Not enough money in the bank account!!!

[nioka]

From my experiance with westpac the trade will stand and they will try and direct debit the ac again the following day with another 80 bucks tacked on to it! If push comes to shove they would eventually resell the shares on your behalf and you would also be responsible for any shortfall on the sale. (havent been there myself !)

Only after rhe 3 day settlement date.

 

[kransky]

thanks for the advice and info... never thought of the old "trading halt" problem..

oh and never imagined any undervalued stock i pick out would tumble

 

[hitmanlam]

Thanks guys for your great response.

I read the conditions today and found the answer.

T+3 rule.

We will offset payments when you buy & sell within a short time. CommSec will transfer the net amount to or from your account when you either:

- Buy shares and then sell shares on the same day or the next trading day.
- Sell shares and then buy shares on the same day or the next two trading days.

So you can hold a share overnight and sell the next day and they will only take the difference. However, i actually held them for two days so this rule doesn't apply. Anyways, I finally got my act together and phoned comsec. They said that they will put an early settlement on my sale order which would then net it off. Anyways, the fee is $54 for the early settlement which is immaterial really when your talking about K's being overbought.

I guess you learn from your mistakes. I would have NEVER known this rule if this didn't happen.

 

[kaveman]

Scares me to think of people trading with money they do not have