CommSec stuff up my settlement

[j4mesa]

Dear friends,

I have sold my shares of 50000 units in 2 partial order (10670 and 39330) on the 23 Jan and 24 Jan 08.

It seems that they have my order stuff up which resulting me not getting the settlement up (I only received the settlement for the selling of 10670 shares) until today even though I do not have any holdings of the share anymore.

Technically the shares have been sold.I called them up (I even spoke with the manager) but they keep on saying that they are awaiting the investigation from their back office for 3-4 days.

I am really really disaapoointed with the level of the service provided.What can I do in this situation ? Is that possible if I escalate this matter to ASIC for them to investigate it ? I am starting to lose my patience in this matter.....

Please inform me the best solution for this and the possibility of demanding a compensation for the inconvinience I had.

Thank you all

 

[doctorj]

The last of the trades only happened 11 business days ago and final settlement was only due 8 business days ago.

I don't think it's reasonable getting your knickers in a knot just yet. 3-4 days to identify the issue and to work it through is entirely reasonable, especially for a internet-only broker.

Perhaps you could be compensated for loss of interest, but for only 8 days, I doubt it's going to be material.

In short, hold your horses. I'm sure it will be resolved satisfactorily in short order. If not, then I suggest you google "FICS".

 

[nizar]

Dear friends,

I have sold my shares of 50000 units in 2 partial order (10670 and 39330) on the 23 Jan and 24 Jan 08.

It seems that they have my order stuff up which resulting me not getting the settlement up (I only received the settlement for the selling of 10670 shares) until today even though I do not have any holdings of the share anymore.

Technically the shares have been sold.I called them up (I even spoke with the manager) but they keep on saying that they are awaiting the investigation from their back office for 3-4 days.

I am really really disaapoointed with the level of the service provided.What can I do in this situation ? Is that possible if I escalate this matter to ASIC for them to investigate it ? I am starting to lose my patience in this matter.....

Please inform me the best solution for this and the possibility of demanding a compensation for the inconvinience I had.

Thank you all

Im not suprised.

Commsec is a retail broker designed for the masses. It is not made for professional traders.

They stuffed me up once. I didn't hang around.

For top service trade with a botique brokerage, or if you are bigtime, with a full service broker. I've heard good things about Citigroup, ABN Amro and UBS. But you have to be a big player to get access to the top brokers (ie. those on the inside).

 

[j4mesa]

Thanks doctorj....for your comment.
but it been 3-4 days that they say they are going to investigate this matter and it seems they are not going anywhere. Not only that, they hardly return your call as they have promised.

If it were the customer who has not got enough fund to do the settlement, they would have penalised us. But this time, if they failed to make accurate settlement for us , they just tell us to wait.....and wait.

IF we are running out of fund because of difference in timing of transfer , can we just tell them to wait while we are investigating this matter ?

Please don't take my comments personally......just frustated with their customer service...but as they say, you pay peanut , you get peanut.......

I would rate Macquarie as having a good customer service compare to Commsec..

 

[Uncle Festivus]

They have bitten off more than they can handle with the aquisition, and a bad attitude to customer relations. Do what everybody else is doing - tell them you will close your account and go to another broker. I am with Etrade now.

 

[j4mesa]

Nizar,

haven;t seen you posting for quite awhile.....
where have you been ?

Thank you everyone for your response.....(doc,niz and uncle)
remembering the ads commsec put recently, mentioning that they are tough in whatever situation......

I guess not...

 

[Pat]

j4mesa,
You'll get your $$$ back soon enough, they have to pay you. Let them investigate, it takes time...
Comsuck do have some bad service. The reason being is as above, they provide for the masses. Now they gotta maximise profits and what not, so they cut back on staff (call centre for eg) which creates a large amount of work which then creates a large turnover in staff. Lack of training etc... mistakes happen.
Anyway comsuck make there profits regardless.

What happend to customer service? I remember seeing it when I was young

 

[ROE]

Leave man ..vote with your wallet....the more people leave the more attention they will pay...

or wait till government come up with the new legislation to make transfer bank easy close the lot and move on that will hurt them

I done it once with ANZ, they keep sending me letters with all the offers
and a prepaid envelope.. I sent back with junk mail in the envelope..

Funny I dont see them send me anything any more

 

[RichKid]

If you're not happy with commsec consider Bell Direct- I do not use Bell but they appear to be a direct competitor with better customer service. I'd say that you'd have to wait about a year to get some decent feedback from customers as they have only being active for a few months. There's a thread here on ASF in the Trading/Investing Resources forum on Bell Direct- $15 a trade from memory.

 

[j4mesa]

Again,
Thank you all for your kind response.

Just to update everyone on this matter.
Today I just spoke with a higher level manager and it got sorted today, hopefully I received the settlement.

That's just what I want and they gave me 5 free trades for the inconvenience...well pretty good.....

Yes, Richkid, I have already have a look with BELL direct, but still considering it....