Late settlement with Commsec

[b.j.]

Question 1: Has anyone ever settled later than required?
and
2. what were the penalties that had applied to you?

3.does anyone know how long it'll take to transfer money from ANZ to commsec cash management account?
...would the money go in during the day or overnight?

 

[Largesse]

Re: trading with commsec

1. don't know
2. don't know
3. AFAIK, If you make the bank transfer before 4pm it'll be in the account the next day. Anecdotal evidence supports this.

 

[JimBob]

Re: trading with commsec

Ive settled late before. I forgot that i had direct debit setup and was waiting for a contract note, i must have been about a week late and i just got a phone call from them and transferred the cash.

It might depend how long you have been with them but there was no penalty to me.

 

[b.j.]

Re: trading with commsec

It might depend how long you have been with them but there was no penalty to me.

so..hav u been long with commsec?
i called them up and was told that there will be a dishounour fee charged if u can settle on that date...
but then i wanted to find out what happens when u cannot settle on the next date....

im new to commsec...and without studying the rules carefully i bought a large amount of shares which cannot be settled at the moment (im still waiting for the money to be transfered into my CCA)

the way they talk to me sounds like its not a big deal
but im just worried....*sigh*

 

[adds]

Re: trading with commsec

1. No
2. $54 I believe
3. Should be overnight via net banking but you will have net bank limit on how much you'll be able to transfer, default is $1000 for ANZ I think. Otherwise you can do a telegraphic transfer which will cost $28 and is supposedly transferred straight away, although when I did this once it took overnight.

 

[lowwy]

Re: trading with commsec

$54 dishonour fee
$33 overdraw fee or somewhere there abouts

 

[b.j.]

Re: Trading with Commsec

thank you to those who replied...


here are my other questions in regards to the 'dishonour fee'
4.do they charge the fee per trade per day???
5.and when are the dishonour fees settled(when u've got enough money in ur account?)?
6.do u need to inform them in any ways that theres enough money in ur account to settle or is the balance automatically adjusted once the money is available?

also what are the side effects of late settlement as in
6. i was told that in the worst senario, the account will be suspended....when does that happen????

i guess thats all for now
thanks again

 

[JimBob]

Ive been with them for a couple of years. Actually, I think i did get charged a dishonour fee as they tried to withdraw the amount from my account and it wasnt in there. Sorry, it was quite a while ago.

I wouldnt worry too much about it, as long as you dont make it a regular occurence. Im sure this happens quite a bit.

 

[jackson8]

Question 1: Has anyone ever settled later than required?
and
2. what were the penalties that had applied to you?

3.does anyone know how long it'll take to transfer money from ANZ to commsec cash management account?
...would the money go in during the day or overnight?

hi

as far as i know they will charge you by the day possibly $100 per day
and it is debited each day
you want to be careful with settlements as they are able to start selling those shares back into the market if they wish and if it is less than what you paid for them you will still have to cough up the difference

once money shows in cca it will be honoured

cant afford to mess around with this as it can end up costing serious $

read page 11 of their financial services guide pdf.

gary

ps. if you dont have there pdf get it of the site or email me and i will attach to email

 

[jono1887]

Re: Trading with Commsec

thank you to those who replied...


here are my other questions in regards to the 'dishonour fee'
4.do they charge the fee per trade per day???
5.and when are the dishonour fees settled(when u've got enough money in ur account?)?
6.do u need to inform them in any ways that theres enough money in ur account to settle or is the balance automatically adjusted once the money is available?

also what are the side effects of late settlement as in
6. i was told that in the worst senario, the account will be suspended....when does that happen????

i guess thats all for now
thanks again

4. im pretty sure its just a once of fee, but they might charge you interest on the amount though if you leave it too long...
5. they just take out the fee straight from your account that you use to settle trades
6. yes i think you need to inform them... you will get a text telling you that the trade was not settled and to call them immediately or asap, have the money in the account before you call them and they'll settle the trade when you call.
6.1 - im not sure how long it would take before you settle the trade but i assume they wont let you make any more purchases until that one is settled...

 

[b.j.]

read page 11 of their financial services guide pdf.

ive had a look and saw the '$54 per day'
but what im wondering is...does that cover one late settlement only or all the settlement outstanding...
coz the situation right now is that..
i've got one settlement (lets call it A)outstanding (over due 1 day)
and because the funds havent reached my local account
thus it takes another day to transfer the money into commsec a/c
then i will have another two settlements B&C outstanding
OVERALL, A will be late for 2 days and on its 2nd overdue date, B&C are also overdue..

Question is: would i pay $54 for A,B,C on the 2nd day
or
$54*3=$162 for A,B,C on the 2nd day???

well u probably wouldnt know since u havnt been throught this but yea..
i will call commsec up on monday and get the answer from them
then post it here just in case it helps other newbies....

 

[b.j.]

Re: Trading with Commsec

4. im pretty sure its just a once of fee, but they might charge you interest on the amount though if you leave it too long...
5. they just take out the fee straight from your account that you use to settle trades
6. yes i think you need to inform them... you will get a text telling you that the trade was not settled and to call them immediately or asap, have the money in the account before you call them and they'll settle the trade when you call.
6.1 - im not sure how long it would take before you settle the trade but i assume they wont let you make any more purchases until that one is settled...

thanks for the reply
my late settlements will probably be outstanding for a maximum of 2 days
(if the banking works efficiently)

im new to commsec and jumped in without carefully studying the rules..
which consequently leads to late settlement
but i guess my lesson will be learned from all those 'dishonour fee charges'

 

[jono1887]

Re: Trading with Commsec

thanks for the reply
my late settlements will probably be outstanding for a maximum of 2 days
(if the banking works efficiently)

im new to commsec and jumped in without carefully studying the rules..
which consequently leads to late settlement
but i guess my lesson will be learned from all those 'dishonour fee charges'

jumping in without reading the conditions may end up being a little costly for you...

 

[investorpaul]

I was with Commsec only about a month ago.

I have my money in the wrong account and because it was my first transaction I just phoned up and said I accidently put it in the wrong account and they refunded the dishonour fee (around $50).

If you are a new customer just phone up and ask for them to refund the fee, it might work

 

[craigj]

similar to paul
made a mistake transferring funds in time and got a dishonour email
rang them up explained situation that i was new customer and it was waived

 

[b.j.]

thanks paul&craigj
i shall try.....

craigj,
i just couldnt transfer the fund in time for the settlement
thanks for the tip

 

[jono1887]

similar to paul
made a mistake transferring funds in time and got a dishonour email
rang them up explained situation that i was new customer and it was waived

Damn.... I wish I knew this when I forgot to transfer the funds

 

[Go Nuke]

I got stung with this on friday actually.

There was a delay in transfers between my accounts.

Commsec took the money out (which wasn't in there) thereby overdrawing my account and attacting a $35 dishonour fee.
The money was then transfered BACK into my ANZ account and I got a message from Commsec to say there had been a failure to deliver the funds.

I rang Commsec and by that time the funds were available.
I was advised of the $54 fee by Commsec for failing to have the available funds, but as a good gesture (as this was my first and last offence) they waivered thast fee this time.

Dont want to get caught with my pants down like that again

 

[b.j.]

The money was then transfered BACK into my ANZ account

so is your comsec linked to your ANZ a/c?

i think the whole transferring funds thing is so complicated...
it just doesnt work at the right timing..

 

[Go Nuke]

so is your comsec linked to your ANZ a/c?

i think the whole transferring funds thing is so complicated...
it just doesnt work at the right timing..

No it isn't linked.
my ANZ account is the nominated account that money comes out of when i buy shares.