Question about CommSec Settlement

[Lydias]

Hi, I'm new to share trading.
I've an account with CommSec.
Here's a question:
I've sold a share a 3 days ago, then bought another one the day after.
The settlement for the sale is today and I should receive the cleared fund by tomorrow so that I can settle the share I bought 2 days ago.
Is it possible for CommSec to debit me before they credit me? (eg they try to debit me at 1pm and credit me at 4pm). I don't have any extra fund in my CCA account besides the amount I should be credited tomorrow and I'm worried that if they do that, I may be charged with a penalty or something.
Please help and thank you.

 

[cutz]

You will be charged a fail fee.

 

[MichaelD]

You will have no problem, as the sale will settle today and the new purchase will settle tomorrow.

You will not be charged a fail fee as you will not fail to settle assuming the proceeds from the sale are sufficient to cover the cost of the shares you bought.

 

[cuttlefish]

Lydias - as Michael said you will have no problems - I think cutz misinterpreted your explanation. The settlement is done after end-of-day and is based on the net settlement position as of that day. (so you could even have sold the first lot and bought the second lot on the same day and you'd be fine).

(this is all based on the assumption of course that the proceeds of the sale of the first lot, less fees, is more than the purchase price of the second lot + fees).

 

[cutz]

You will be charged a fail fee.

Sorry,

I did misinterpret your explanation, glad the others cleared it up.

 

[jono1887]

I think settlement should've skipped Monday because it was a bank holiday

 

[Lydias]

Thank you for your help!
So does that mean I can buy and sell 1 lot of share , then buy and sell another lot of share on the same day as long as I make a profit?
eg. At the start of the day I only have $2000 in my account. I bought $1500 worth of share and by midday I sold it with a 3% profit. Then I bought another $1800 worth of share (and not selling it). So by settlement, the $2000 should be enough?

 

[cuttlefish]

As long as you have no prior settlements from other days outstanding (i.e. all you have is $2000 cash at the start of the day and no pending settlements from ealier trades in previous days) then yes.

 

[Lydias]

I see, thank you very much for your help!

 

[nulla nulla]

Cash on Hand...................................................................$2,000.00

1st Shares purchased $1500.00
plus Brokerage..............$19.95....Cost....$1519.95

1st Shares Sold.........$1500.00
Plus gain 3%..................45.00
less brokerage...............(19.95)..Return $1526.05........Net Profit $6.10

Cash on hand after T3 Settlement........................................$2,006.10

2nd Shares Purchased $1,800.00
Plus brokerage..................19.95......Cost $1819.95

Cash after t3 settlement.....................................................$ 186.15

You're safe............