What happens if my share payment is overdue?

It is important that you keep track of your trade settlement obligations via your transactions and the contract notes you are sent when you execute a trade. Contract notes can also be obtained by logging into your account and navigating to Trading > Confirmations.

If you fail to meet your trade obligations on the settlement date specified on your contract note, we will send you a Trade Default notice via SMS or email advising you there is an outstanding amount on your trading account. This will outline the overdue amount and provide a final date that the payment must be received by to avoid further actions taking place. Should you receive a Trade Default notice, please pay the outstanding balance immediately and contact us on 13 15 19 (within Australia: 8am to 7pm, Sydney time, Mon to Fri).

Defaulting on your settlement obligations is serious and may mean you incur a late settlement fee of $100, your account will be suspended from placing further buy orders and ongoing Trading Limit privileges may be reviewed.

Please note: Failure to clear the overdue amount by the final due date may result in shares being sold to clear your outstanding position and possible account closure. You may attract additional fees if shares are sold to cover the overdue amount and you would be liable for any potential losses incurred for any shares sold. You can find more information about our fees and charges by clicking here.

Additional information in relation to overdue settlement processes can be obtained via our Trading Terms & Conditions, or by clicking here.

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