CommSec settlement less than expected

[shiftyphil]

Just had my latest share purchase settled by CommSec, and they took slightly less out of my account than expected.

The contract notes states the expected value, but the direct debit is for a slightly lower amount.
The difference is only a couple of dollars (exactly 0.5% of the total value, or 10% of one share).

Anyone had this happen before? Any plausible explanation?

(Haven't sold any shares, no other transactions today, all the shares I purchased were at the same price - which was a whole number, no brokerage fees applied).

 

[jono1887]

Just had my latest share purchase settled by CommSec, and they took slightly less out of my account than expected.

The contract notes states the expected value, but the direct debit is for a slightly lower amount.
The difference is only a couple of dollars (exactly 0.5% of the total value, or 10% of one share).

Anyone had this happen before? Any plausible explanation?

(Haven't sold any shares, no other transactions today, all the shares I purchased were at the same price - which was a whole number, no brokerage fees applied).

Did you just join? perhaps you got the free brokerage offer??
did you check the account balance or go through the transaction history? perhaps you were paid interest on the same day the money was taken out?

 

[nathanblack]

Just had my latest share purchase settled by CommSec, and they took slightly less out of my account than expected.

The contract notes states the expected value, but the direct debit is for a slightly lower amount.
The difference is only a couple of dollars (exactly 0.5% of the total value, or 10% of one share).

Anyone had this happen before? Any plausible explanation?

(Haven't sold any shares, no other transactions today, all the shares I purchased were at the same price - which was a whole number, no brokerage fees applied).

check the terms and conditions regarding settlement. under some circumstances if u buy or sell in days prior, comsec may deduct ot credit the sum amount.

or as jonno said, check the actual bank statement. you may have had interest or atm fee or something throw your calculations out.

 

[shiftyphil]

Yes, I have the free brokerage offer - brokerage is shown as $0 on the contract note. Total on the contract note is the price of the shares exactly.

No other trades due to be settled. Previous trade was last month.

Not an interest payment. There would only be a few cents worth of interest owing at most, and that would show separately in the transaction log.

The contract note looks perfectly correct - X shares @ $Y = $XY, but the direct debit was for $XY * 0.995

I certainly can't complain about the free money (only a few dollars), but just really curious as to why.

I will call them when I have the chance, but I was hoping someone would have an explanation.

 

[jackson8]

Yes, I have the free brokerage offer - brokerage is shown as $0 on the contract note. Total on the contract note is the price of the shares exactly.

No other trades due to be settled. Previous trade was last month.

Not an interest payment. There would only be a few cents worth of interest owing at most, and that would show separately in the transaction log.

The contract note looks perfectly correct - X shares @ $Y = $XY, but the direct debit was for $XY * 0.995

I certainly can't complain about the free money (only a few dollars), but just really curious as to why.

I will call them when I have the chance, but I was hoping someone would have an explanation.

hi

if your trades are settled through cca account you would be charged the lower of fees for internet trades

when i first opened my cca initially contract notes showed the higher fee charged but the amount was never debited from my account

seems it takes a few days for the data base to be updated to take opening of cca and the lower fee into account.

could be possible explanation for the difference.

 

[shiftyphil]

hi

if your trades are settled through cca account you would be charged the lower of fees for internet trades

when i first opened my cca initially contract notes showed the higher fee charged but the amount was never debited from my account

Nope, free brokerage at the moment. Shows as zero on the contract note, which is the correct value.

Contract note and CCA transactions for the day are attached. (Hopefully with all personal information properly removed.)

 

[nathanblack]

its obvious what your saying, $3.90 less than the contract note was deducted, which equates to 10% of 1share. the brokerage is already exluded, you transfered the $780 to the settlement account, so no interest would have been payable.

the contract note is correct, so perhaps the direct debit amount was entered incorrectly?

let us know the outcome...

on another note, i like your purchase. have a few myself. tipped to be converted for $100 in future, and payng nice return to maturity. ive been to brookfield/multiplex site in berwick melbourne("the casey hospital"), amazing building. i was a contractor there and it seemed very well run by multiplex.

ive been accumulating many fixed interest hybrids, including this one myself. also in relatively small amount. id prefer to have 2k in several than all in one. improves the chances that some will be converted to face value or ordinary shares which i can sell for $100.

goodluck with the investment

 

[shiftyphil]

I emailed commsec, and am being told it was a refund of some fees they charged me (2 x $1.95).

Except, I was never charged the fees that they claim to have refunded.

(Paper Contract Note Fess, for a previous trade (13/05/2009), that was a crossed trade... maybe they meant to refund the other guys fees.)