Let me explain. I'm no veteran trader but I've been doing a bit of investing recently and have dabbled in a bit of day trading with moderate success where I saw opportunities.
I'm using a Westpac Broking account with an attached Westpac bank account to trade. Today, I bought about $50,000 worth of a stock with the intention to sell it before the end of the trading day. It was up slightly and I was looking at making about $500-600 after brokerage fees when my internet connection dropped out with about 5 minutes before the end of trading for the day.
By the time I got back on, trading had ended and I lost the ability to sell. Here is where the problem lies. If I had been able to sell it the same day, settlement would have essentially involved receiving or paying up whatever the difference + brokerage fees was, and I could afford to take a small loss if necessary. But because I didn't sell, I'm not going to have the $50,000 in my bank account on settlement day. I intend to sell tomorrow now (and hopefully not take a loss if it gaps )
What are the implications of this? Westpac's site doesn't seem to give any indication of penalties/interest if you cannot pay up on the settlement date. Has this happened to anyone before and are they likely to understand/compromise at all? Any advice appreciated.