Do I need to transfer extra funds to my Commsec settlement account?

[AshOz85]

Afternoon all,

I am inquiring about a situation I find myself in. I sold $1000 of company A this afternoon, then about half an hour after that I bought $1000 of company B. Now I am not sure if I need to transfer any extra money into my settlement account to cover the purchase.

Should I expect the offset rule to apply here, so the sell funds will cover the buying requirements? I really dont want to get hit with a fee for purchasing units with no cash in my settlement account.

Please let me know if I have not been clear enough, and thank you for any help you can provide. Also I have reviewed the Commsec client guide regarding this but im still a little unsure.

Thank you in advance for any assistance

 

[davede]

Can't give advice directly to you but I have personally sold and bought shares via commsec on the same day and the offset on settlement worked fine.

Hope that helps.

You can always call commsec or check out their FAQs. However I wouldn't be worried.

 

[So_Cynical]

Afternoon all,

I am inquiring about a situation I find myself in. I sold $1000 of company A this afternoon, then about half an hour after that I bought $1000 of company B. Now I am not sure if I need to transfer any extra money into my settlement account to cover the purchase.

Don't panic...both trades will settle on the same day, so 1 will cover the other...just make sure there's 40 or 50 bucks in the cash account to cover the brokerage.

 

[Logique]

They contra everything out within T+3, but as above, don't forget the sell and buy brokerage fees when doing the arithmetic.