My shares were lost between Commsec and Etrade

[ta2693]

Last month I wrote an application form to transfer my shares from Etrade to Comsec for low transaction fee and better service. Comsec said the transfer will be done in 3 working days.

my shares disappeared on my etrade account on 11/07.but still have not appeared on my comsec account after 20 days passed. Commec said etrade did not deliver my shares to them. Etrade said they has already delivered. I do not who should I blame, and how long do I still need to wait to trade my share? or they do not really care small investors with account below 1m ?

I am quite unhappy with both of them right now

 

[Pommiegranite]

Re: My shares was lost between Comsec and etrade

Last month I wrote an application form to transfer my shares from Etrade to Comsec for low transaction fee and better service. Comsec said the transfer will be done in 3 working days.

my shares disappeared on my etrade account on 11/07.but still have not appeared on my comsec account after 20 days passed. Commec said etrade did not deliver my shares to them. Etrade said they has already delivered. I do not who should I blame, and how long do I still need to wait to trade my share? or they do not really care small investors with account below 1m ?

I am quite unhappy with both of them right now

Don't know what to say except that is one of the most disgraceful things relating to sharetrading that I have heard.

I hope you get it resolved soon.

 

[The Mint Man]

Mate,
Find out whos in charge at each company and send a letter directly to them saying that they should sort things out on your behalf, otherwise you will kick up a stink about it in the media and name them personally

If that dosnt work then go ahead and do just that

Cheers

 

[doctorj]

Don't worry - they're not gone. The register for the relevent company will still record your ownership.

The units have obviously been misplaced amongst the masses - you'll be surprised how often this happens with NCBO in specie transfers. I'd be getting commsec to follow up for you given they now have your business. They should be helping you sort it out.

Be polite though - its a human on the other end of the line that has nothing to do with the mistake. It may correct itself in the month-end unit reconciliation they're likely to perform, but if it doesn't it shouldn't be that hard for them to fix it.

So yes, it should have been completed in 3 days but given the volume of transfers they're likely to do and that it involves (or is likely to involve) a human rather than a completely automated system mistakes can and do happen. If you wanted to sell the shares during the period after transfering them you shouldn't have any problem getting Commsec to sell the shares on your behalf and reimbursing you for any losses you've incurred due to the delay.

 

[numbercruncher]

If Comsec cant/wont help Lodge a complaint at asic.gov.au , Link on how to complain is top right of welcome page.


Good Luck!

 

[doctorj]

The other thing to bare in mind is that Commsec will be required to have a rigorous complaint and resolution procedure as a condition of their licence. If you make a complaint to Commsec, they are required to see it through to completion, or if a mutually agreeable resolution cannot be reached they must inform you of the contact details for the independent complaints resolution body (often FICS). Complaints to FICS (or other body - depending on who they're a member of) are made at no cost to the client, but must first be raised with the company. If they don't see your complaint through to completion and do not inform you of their independent complaints body they may be in breach of their licence. Don't worry though, these businesses usually have extremely rigorous controls to ensure complaints get resolved well before they need to be escalated.

 

[Mofra]

Generally transfers of funds or securities should be traced via thier source. Seek confirmation from E-trade of the transfer, the confirmation should provide a contact point (or at least the processing team) within Commsec to notify.

 

[Julia]

Generally transfers of funds or securities should be traced via thier source. Seek confirmation from E-trade of the transfer, the confirmation should provide a contact point (or at least the processing team) within Commsec to notify.

Agreed. E-trade should be able to provide you with hard copy document recording the transfer.

 

[Bluesky]

How long does this transfer usually take, 2-3 days. If its more than what they told and you made a loss because you cant trade yeah. I would demand compensation for the losses once you find who's in fault.

 

[ta2693]

I got compensation for the value I lose from comsec. about $3000
that is end of story.
Thank you very much for all the advices.