Help: Commsec closing my account

[copper_hot]

Hi guys

I have been overseas for the past few weeks and did some buying before i left thinking i had enough funds in my comsec account, but in fact did not have the required amount. Upon returning comsec has sold out some of the shares i bought and are closing my account because they had to close my position given there wasnt enough funds in my acccount.

Any suggestions with what I can do/ say to them to leave my account running? I really want to keep the account open and save myself the hassle of finding another broker!

Any help is much appreciated!

 

[treefrog]

Hi guys

I have been overseas for the past few weeks and did some buying before i left thinking i had enough funds in my comsec account, but in fact did not have the required amount. Upon returning comsec has sold out some of the shares i bought and are closing my account because they had to close my position given there wasnt enough funds in my acccount.

Any suggestions with what I can do/ say to them to leave my account running? I really want to keep the account open and save myself the hassle of finding another broker!

Any help is much appreciated!

just tell them how it is - no B/S they should be reasonable but expect a final warning that not to happen again period

I did similar with westpac awhile back, and they were reasonable

 

[Sean K]

I'm not sure if I'd be allowing you to trade with me again.

You need to sort out your ship!

That doesn't help you right now of course, but I agree with above.

 

[copper_hot]

I'm not sure if I'd be allowing you to trade with me again.

You need to sort out your ship!

That doesn't help you right now of course, but I agree with above.

In fact the situation described wasnt actually mine, my mate was stressing so I thought id put it out there...

Does that mean I can still trade with you kennas?

cheers guys

 

[Happy]

I'm not sure if I'd be allowing you to trade with me again.

You need to sort out your ship!

That doesn't help you right now of course, but I agree with above.

Somehow shows how suss Comsec is.

Why isn’t there a filter that checks your funds status after final click but before order is sent to market?

 

[imajica]

I had the same experience with e-trade - I thought it automatically calculated available funds and would prevent any transactions going through if the funds weren't there. There must have been a glitch in the system and I ended up owing them 400 bucks - not much I know but annoying nevertheless

 

[ithatheekret]

So what is the minimum amount the account is suppose to hold , chess sponsered , yes ?

I'd be scouring the agreement , personally I'd have my hands around someones throat if they sold shares I had purchased ( they'd want to be in profit ) , the alternative could have been an account transfer to a sponsor that allows whatever limit it is they won't .

I've never heard of this before . I had about $2000.00 of one stock left in an account for over a year and only $700 in the cash account linked to it as I went away and had another a/c I was operating with at the time , eventually recashed it up , but nobody said boo about limits to me . Of course the a/c is run higher now , but it stills sounds like an outrageous cheek to me .

 

[YOUNG_TRADER]

Hi guys

I have been overseas for the past few weeks and did some buying before i left thinking i had enough funds in my comsec account, but in fact did not have the required amount. Upon returning comsec has sold out some of the shares i bought and are closing my account because they had to close my position given there wasnt enough funds in my acccount.

Any suggestions with what I can do/ say to them to leave my account running? I really want to keep the account open and save myself the hassle of finding another broker!

Any help is much appreciated!

They did the same thing to me October 23rd 2002 when I was just the tender young age of 18, I bought $32k of a stock (trade) and sold them 3 days later for $13k, problem was my account was only worth $10k at the time

So I owed them $3k, they showed me no sympathy, even though I got the funds the next day (via a student loan), I complained to the ombudsman, commsec complaints, wrote letters, faxes, emails, in the end if they decide to close your account thats it.

Unfortunately you'll probably have to find another broker and transfer your shares

My advice build your net wealth up to a few Million then they will beg you to come back

 

[Birdster]

They did the same thing to me October 23rd 2002 when I was just the tender young age of 18, I bought $32k of a stock (trade) and sold them 3 days later for $13k, problem was my account was only worth $10k at the time
QUOTE]


"Buy high, sell low". I think I read that book as well! Shocking ending

 

[Aviator33]

Can be a bit of a trap with Commsec.

For "leading stocks" they give you a limit of $25,000 + 2 times the value of your portfolio.

For all other stocks, $7,500 + 2 times the value of your portfolio.

So if you have $10K portfolio (shares and cash) you can purchase upto $45,000 worth of stock!!!

Works out as a good defacto margin account if you complete the trade within T+1 (ie buy Monday, sell Tuesday) as they offset the 2 transactions. Once you go into T+2 they come looking for their money!

Cheers

** I haven't seen the "2 times portfolio value" written on any Commsuck documents, just reference to the $25K and $7.5K. But I've used the margin myself on numerous occasions. And those are also the figures displayed in the Pro Trader account calculations

 

[Aviator33]

This is from their website:

Buy Orders

Buy Orders can be placed for all ASX listed securities. In some circumstances, a deposit may be required before your order is sent to market.

Unless otherwise advised, CommSec provides each account with a credit limit of $25,000 of which $7,500 can be used for non leading stocks.

If your order exceeds the credit limit, then a deposit may be required. The notional deposit amount is calculated by reference to;


whether you are buying a leading or non-leading stock;
the market value of the order; and
other open or unsettled buy orders.

Where a deposit is required, CommSec will automatically offset the notional deposit amount with the market value of your CHESS registered securities and any cleared funds held in your Commonwealth Direct Investment Account (CDIA). In many cases, no actual deposit will be needed and your order will be automatically sent to market.