Understanding Settlement

How do I pay for my shares?

Settlement is a standard process that applies to all Australian sharemarket trades. When you buy or sell securities, there are two key dates:

  • The trade date (known as T) – the date when your order trades on the market.
  • The settlement date (known as T+2) – when money is exchanged for ownership of the investment. 

How settlement works

When you buy shares or other securities, there must be enough money in your settlement account on the second business day after your order has traded. The second business day is when we'll debit your account to pay for your investment. And when you sell shares, we'll deposit the money into your account on the second business day after the trade.

What happens if I do multiple trades within two days?

If you have more than one trade settling on the same day, we’ll just debit or deposit one amount to cover the total. If you place both buy and sell orders within the same day (or the following day) we will debit or deposit the difference between the executed trades. This process is known as contra settlement.

Find out more 


How do I manage my linked bank account?

To find out what bank account you are currently using for settlement, log in to your CommSec account and go to “Portfolio” > “Accounts”. Your linked bank account details are located at the top of the page below the accounts dropdown menu.

To update your linked bank account for settlement, log in to your CommSec account and go to “Settings”.

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What should I do if my share payment is overdue?

When you have a share payment due, you must make sure your linked bank account has sufficient funds available by 8AM on your settlement date. If we can’t debit the required funds, we’ll send you an SMS or email advising you how much you need to pay and the final due date. You can settle the outstanding balance by either depositing funds into your nominated bank account, or by selling enough shares to cover the amount you owe. You don’t need to contact us to settle an overdue payment, unless you need help.

If your linked bank account is a CBA account

All you need to do is transfer sufficient funds into your linked bank account. We’ll debit the outstanding amount within two business days once you have transferred. There’s no need to contact us, unless you need help.

If your linked bank account is not a CBA account

Please follow the instructions sent to you via email. Generally, you’ll need to transfer the required funds or BPAY the outstanding amount, and then notify us.

If you don’t pay for your shares before the final due date, you could be charged a late settlement fee. We may suspend your account from further trading, or place restrictions on your ability to trade.

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What should I do if my account is suspended?

If your account has been suspended because you have an outstanding payment, you must transfer funds to your CDIA or settlement account to cover the outstanding amount. If you're not sure why your account has been suspended, call us on 13 15 19 between 8am and 6pm (Sydney time) Monday to Friday.


What should I do if there are restrictions on my account?

We may place restrictions on an account if there are current outstanding payments or there is a history of unmet payments. If restrictions have been placed on your account, you can email shares@commsec.com.au to request a trading restriction review.


How can I see my estimated settlements?

When you’re logged in to CommSec, you can view your "Estimated Settlements" on the home screen. This will show the estimated settlement amounts on your trading account due on the current day. It will also show an indicative settlement amount for the following day, which is subject to change based on any trades you do on the current day. 


© Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. CommSec is a Market Participant of ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited.

The information on this page has been prepared without taking into account your objectives, financial situation or needs. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to their objectives, financial situation or needs, and, if necessary, seek appropriate professional advice.

CommSec does not give any representation or warranty as to the accuracy, reliability or completeness of any content on this page, including any third party sourced data, nor does it accept liability for any errors or omissions.