know if I can buy shares via my commsec trading account, with my cash managment account not having sufficient funds in it, and transfer the money before the 3 day settlement?

Yes you can as I have done it before.

 

[munga]

i have a commsec account and use another banks account. have never had a problem with money in the account in fact its a transfer account and often has not much in it until settlement. as for the 25k they must monitor your transactions because ive gone over that limit many times with no questions.