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95 FPO?

Discussion in 'Beginner's Lounge' started by freakygeez, Apr 2, 2014.

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  1. freakygeez

    freakygeez

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    So I'm a young beginner investor, and this is my first post too, so sorry if this is dumb.

    Have bought 31 shares of DJS, Westpac free brokerage, but about a week later I get billed again for $98 except this seems to have come out of the value of those shares as my available balance isn't touched.
    The plan was to hold them for about a month to get the dividends then pull out but have I made a dumb error in that FPO 95 means something other than fully paid or that company prefers orders of over 100?


    Cheers.
     
  2. McLovin

    McLovin

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    1995 is the year DJS was listed. I have no idea why it's included in the name of the listing. It has always puzzled me.

    I'm a bit confused by the question. Are you saying you got 31 shares and then you got charged again without receiving another 31?:confused:
     
  3. skc

    skc Goldmember

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    $98 sounds like the value of shares you've bought... i.e. 31 shares @ ~$3.16 each. How did you pay for the shares? Did money get taken out from your linked account?

    I don't know what FPO 95 means, but I am pretty sure DJS shares are fully paid.
     
  4. freakygeez

    freakygeez

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    Share price was 3.21 which came to $99.51 so that bill is just a bit under which is really confusing, so far I have not received any extra shares.

    There's another one gone out today but can't see details tomorrow same story nothing taken from available account but I did a sell order so will check back on that one.
    my theory is they might be delayed transactions or something? Like Bpay you can issue a transaction but will take 2 days to complete, this idea seems flawed though...
     
  5. skc

    skc Goldmember

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    Shares settlement occurs at 3 days after you buy/sell.

    http://www.asx.com.au/courses/shares/course_05/index.html?shares_course_05
     
  6. freakygeez

    freakygeez

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    Yep is probably that then,
    Went to bank today and although they suggested I should ring the investment line they said it could be delayed (settlement period like you said) or even a part payment since it is under the value.

    Will hang around for a few days to see what happens
     
  7. skc

    skc Goldmember

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    I would call them straight up. It looks like for some reason the money required to pay for the shares has not been paid. May be there was an error in the link account details, may be something else.

    Seeing that you are somewhat unclear about the buy/sell process, it could easily have been your fault. So sort it out before they potentially slap you with late/dishonour fees or interest charges etc.
     
  8. Smurf1976

    Smurf1976

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    Definitely sort it out to avoid any fees, interest etc.

    For the record, the point about settlement (payment) being 3 days after you buy / sell applies to all shares, not just DJS.

    So if you bought shares in BHP (to pick a random example of a well known company) tomorrow (Thursday) then settlement won't be until next week. Same with any shares. Likewise if you sell shares, you need to wait 3 days to actually get the money in your account.
     
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