MichaelD
Not fooled by randomness
- Joined
- 7 December 2005
- Posts
- 912
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- 2
Oops. Sorry, my error. I thought you bought on Friday and were going to close same day.
If you bought on Tuesday, CommSec will attempt to withdraw the consideration on Friday.
As there is insufficient in your account, this will fail, so you will get a bank fee for the failed withdrawal. CommSec will then try again on Monday evening to withdraw the consideration, and Tuesday evening, and so on.
Every day you fail to settle you'll also be hit by a $50 (may have already gone up to $100) fail fee.
If you sell on Monday, I *believe* CommSec will only charge you the one day's fail fee as they will offset the sell against the buy.
I also *believe* they are likely to call you and warn you not to do it again and believe a second offence gets your account closed.
It is *really really* in your interest to call them, put up with the long phone waiting time, and talk to them explaining the situation.