Commsec Website FAQ & Problems (Online Platform)

Re: Comsec problems

greggy said:

Good morning Julia,

You're right about Etrade. I've just completed an online form to join Etrade and guess what the wesite is having problems. Just the same I'll grin and bear it. I'm sick of Commsec's poor service.

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Thats great. Westpac, Etrade and Commsec all have problems.
Any1 here tried ANdrew West?

Re: Comsec problems

nizar said:

Thats great. Westpac, Etrade and Commsec all have problems.
Any1 here tried ANdrew West?

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When talking with Comsec staff about service difficulties they don't seem to care, but at least for the moment when I called E Trade today they seemed sympathetic. I'll just wait and see how it all turns out.
P.S. I've been with Comsec since it opened up and am relieved to be leaving them.

Re: Comsec Website (Online Platform) problems & FAQ

Greggy,

Where are you going and why ? I can't find anyone better than commsec on prices ?

Re: Comsec Website (Online Platform) problems & FAQ

Ladies and gents, let's please keep this on topic (see the thread title) and please feel free to open a new thread on service standards for online brokers if you like, also note the other threads on Westpac and ETrade service/platform issues.

Im with comsec and I rarely have problems. If I ever have they havn't been big enough to remember. I usually keep it open all day (unless timed out) and had it open when this thread was first posted... no problems here

Well, it has been a week now and still no one has contacted me from Comsec.

Still can't acces depth screens

Rang them again and my complaint now has PRIORITY..............

I thought that was nice of them to give me priority after only a week of waiting, so I am now looking forward to actually talking to someone, assuming there is actually a someone to talk to

I am all excited, not many people get contacted by the help desk at Comsec

Re: Comsec Website (Online Platform) problems & FAQ

Fab said:

Greggy,

Where are you going and why ? I can't find anyone better than commsec on prices ?

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They have a new deal out where for new customers they're giving 10 free brokerage trades up to a certain value (conditions attached) and for those who don't have a Commonwealth Direct account ETrade is somewhat cheaper. I'm not happy with Comsec's service and have advised them accordingly. Comsec's response was "that's up to you". They don't obviously care about losing business.

Well, out of desperation I rang Commsec again this morning, after being polite but firm I spoke to .......drumroll ....... TECH SUPPORT

See folks, there really is such a person.................

Seems a nice bloke actually, but I suspect he is overworked, checked as many things as possible without success, Ok, so it is not there...........

Approached a neighbour to ask could I try his PC with my log in, works fine...........

Tried my PC on his ISP, AHA !! works fine........ now it seems a tech was sacked at my ISP and was not happy...... malicious B*****d

So now it is up to my ISP to sort out the prob........... if I had been able to talk to tech support at Comsec could have done all that a week ago

macca said:

Well, out of desperation I rang Commsec again this morning, after being polite but firm I spoke to .......drumroll ....... TECH SUPPORT

See folks, there really is such a person.................

Seems a nice bloke actually, but I suspect he is overworked, checked as many things as possible without success, Ok, so it is not there...........
..............
.....

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Yep, he's probably overworked and underpaid, might as well get rid of a couple of the call centre people and pay him more OR (here's an idea) just train the current crew better.

I always try to get to tech support when I have a tech problem- the guys in the development team know what's up and I only have praise for them. The others are just general customer service/call centre types- some seem to be really good but most are not even friendly.

Hi all,

Just wondering if anyone has been in the position of not having sufficient funds in their CDIA account at settlement date for a share transaction.

I entered a position last week with settlement of today, I intended to transfer money from another account into my CDIA account when I got paid on Friday but there was a glitch and pay only got into my account on Saturday. I transferred the money straight away but it still looks like it won't be in until tommorrow. I rung Commsec and waiting for them to get back to me, just wondering if anyone has had a similiar experience.

I don't mind paying a penalty, just don't want to lose my shares

Any advice would be appreciated

You won't loose the shares, but if money isn't there will definetly be charged $54 (ish) for insufficant funds by Commsec, and then $35 for dishonour fee by CBA CDIA acct...which I exp once back in march.

But If funds still dont enter acct, the collections I'm sure will be chasing you, after suspension of your acct, and b4 they sell shares, and chasing the difference if any.

P.s safer to have more into acct, rather than less or exact.

Cheers
SevenFX

EEE said:

Hi all,

Just wondering if anyone has been in the position of not having sufficient funds in their CDIA account at settlement date for a share transaction.

I entered a position last week with settlement of today, I intended to transfer money from another account into my CDIA account when I got paid on Friday but there was a glitch and pay only got into my account on Saturday. I transferred the money straight away but it still looks like it won't be in until tommorrow. I rung Commsec and waiting for them to get back to me, just wondering if anyone has had a similiar experience.

I don't mind paying a penalty, just don't want to lose my shares

Any advice would be appreciated

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I'm with Commsec and had the same problem. Forgot to transfer the money to cover a trade. I didn't realise until after the settlement date. It was sorted out with no penalty except for the bank's rejected transaction fee. As long as youo get onto it quickly with Commsec it should be OK. Hell may freeze over before they you get back to you though. By the way, are you having trouble getting into the Commsec "research" area. I'm having trouble as I often have before.

Oh yes, and the insufficient fund fee of $50 or so

Cheers for that guys, I'll give them another call before close of bus. today and transfer another hundred or so to cover the penalties. Hopefully this will be the first and last time that this happens (yeah right)

Skint, I did get knocked back when trying to access a SBM announcement earlier this morning but like you said this is nothing unsual in my experience as its pretty much hit and miss when trying to do any research on the commsec website.

Once again, thanks for your help

EEE

I continually have problems with comsec for research and company announcements. Anyone else?

Actually, I no longer use them to trade, but like the watchlist format, so usually use this to keep track of the market each day.

Having troubles with commsec today (and at other sporadic times recently) - portfolio is there; but not able to view watchlists - everything else seems OK though???
anyone else got these hassles???

Posted on asx chat

Finally got onto ComSuc & wish I hadn't as my portfolio said I have lost everything!!!

http://business.theage.com.au/commsec-customers-stymied-by-net-jam/20080124-1nzh.html

CommSec is one of the few winners from the market panic
* Mark Hawthorne
* January 25, 2008

AMID Tuesday's market meltdown, as blue-chip shares tumbled and CommSec account holders tried in vain to get online, one user called Myst posted on CommSec's user forum: "Has anyone tried suing them? Wonder if they're successful … "

The thought would have crossed through more than a few minds this week, as CommSec account holders watched helplessly as their portfolios dwindled in value while they were unable to sell via the log-jammed website.

Sadly for Myst, CommSec has well and truly covered its legal bases ”” just take a quick look at some of the terms and conditions CommSec account holders have agreed to.

It kicks off in 16(a)(iii) of the contract: "The accuracy, timeliness or completeness of the market information is not guaranteed by us or any third party."

Section 18 states: "We are not obliged to accept any application or instruction to trade, nor are we obliged to provide you with reasons for refusing your application or instruction to trade."

Just to reaffirm the point, section 23(a) states: "You acknowledge that we will make all reasonable attempts to enter your instructions to buy or sell securities as quickly as possible. However, should delays be experienced (i) in connection with the number participants or persons attempting to participate in the market at a point in time;

(ii) due to verification or authorisation processes; or (iii) due to delays relating to call waiting time, we will not be liable for any claims for lost opportunity."

And, just to well and truly cover CommSec's backside, there is section 27: "You will indemnify us against any actions, claims, demands, proceedings, costs, damages, expenses, liabilities and losses (including legal costs on a client and solicitor basis) paid, suffered or incurred by us directly or indirectly as a result of undertaking your instructions in respect of any dealings in securities."

So, in English, CommSec reckons it is under no legal obligation to provide accurate information to its 1.4 million Australian account holders, to actually facilitate a share trade for them, to provide any reason for not performing a trade and, should the system go belly-up during a run on the market, account holders give up all rights to sue.

All that for the bargain-basement price of $29.95 a trade ”” and not even a free steak knife in sight.

While CommSec is under no legal obligation to provide a reliable service ”” a point that could still be tested in court ”” it has at least admitted to a moral obligation to provide a stable network.

CommSec has offered some of its bigger clients refunds on their brokerage fees after many blew small fortunes during Tuesday morning's system meltdown.

One trader, who lost several hundred thousand dollars when the CommSec computer system refused to accept his pre-open sell-down of the company MEA, says he was offered a refund of his broking fees for the day.

"This morning got a call from CommSec, the most arrogant, least customer-oriented (but also the cheapest) broker I have ever dealt with," he wrote to Full Disclosure.

"Not only an apology for the debacle, but refunding the brokerage on the four trades I managed to get done, without being asked. Absolutely unprecedented ”” normally have to drag them kicking and screaming to any sort of mea culpa. Who says there is no such thing as bad publicity?"

We wonder if any mum and dad traders who lost out will be offered the same deal?

After all, CommSec does a daily average of 50,000 trades. In the first 90 minutes on Tuesday, it did 40,000 trades. At the standard price of $29.95 each, that's $1.2 million in broking fees. That ought to pay the wages of a few more telephone staff. Over the past three days of market panic, CommSec has earned in excess of $6 million from brokerage fees on securities alone ”” making it one of the big winners from the panic in the market.

G'day Bigdog

No one ever reads the fine print (their just keen to start trading as soon as possible).

All big (and most small) companies always cover themselves in the fine print.

And you cant blame them (ignoring the moral responsibilities).

They probably know that the system is not full proof and may blow up when the number of trades trying to get through is high.

You get what you pay for.

If you asked most traders whether they want cheap brokerage with no gaurantee of trading when there is a run in the market or vise versa - what would most say (imo most would go for the cheap brokerage).

So the moral of the story - next time be wary and be prepared!!

Cheers

Dutchie

PS Banks are always winners

me too. I'm sick with their customer service for international trading. Especially a guy who serve me. Every time he answered my phone, always so rude. Not helping the customer to solve the problem. Just only said NO. if you not qualify the require then you can't apply.

I have try to open an account and it took me more then 2 month to do it. at the end still rejected by them. oh, sorry, your name on the driver license no match, if you open joint account you bank has to be joint account too, we noticed you commonwealth bank account username not match, n bla bla bla....... I have updated my bank account name since I open my account. this is their system problem. no my fault. for f sake... two words POOR SERVICES

I'm very very very~~~~~ S~~~I~~~C~~K with them.