When you purchase shares on CommSec, the platform will automatically debit your linked bank account two business days after your trade. It is essential to ensure that you have sufficient funds in your linked bank account by 8 am on the settlement date to cover the payment for your shares.
Key Facts
- Automatic Debit: If you’re buying shares on CommSec, the platform will automatically debit your linked bank account two business days after your trade.
- Sufficient Funds: It’s crucial to ensure that you have sufficient funds in your linked bank account by 8am on the settlement date to cover the payment for your shares.
- Linked Bank Account: If your linked bank account is with the Commonwealth Bank of Australia (CBA), all you need to do is transfer sufficient funds into your linked bank account. CommSec will debit the outstanding amount within two business days once you have transferred the funds.
- Non-CBA Bank Account: If your linked bank account is not with CBA, you will receive instructions via email on how to settle the outstanding balance. Generally, you’ll need to transfer the required funds or use BPAY to pay the outstanding amount, and then notify CommSec.
- Late Settlement Fee: If you fail to pay for your shares before the final due date, you may be charged a late settlement fee. Additionally, CommSec may suspend your account from further trading or place restrictions on your ability to trade.
Linked Bank Account
If your linked bank account is with the Commonwealth Bank of Australia (CBA), all you need to do is transfer sufficient funds into your linked bank account. CommSec will debit the outstanding amount within two business days once you have transferred the funds.
If your linked bank account is not with CBA, you will receive instructions via email on how to settle the outstanding balance. Generally, you’ll need to transfer the required funds or use BPAY to pay the outstanding amount, and then notify CommSec.
Late Settlement Fee
If you fail to pay for your shares before the final due date, you may be charged a late settlement fee. Additionally, CommSec may suspend your account from further trading or place restrictions on your ability to trade.
Sources
- CommSec – Settlement – How to pay or receive funds for a trade
- CommSec – Understanding Settlement
- CommSec – How do I trade with CommSec?
FAQs
How do I pay for shares on CommSec?
CommSec will automatically debit your linked bank account two business days after your trade.
What happens if I don’t have sufficient funds in my linked bank account on the settlement date?
You may be charged a late settlement fee and/or CommSec may suspend your account from further trading or place restrictions on your ability to trade.
What if my linked bank account is not with the Commonwealth Bank of Australia (CBA)?
You will receive instructions via email on how to settle the outstanding balance. Generally, you’ll need to transfer the required funds or use BPAY to pay the outstanding amount, and then notify CommSec.
How can I avoid late settlement fees?
Ensure that you have sufficient funds in your linked bank account by 8 am on the settlement date.
What is the settlement date?
The settlement date is two business days after the trade date.
Can I pay for my shares over the phone?
No, you cannot pay for your shares over the phone.
Can I pay for my shares with a credit card?
No, you cannot pay for your shares with a credit card.
What happens if I sell my shares before the settlement date?
The proceeds from the sale of your shares will be credited to your linked bank account two business days after the trade date.