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. If you have received an email or SMS about your trade settlement failing you can easily settle your outstanding balance by:

  1. Depositing funds into your nominated bank account
  2. Sell securities

If you have opted for option 1, please contact us via email (shares@commsec.com.au) when funds are available in your linked settlement account.

Just a reminder that Settlement Date occurs two business days after execution of a trade (known as T+2) by which cleared funds need to be available by 8am in the nominated settlement account. Contact Us.

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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