Direct debit rejection when buying shares

j0shi3 · 14 August 2009

What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?

drsmith · 14 August 2009

They will send around Mr T complete with knuckle dusters.

Nyden · 14 August 2009

j0shi3 said:
What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?

You are kidding, right? It never ceases to amaze me, the amount of fools who believe the market has no risk.

nunthewiser · 14 August 2009

Personally finding all these COMMSEC queries from brand new posters of late a trifle suss actually .........

commsec trying to drum up some business ? or am i just just a cynical paranoid ole nun that thinks the internet is an evil place and should be monitored by the vatican ?

Nyden · 14 August 2009

nunthewiser said:
Personally finding all these COMMSEC queries from brand new posters of late a trifle suss actually .........

commsec trying to drum up some business ? or am i just just a cynical paranoid ole nun that thinks the internet is an evil place and should be monitored by the vatican ?

$600 Free brokerage. Best way to lure in the suckers ... zero risk, don't you know

nunthewiser · 14 August 2009

Nyden said:
$600 Free brokerage. Best way to lure in the suckers ... zero risk, don't you know

wooo hooo sign me up and i,ll take 20 thanks

awg · 14 August 2009

j0shi3 said:
What happens if you buy shares, specifically on commsec. Then they drop in price before the settlement date. Can you purposely not have enough money in the account to pay for them? And will you only be charged like a $35 direct debit rejection fee. Or will they still chase you up for the money?

you will be liable for a "fail fee" of $50+ per day

check the commsec website

being a bank, they will want their money, and pursue the debt

if you cant settle on time, ring commsec immediately to make an arrangement

i imagine it happens a lot

nunthewiser · 14 August 2009

HANG ON !

STOP THE PRESS!

ive worked it out ................

its commsecs way of cutting out on a lil more customer service queries !

easy peezy . ask the most frequently asked questions in the forums and hey presto all US helpful souls answer all the questions for them , therefore saving on staff numbers and leading to less compalining about commsecs SHODDY customer service ways

well there ya have it , another fine discrete message brought to you discretely by commsec

jono1887 · 16 August 2009

LOL!.. you'll get charged $54 per day... and I'm guessing + interest as well

swm79 · 20 August 2009

nunthewiser said:
HANG ON !

STOP THE PRESS!

ive worked it out ................

its commsecs way of cutting out on a lil more customer service queries !

easy peezy . ask the most frequently asked questions in the forums and hey presto all US helpful souls answer all the questions for them , therefore saving on staff numbers and leading to less compalining about commsecs SHODDY customer service ways

well there ya have it , another fine discrete message brought to you discretely by commsec

they probably even direct people to post here... hang on, i'll ring them and see.... *on hold*

Kez180 · 20 August 2009

you enter into the contract when your order is accepted, so from that point on you have to pay the contract price, whether you do that on time or not will determine the fees you have to pay...

you can't renege on the trade by not paying...

Kez180 · 20 August 2009

swm79 said:
they probably even direct people to post here... hang on, i'll ring them and see.... *on hold*

I'll see you in 4.5 hours once your off hold...

At least they are better than the CBA's residential lending team... talk about your mushrooms in the dark...

Surfer35 · 20 August 2009

Human idiocy reminds me of a bull market run, just when you think it can't keep increasing....it does.

jono1887 · 21 August 2009

Surfer35 said:
Human idiocy reminds me of a bull market run, just when you think it can't keep increasing....it does.

works the other way as well... when you think it cant get any lower... :

OzzieBob · 17 November 2010

What is the problem with transfering funds from CBA accounts to CommSec accounts?

I have no problem transfering funds from CBA to Bell Direct or eTorro within 24 hours but CBA to CommSec ? 48 hours (only counting working days).

Did CommSec piss the CBA off or something, or is it a ploy so they can hand out $54 Direct Debit Rejection Fines??

aglenday · 8 December 2010

OzzieBob said:
I have no problem transfering funds from CBA to Bell Direct or eTorro within 24 hours but CBA to CommSec ? 48 hours (only counting working days).

I know this is an older thread but I have to post into a thread somewhere (damn being a newb).

The transfer can take an extra day if you transfer it after their cut off time. I think it's normally around 6-7pm EST for most banks but some of the smaller credit unions cut off as early as 2-3pm EST!

Direct debit rejection when buying shares

j0shi3

drsmith

Nyden

G.E. Money Genie

nunthewiser

Nyden

G.E. Money Genie

nunthewiser

awg

nunthewiser

jono1887

swm79

Kez180

Kez180

Surfer35

jono1887

OzzieBob

aglenday

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