ComSec - Account changes = you're fired!

[Garpal Gumnut]

Its a BS honeymoon rate...well for me the honeymoon is over, the old set-up was perfect for me.

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And the icing on the cake this week was Comsec charging me $19.95 for selling 19 shares in KSC , $19.95 in brokerage for $40 dollars worth of shares...i mean what knuckle head decided to fill some buy order with a lousy 19 shares from a sell order for 3576
~

That sounds unfair to you.

Did you sell at market or at limit?

gg

Could someone go around to SC's palace and wake him up.

I am very interested in an answer to this.

I fear he will not reply to me as he has the belief that I have Joh Bjelke Petersen's ashes in an urn upon my bedside table.

gg

 

[DocK]

This may be pertinent:

https://www.aussiestockforums.com/forums/showthread.php?t=25926&p=743846&viewfull=1#post743846

Re: Commsec - some orders executed, some orders outstanding

If your order was GTC and not just for the day you'd only pay one lot of brokerage until the entire order filled. This is from Commsec's site:

If my share order is only partially executed, will I have to pay brokerage twice?
If your order is not completely executed in a single transaction (if insufficient shares are available at your limit price or there isn't a buyer for all of the shares you wish to sell), part of your order will remain on the market until it is executed or expires. Brokerage will be payable as follows.

If total consideration for the order is less than $10,000
You will be charged on initial execution and no additional brokerage will be applied on any additional units executed thereafter. For a full list of our brokerage rates please go to Support > Fees & Charges or click here.

If total consideration for the order is $10,000 or more
You will be charged the minimum applicable brokerage for each transaction, unless subsequent transactions take the total value of your order over the price threshold. The brokerage payable at different price thresholds is explained further in the CommSec Financial Services Guide which is available on the CommSec website > Support > Forms & Brochures or click here.

If part of your order is cancelled
If we have not been able to complete the order by the order expiry date, the completed parcel will stand and the balance of your order will be cancelled. It is important to note the completion of your order cannot be guaranteed.

If the order was not GFD the rest may be executed without additional brokerage.

 

[Garpal Gumnut]

This may be pertinent:

https://www.aussiestockforums.com/forums/showthread.php?t=25926&p=743846&viewfull=1#post743846

If the order was not GFD the rest may be executed without additional brokerage.

Thanks Doc.

I got caught some years ago with a similar scenario on Comsec.

All my own fault.

SC, any comments on your trade?

gg

 

[So_Cynical]

This may be pertinent:

https://www.aussiestockforums.com/forums/showthread.php?t=25926&p=743846&viewfull=1#post743846

If the order was not GFD the rest may be executed without additional brokerage.

Thanks for digging that up Dock...i left the order open in the hope it would be completed at no additional cost.

Still they really shouldn't of sold a lousy 19 shares .. just to complete someone else's buy order.

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Nothing personal GG but i added you to my ignore list a few weeks ago so now only get to see a few of your posts, mostly in the non Labor bashing threads...so sometimes i wont respond to you due to this.

 

[Garpal Gumnut]

Thanks for digging that up Dock...i left the order open in the hope it would be completed at no additional cost.

Still they really shouldn't of sold a lousy 19 shares .. just to complete someone else's buy order.

---------------------

Nothing personal GG but i added you to my ignore list a few weeks ago so now only get to see a few of your posts, mostly in the non Labor bashing threads...so sometimes i wont respond to you due to this.

No worries SC

I have had you on ignore too, but took you off recently.

I think you have been hard done by with comsec by the way.

I got screwed some years ago similarly.

Can someone repost this to SC.

gg

 

[yazz]

I was hit by these changes.

I decided to just do all my trading on my Interactive Brokers account, and move all the excess cash from the Commsec account to a higher yielding CBA Account. They have one thats gives 4.65% so long as you add $200 pm and only withdraw once per month. That suits me, but could be a hassle for others. However that account isn't offered for my Business Commsec account, so to get decent yield in that case I'd have to use a FTD.

NAB sounds OK. But I really can't justify using any Australian Broker for trading because their commissions are just so high compared to US Brokers. The difference is enormous.

 

[lclfze]

I move[d] all the excess cash from the Commsec account to a higher yielding CBA Account. They have one thats gives 4.65% so long as you add $200 pm and only withdraw once per month. That suits me, but could be a hassle for others. However that account isn't offered for my Business Commsec account, so to get decent yield in that case I'd have to use a FTD.

That's the GoalSaver account? Limit of $100k balance. Can't see anything to stop you have multiple accounts (even in the same name) to get around that limit. Might have to look into that.

 

[lclfze]

GoalSaver account.

You can have up to 2 accounts per customer.

You get 4.65% in a month where your balance goes up by $200 from beginning of the month to the end (excluding interest), and 1% otherwise.
Only pays 1% on balance over $100k.

So if you had say $99k, and wanted to take out $1k, it'd cost you $298 in lost interest for that withdrawal ($98k x 3.65% / 12). Doesn't suit me at all. It makes it more like a term deposit.

I buggerised around with a spreadsheet (assuming the 2nd account is a NetBank Saver at 3%) and it turns out that over 3 years the cost of withdrawing plus the cost of lost interest due to transferring to a NetBank Saver is greater than the loss of interest due to going over $100k. i.e. better to just leave it and not worry if it goes over $100k.

Best honeymoon rate seems to be ME Bank Online Savings Account offering 5.1% including 1.6% bonus interest for 12 months when linked to an ME Bank EveryDay Transaction Account, available to new and existing customers until 31/03/13

 

[yazz]

You can have up to 2 accounts per customer.

You get 4.65% in a month where your balance goes up by $200 from beginning of the month to the end (excluding interest), and 1% otherwise.
Only pays 1% on balance over $100k.

So if you had say $99k, and wanted to take out $1k, it'd cost you $298 in lost interest for that withdrawal ($98k x 3.65% / 12). Doesn't suit me at all. It makes it more like a term deposit.

I buggerised around with a spreadsheet (assuming the 2nd account is a NetBank Saver at 3%) and it turns out that over 3 years the cost of withdrawing plus the cost of lost interest due to transferring to a NetBank Saver is greater than the loss of interest due to going over $100k. i.e. better to just leave it and not worry if it goes over $100k.

Best honeymoon rate seems to be ME Bank Online Savings Account offering 5.1% including 1.6% bonus interest for 12 months when linked to an ME Bank EveryDay Transaction Account, available to new and existing customers until 31/03/13

Yes "Goal Saver" and yeah it's a hassle.

I've opened 2 of them. My plan is to initially have the balance under 90k in each, and automatically transfer $200 cash into each of them each month, to make sure I qualify for the 4.65%. When I do need to withdraw, I'll do it at the start of the month, and move all the cash from that Goal Saver account to the Netbank Saver, that way I at least get 3% for that month, instead of 1%. And the next month I can move it back and get the higher rate. Obviously if I have frequent net withdrawal months, there's no real benefit.

 

[So_Cynical]

Thanks for digging that up Dock...i left the order open in the hope it would be completed at no additional cost.

Still they really shouldn't of sold a lousy 19 shares .. just to complete someone else's buy order.

Just to wrap this up..my sell order got filled today for no charge...so happy about that.

 

[Garpal Gumnut]

Just to wrap this up..my sell order got filled today for no charge...so happy about that.

Pleased to hear.

A good result.

gg

 

[DocK]

Just to wrap this up..my sell order got filled today for no charge...so happy about that.

Good for you. The reason I had the info to hand was because the same thing happened to me on a buy order a few months ago - with the same result, I got the rest of the order filled on the following day for no extra charge.

 

[lclfze]

Yes "Goal Saver" and yeah it's a hassle.

I've opened 2 of them. My plan is to initially have the balance under 90k in each, and automatically transfer $200 cash into each of them each month, to make sure I qualify for the 4.65%. When I do need to withdraw, I'll do it at the start of the month, and move all the cash from that Goal Saver account to the Netbank Saver, that way I at least get 3% for that month, instead of 1%. And the next month I can move it back and get the higher rate. Obviously if I have frequent net withdrawal months, there's no real benefit.

Actually with two accounts, although more of a hassle, it works for me with the balance shuffling when required. So I've done the same. Might ring them up and ask for the honeymoon rate on the Netbank Saver account. I'll have to transfer the $400 a month by hand since you can't schedule transfers from Netbank Saver (or GoalSaver for that matter).

 

[yazz]

Actually with two accounts, although more of a hassle, it works for me with the balance shuffling when required. So I've done the same. Might ring them up and ask for the honeymoon rate on the Netbank Saver account. I'll have to transfer the $400 a month by hand since you can't schedule transfers from Netbank Saver (or GoalSaver for that matter).

I've managed setup scheduled automatic monthly payments for both my Goal Saver accounts on NetBank, but I transfer from a Streamline account though, not a Netbank Saver. I use the Netbank Saver (3%) for money that might be withdrawn frequently and keep the less frequently access cash in the higher yielding Goal Saver accounts (4.65%). Benefit of having 2 Goal Saver accounts, is that when you do need to withdraw, the interest rate drop only applies to one of the 2 accounts. It works out OK,if you do a bit of planning. Apparently they used to allow 4 Goal Saver accounts.

 

[ROE]

why bother with the all hassles, open nabtrade accounts takes 10 minutes

dump all the cash in nabtrade get 4.25% P/A for every bucks every day you have it sit there
without condition...then when the time come to buy stocks withdraw as often as much as you
want without losing the 4.25% interest.

takes 1 business day to transfer money from comsec to nab over the internet

 

[cbc1]

So does NAB av a free trade after a certain amount?

Comsec has free trades after 8 trades each month. Usefull for frequent traders. Takes a little bit of stress of the trade.

 

[cbc1]

Please disregard my previous post as I misread the advertising on comsec. They don't have free trading after 8 trades, they used to have something similar not now tho.

Sorry