CommSec

Shocking. Several years ago, after experiencing poor service, excessive fees, and virtually non-existent customer support, I decided to leave CommSec and opened an account with NABtrade. The difference was significant, NABtrade proved far superior… Read more

in both service and value.

Years later, CommSec began sending me repeated promotional emails encouraging me to invest in SpaceX shares. After receiving several of these emails, I decided to give CommSec another chance despite my previous negative experiences. I purchased SpaceX shares and, while I was at it, also purchased another Australian-listed share.

Unbeknownst to me, my CDIA account was approximately AUD $200 short of the amount required to settle the transaction. Surprisingly, CommSec still proceeded with the purchase instead of declining it or contacting me beforehand.

At that time, I was living through one of the most difficult periods of my life. As a single father of a preschool-aged daughter, I was solely responsible for her care while also supporting my mother, who was undergoing a series of major surgeries. Two surgeries had already failed, and she was preparing for a third. I was travelling long distances every day to administer her medication four to six times daily because she did not live with me, all while continuing to care for my young daughter and manage everyday responsibilities.

During this period, I missed a small number of emails from CommSec. When I eventually saw them, I immediately attempted to contact the company. However, every phone call was met with recorded messages stating they were "busier than usual," and the emails I had received were sent from "do not reply" addresses. Despite my efforts, I had no practical way of contacting anyone to resolve what was, in reality, a very small shortfall.

As soon as I became aware of the issue, I transferred the funds required to cover the approximately $200 difference. Despite this, CommSec sold my shares without my authorisation and at a loss, leaving me liable for additional costs.

I find this completely unacceptable.

Firstly, I never authorised CommSec to sell my shares.

Secondly, had CommSec simply waited another day—or even contacted me before selling—the shares had already increased in value to the point where they would have generated a significant surplus rather than a loss. Instead, their decision unnecessarily crystallised the loss and transferred the financial consequences onto me.

When I eventually managed to speak with someone at CommSec, the conversation ended poorly. The following day, I discovered that my account had effectively been deactivated. Once again, I attempted to contact CommSec but could not get through despite numerous attempts.

Eventually, after searching online for Commonwealth Bank's customer resolution department, I managed to speak with a representative named Michael. He initially indicated that he would look into the matter. However, I later received an email advising that no further action would be taken.

Regrettably, my experience did not end there.

I also held another Commonwealth Bank account, which I had intended to use as my primary banking relationship. I was considering transferring approximately AUD $200,000 into Commonwealth Bank. Fortunately, I decided to test the relationship first by transferring only around AUD $19,000.

After transferring approximately AUD $10,000, Commonwealth Bank froze my account, citing a suspected fraudulent transaction.

As a result, I suddenly lost access to my CommSec account, had no visibility over my SpaceX investment, could not access the funds held in that account, and simultaneously lost access to the money sitting in my Commonwealth Bank account.

The experience has been nothing short of devastating.

Instead of receiving assistance from an institution that promotes itself as Australia's leading bank, I encountered poor communication, inaccessible support, automated responses, account restrictions, unauthorised actions affecting my investments, and an apparent lack of empathy or common sense.

Had I transferred the full AUD $200,000 as originally intended, the consequences for me would have been catastrophic.

It is deeply disappointing to see what Commonwealth Bank and CommSec have become. What should have been a straightforward issue involving a temporary AUD $200 shortfall escalated into account restrictions, forced sale of investments, financial loss, and months of unnecessary stress during one of the most difficult periods of my life.

No customer, particularly one acting in good faith and facing exceptional personal circumstances, should be treated in this manner

One star is too much. I can't give zero. It was agreed in 2021 that my legacy account would be closed due to Commsec's incompetence. Now when I want to transfer my shares to a different company to trade, I find out that the account is suspended not… Read more

closed and Commsec is refusing the transfer. For the third they want me to visit the branch. Last I was lied to when I did that and nothing happened.

I am starting a boycott of Commsec, following the 'last straw' that occurred last night. Firstly, Commsec International is garbage, it cost you money. It frequently displays overlaid illegible text (like when selecting a company on the right pane after entering a ticker-symbol). It displays some parts of the international window in $US, and some… Read more

parts in $AUD, and fails to even label them as US or A dollars ... which is so illogical and confusing it makes no sense at all. Furthermore, it means when selecting the # of shares to buy, that I have to calculate in my head how much my available $AUD can buy at a given moment in $US and how many shares I can afford [esp. when price wildly fluctuating].

Then the Commsec "research and quotes" advice is all wrong, and evaluations they make fly up and down all the time for no reason. HOT TIP: Do NOT follow the CBA "research and quotes" advice section - it's all garbage and wrong!!

The last straw was last night. Following a hot stock-tip, I went to buy shares in a NASDAQ stock [QUCY] that spiked over %300 on the first night, and then spiked over %115 on the second night. I was going to get in, put my big money in, let it go up, and sell on the same or next night to make a single-session multiple on my money, then re-invest the profits in other stocks.

BUT COMMSEC TOLD ME THAT MY STOCK WAS "SELL ONLY" and they do NOT allow me to buy it! I WOULD HAVE MADE A FORTUNE!! Too late now to sign-up with another broker because the time it takes to transfer money being 2 days or so (Again, it is computerized now - it should be instant!!), I'd miss the boat. I can't tell you how p*ssed off I am at these morons from CBA. They can't even fix their software!!

POINTS: 1 = Commsec did NOT warn me, the user, that some NASDAQ companies are "sell only" and not "buy", which meant that otherwise I'd had the time to go sign-up with another broker. No warning given. 2 = Who are Commsec to baby and nanny me and tell me what shares I can and cannot buy?! If they can sell them, they can buy them.

Why am I paying higher brokerage than other platforms like Stake when I get lousy service?

CBA are huge, and they refuse to fix their software year after year and ruin new investors like me.

Worst experience ever – One of the worst experience. These guys do not educate the customers how their limits work. When your shares are going up they force customers to sell. They block accounts so you cannot buy. My past 6 months experience is that they contribute to me… Read more

making losses and force me to sell or block me when their is an opportunity to buy and make profits. I took away all my mortgages to a different bank as i do not want them to earn anything from me. Worst service and worst policies. I urge everyone to be diligent and explore different platforms. CommSec is not the only one. I am so fed up and so frustrated getting blocked again and again. Practically when the shares start moving upwards Commsec ensures to block the account and they say it is the way Margin lending works. I am a day trader. How would i know my margin for tat day? They do not have anything that suggests he margin on a regular basis. Trash banking with Commsec. Hate the service. The worst trading platform from my experience

Today, I was fortunate enough to be on the receiving end of exceptional customer service. I have not seen customer service like this from any company for many years. To begin the “I will ring you back” option from CommSec was amazing. I had some issues with my CommSec application (to the point of pulling my hair out) that Tyler B looked into for… Read more

me. Tyler was exceptionally knowledgeable and patient in helping me understand the different options and requirements of me to finalise my application. Tyler was so supportive, helpful and accommodating, she offered prompt and efficient responses to all my enquiries, proactive problem-solving, and a high level of professionalism. There was prompt and efficient communication and I appreciated the quick and helpful responses to my questions. Tyler was very responsive and efficient, an absolute subject matter expert in her field. I thank both CommSec and Tyler B for an exceptional customer service experience.

Excellent service – Commsec have been wonderful to deal with. I was put in a situation where I needed to change from another broker with very little notice. The Commsec staff (3 in particular that I know of) went well above and beyond in ensuring that my application and supporting documentation were processed extremely quickly and made a process that should have taken 25 days take 4. I cannot thank them enough for their kindness and support.

A solid trading platform with good customer support – Contrary to the flood of negative reviews here, my experience with CommSec has been overall positive. I only access CommSec via a web browser, so cannot comment on the phone app. I actually like the "bare-bones" design of the web interface. It's utilitarian sure, but has all the information and functionality I need, prices are provided in real… Read more

time, plus there is the bonus of Morningstar ratings on most securities. I have found it is generally quick and easy to phone through for customer support. Support staff have been patient and helpful. Security protocols are robust. I have used a couple of other trading platforms. CommSec is the best.

Was a customer of theirs for 17 years with them having acquired the customer base of Sanford Securities. Their platform may have been antiquated, but appeared to work well enough for simple CHESS share purchases and sales on the ASX. However, CommSec decided one day to kick all non-residents (including New Zealanders) off of their platform. Not… Read more

only that, the process to transfer out was opaque, hughly confusing, and convoluted with each CommSec rep giving me contradictory / conflicting guidance and each with yet another set of forms to fill out resulting in as much backwards and forwards and paper work as a property purchase and settlement.

While I've managed to get my ASX portfolio out to another CHESS sponsoring broker, Ended up lodging a formal complaint to CommSec regarding their bureaucratic and confusing processes.

They promise to open an account online and ready go next day, but commsec decides to shut access during the most volatile days on the stock market and unable to trade, thus hogging all the cash and shares. When it mattered most this new provider has already cost me 2 thousand dollars including time wasting sorting out bank branch visits with… Read more

incorrect id as requested and the drama went on an entire day. Yes, the frustration was such that hundreds of 000s of $ were immediately removed, the account closed and all shares just bought were transferred away from commsec. I cut my losses and move on. How has this bank become the most precious and expensive bank in the world?! Poor aussies...! Sure thing it was all resolved, just a little too late and with far too many dramas. If you are looking for someone to make it difficult and leave you in the lurch, go commsecbank, their staff just works there, they can't help you.

I have been trying to navigate the application system to join Commsec. When I was almost there, my wife and myself visited the local branch to confirm our details. Great service until they rang Commsec. The Commsec rep was spectacularly rude and caused us to walk away from the process. Customer service. What?

They lost my shares!! A company I invested in was delisted and the shares transferred to another international company. Commsec could not locate the shares and flat out refused to try.

Would not reccomend at all. Very confusing user interface. Signed up and created an account. Made my first purchase and was unaware of where I needed to make the payment to. Received a call from commsec who were chasing up the payment. After a complicated phone call I gathered I needed to set up a clearing account. I did this within 24hrs and… Read more

transferred the money to that account, the money was debited and I was under the impression all was good. But now commsec have cancelled my account which has also blocked access to the clearing account which still has my money in it. The customer service on the phone is extremely unhelpfull.

No end to problems with CommSec. Sometimes the website works, sometimes it doesn’t. Dealing with international stocks is a mystery to me and their staff. Very awkward app. Wish I had never met them

Very poor experience trying to sign up. I attempted multiple times using both a company and a personal account, and the online system simply does not work. The application process never completes or processes properly, no matter which method is used. Trying to get support or even make contact for help is a complete waste of time. There is no… Read more

meaningful assistance available to resolve what are clearly system faults. For a company operating in financial services, this is unacceptable.

The platform appears poorly designed and not user-friendly, especially for something as basic and critical as account setup. If CommSec can’t manage a simple sign-up process, it seriously raises concerns about their ability to manage clients’ money.

After reading other reviews and experiencing these issues firsthand, I’ve decided to walk away and look for an alternative platform. I wouldn’t recommend CommSec based on this experience.

charge too much for transaction, the most expensive one I'm aware of so far. Extremely high charges for international shares. Plus, poor communication re late settlement fee which I was charged $500. Transferred all my shares out to other brokers who also secure and CHESS sponsored and much much cheaper. CBA ripps people off. Not recommended at all.

Be factual they said - ok. The Commsec site is trash. It shows you in profit on the dashboard until you 'launch' the app which shows you at a completely different amounts. You can't trust the site. You can't use the site. It is a debacle.

Two decades with CommSec. Not anymore. Repeatedly get “Insufficient funds” on limit orders while cash sits in their own linked settlement account (cleared, sitting there ~45 minutes). The platform only recognises the balance after multiple re-logins, by which time the market has moved and the trade’s gone. This has happened several times. Calling… Read more

doesn’t help: the first minute is ads, surveys, and “respect our staff” lectures before you reach anyone. That’s 1990s plumbing pretending to be premium. I’m a CommSec One client and still can’t trust basic cash-to-order synchronisation at the open. Broking should be execution first. If you want reliability and real-time funds recognition, choose another broker. just not sure where that would be, what you gain from one broker you lose on another (and they know it)

Yesterday, I called for simple question and gentleman on other end, hard to understand he apologise and in end locked my account.without reason horrible service.will change over anyway

Still on hold — I’ve been waiting for 35 minutes to speak to someone. CommSec might be fine for retirees who have time to spare, but for investors, time is money.

Fairly user friendly. Negatives: expensive brokerage and the international share trading platform is a joke. Cant buy microcap shares if the price is under $5USD or company value is <$300million. My money, my choice CBA

I’m new to the commsec trading account. I purchased $1909 in shares and I thought it was coming out of my account. Days later my account was suspended. I called they told me that I had to transfer $249.00 to get it unsuspended. Nor I didn’t realise they sold my shares and apparently the 249.00 what I owed them. I never closed my account and now… Read more

I’m out of pocket. I’m disappointed as a cba customer to have been treated like this. I will never purchase through commsec. A big F From me. I can see why their reviews are poor.

Absolutely appalling: describes CommSec. I would award them no stars if possible. They are incompetent and should have their trading licence revoked. They stuffed me around for several weeks when I tried to do a very simple off market share transfer. Their staff are ignorant and useless, they are of no help and do not even know how to do their job… Read more

or help customers. I had to repeatedly contact them by phone and email to demand they sort out my simple requests, and still they obfuscated and delayed me. Frustrating is an understatement! Stay away from CommSec at all costs! What a debacle of a company.

A few months ago I received a letter to say my partner's estate was owed a refund. As the account was no longer active I set up a commbank account in the name of the estate (specifically for this transaction). I have given the details of the account to commsec and have not had any response in over two weeks to my request. Am I being scammed by commsec. The response is pretty ordinary.

Was a member 25 years very poor treatment recently, tried to fix an issue, they just hold your money and were reluctant to help. Very poor treatment after such a long time.