Help! How to transfer funds to buy shares

• 2 December 2008

• #1

D

DanielRP

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I purchased shares thru ASX 3 business days ago (today is T + 3). I was under the impression, that thru direct debit, funds were simply withdrawn from my st george account (all details have been supplied to commsec) at T + 3. The funds are still in my account. Do i have to physically transfer funds to the seller (perhaps thru B Pay or some other method)?

A ridiculous question I realise, but its quite important.

Thanks,
Dan.

 

• 2 December 2008

• #2

cuttlefish

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Settlement funds will typically be taken out overnight the night of T+3.

So if you bought shares last Thursday (T) then Fri (T+1), Mon (T+2), Tue (T+3) - funds would typically come out sometime tonight.

 

• 2 December 2008

• #3

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DanielRP

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Thank you very much. A simple answer to a dumb question.

I appreciate it a lot.

 

• 2 December 2008

• #4

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nomore4s

Commonsense isn't that common

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If the funds are still in your account tomorrow I would ring Commsuc to find out what is going on but the funds should come out tonight around midnight.

 

• 2 December 2008

• #5

cuttlefish

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DanielRP said:

Thank you very much. A simple answer to a dumb question.

I appreciate it a lot.

Click to expand...

cheers - glad to be of help.