Commsec message: "Order not accepted - deposit required"

[gamefisherman]

I just went to place some orders through Commsec and when I clicked on proceed it came up with this message.........not happy, anyone else had this?????


Order not accepted - deposit required

Your order has NOT been accepted.CommSec requires a percentage of the market value of your order as a deposit.Please contact our Client Service Officers on 13 15 19 (8am to 7pm, Monday to Friday) to arrange for cleared funds to be credited to your CommSec trading account.Once cleared funds are received by CommSec, you may replace your order.Please note the transfer of funds may take up to 48 hours

Never ever had this before, what is going on?

NOT HAPPY

 

[MichaelD]

Isn't it obvious?

Put some money in your account instead of trying to trade with Commsec's money.

 

[Datsun Disguise]

Trade with your own money? Why would you ever do that unless you had to? In my experience comsec would allow you to place an order up to the value of your current cleared available holdings. This gives you the option of doing a bit of contra and selling up an equivalent holding on T2 - on T3 the difference is credited / debited to you account. I do quite a lot of trades like this (some call it scalping, I call it short term trading).

I have only ever had that message if I haven't settled on T3 then they put you in the bad book for a while until you can show that you can manage to pay your bills on time.

Hope this isn't a new policy of requiring cleared funds, but from the message it doesn't sound like it. Ring them up and complain, if you do a bit of volume with them then they won't risk pissing you off and will take care of the problem.

 

[gamefisherman]

Hi Datsun,

Thank you for your reply, never ever had a problem before and they wont want to lose us us clients, I just think it is a computer glich at their end, always had orders stacked up that are more than what is in the trading account, and never had a settlement problem.........so will call and get it sorted in the am tomorrow......... I too Hope this isn't a new policy of requiring cleared funds"................

Good luck with your trading and will let u know what they have to say...................?????????????????? Got me buggered if I know............

Trade with your own money? Why would you ever do that unless you had to? In my experience comsec would allow you to place an order up to the value of your current cleared available holdings. This gives you the option of doing a bit of contra and selling up an equivalent holding on T2 - on T3 the difference is credited / debited to you account. I do quite a lot of trades like this (some call it scalping, I call it short term trading).

I have only ever had that message if I haven't settled on T3 then they put you in the bad book for a while until you can show that you can manage to pay your bills on time.

Hope this isn't a new policy of requiring cleared funds, but from the message it doesn't sound like it. Ring them up and complain, if you do a bit of volume with them then they won't risk pissing you off and will take care of the problem.

 

[gamefisherman]

spoke with commsec apparently the value of my non leading stock orders stacked up were too high, so deleted some dreamers and now no probs........

u learn something everyday......

 

[MichaelD]

Trade with your own money? Why would you ever do that unless you had to?

1. 'Cause every so often CommSec won't let you take a trade as illustrated here, and what if that trade would have been the big "home run" of the year?

2. 'Cause of Trading Halts and change of status (eg Ex Dividend). Messes up the T+1 calculations. What if you need to divvy up all that money that you don't actually have in a hurry?