Standover, Bullying From the Commsec Trading Desk
I have been trading with Commsec for more than 8 years. I find the App lacks technical indicators for charting. You need to have a settlement account that is a Commonwealth bank account or they won't allow you to trade more than 29k. The reason given; ”We can't see the money in your account.” This is despite being offered a margin lending product because of the successful trades I have completed. When I stated that I can get a better interest rate with another bank and that is the only reason I am with them (bank name not stated for privacy rea...sons) they stated that I would have to BPay funds into the account so they could see them if I want to make a larger trade on anything other than the top 200 stocks. Great, a solution I thought. After talking with Commsec help desk my account was locked for no explicable reason other than; ”You may be money laundering.” I have not been supplied with any explanations, despite multiple requests to understand why this is so! I am dumbfounded as to their reasons. They then informed me that if I held the shares and built them up that would be acceptable to them to allow larger trades. I explained that I am a trader and that is not a part of my trading strategy and that's why I am using a trading platform! They know this because they offered me a margin lending account based on my trading results. After proving that their laundering accusations were blatantly untrue, baseless and ridiculous the account remained locked because one of the help desk staff hadn't talked to the other help desk staff to unlock it! Was I being punished for questioning a bank? I lost out on the opportunity for three profitable trades and all my Australian tax details were already in their possession! According to the news the Commonwealth bank was busted for laundering hundreds of millions of dollars illegally, are they now harassing their Australian tax paying mums and dads on the share trading platforms to prove they are doing their due diligence - to catch out criminals? I BPay’d the funds into my trading account as directed and they disappeared from my account balance, first from the App and then from their website and were placed in an obscure section of the account transaction stating a - negative sign in front of the balance! I complained and wanted to know where my money was and they said you will have to open a Commonwealth account so we can see your money. I explained that I BPay’d like they said I needed to and they came back to me and said that the money should be in my clearing account, to which I stated that I had BPay’d it like they had advised. Round and round we went. The games have been profound. To add insult to injury, I was again told by phone on the help desk that I should have a Commonwealth clearing account so they can see how much money I have to enable larger trades. When I again told them they don't pay enough interest on their account to warrant me putting my money with them (only a pitiful 0.9% according to the trading desk staff), less than half of what I get with the other bank they hit me with what I feel is another bullying stipulation. I can only BPay into my share trading account if I provide a BPay receipt proving that I have deposited the funds into their account! This is despite them being able to see and track that the BPay came in and has been deposited from my reasonable interest paying Australian bank. I cannot understand the level of harassment coming from the Commonwealth. I cannot rate them lowly enough. I feel I have been treated completely unjustly, in a patronizing, offensive and arrogant manner.
CommSecIRESS "Viewpoint" major step BACKWARDS from "Trader"
I have tried to enjoy the challenges and benefits of using CommSec's new trading platform "Viewpoint" to no avail. It has been three months since being forced on to their new platform, from Iress "Trader". The new software has halved my trading activity, the screen is difficult to read, many shortcuts that were available for a quick transaction no longer exist (no right button clicking), it can not be customised to the same degree, it is difficult to see where buyers and sellers are separated on a Market depth window, it is just not intuitive for the task at hand, buying and selling shares.
I am considering changing brokers to NAB Trade who I am told, still offer the old "Trader".
Signed Dissatisfied CommSec One customer
suggestions for improvement
Have been using commsec for 10 years, overall I am satisfied with them.
Recently tried using commsec pocket, whilst all of my holder accounts show up on the commsec website, my pocket account doesnt yet appear on CBA Netbank. Something wrong?
Would also like to suggest that you allow all account types to open a pocket account eg SMSF.
More rubbish software for Commsec
Today Commsec changed over yet again to some new very cheap software.
It will take me weeks to get my head around this rubbish. There is no way I can refresh the page. I have to leave the page then return to the Portfolio page to refresh. Amazing.
Gee thanks Commsec. I will have to take a week or two before I can trade again.
Please please gives us back the old software. I am absolutely certain the people who have supplied this software have never traded shares at all nor have they bothered to get advice. Your previous software was far easie...
Commsec have changed their system somewhat and as far as I am concerned have made the use of their Charting "Atrocious" and total unusable for small time punters , The Casino bosses look to be making it slower and tougher on the mugs, Time consuming ! and a BIG backward step to what was there before , I have now opened an account with IG and once I learn their system will be moving , Not that long ago ComBank closed Commsec's banking side of the business and placed all under Com Bank, (paying LESS interest) on peoples money (only reason) Mistake N0 1 ComBank , Making your trading platform less appealing and harder to use - Mistake N02 , NO ONE! NO ONE ! would be happy with the new charting
I've been with commsec for over 10 years now, no broker is perfect but commsec was good.
They are changing their website and it's not better for the end user, not happy Jan!
Fist they've changed Quotes and now porfolio and both are harder to read and across the whole page... not good and if you call them they never change anything it's waste of time. I agree with another user of Commsec here it's time to change the broker... does Commsec care?
- Verified customer
Reliable so far, live price updates, although a touch more expensive than other brokers
Have been using Commsec for a little
over a month for my aust shares portfolio and have been pleasantly surprised at how reliable and good it has been. I like the ability to create a watch list ( like other brokers) but it updates prices live without having to refresh the screen (unlike some other brokers). Settlement contracts are issued promptly, are accurate and all the functions on the site that I have used to date work well and ‘just like the packet says’. Was impressed this past week when there was some market volitality that the app cont...
Took over 2 months to set-up an international trading account
Have been with them for almost 20 years, but have recently lost faith in the company.
Their back-office operations for international share trading are a total absolute shambles. Do not even bother!!!! I lodged an application, they said it would take two weeks (which is a long time to begin with). In the end it took three weeks just to tell me that I'd done a typo on the form. Then the form had a "Processing error" that took them a month to sort out. In the end I probably had a dozen calls back and forth and the stock that I had been wanting to buy rose 40% whilst all this was happening.
I suggest you use another broker for International Shares... even if you are already with Comsec. The process will be quicker by about 2 months...
Beware... Insane!!! They shut down your margin loans!!! Outright lies!!!
Nothing in t&c but they shut down your accounts and margin loans if you don't use for a year or 2.
But these monkeys dish out he biggest lies... They said one thing and did another.
The trick they use is to call you regularly... You get a slightly different story until they corner you with their last lie over the phone. Then they put it in writing because they know if you make a complaint the phone calls evidence does not exist to show them the inconsistent lies!!!
All manufactured lies to frustrate you and shut you down. If you own shares they will bully you to shut you down using various different staff.
The last staff to contact you will put it in writing... Comes in for the kill...ha ha ha....True!!! Unbelievable!!!
...Many.. Don't speak or understand proper english and seems very zoo party like in background noise. Seems more like a rave party 'flipping out' like a bunch of coo-coo-clocks. One of the most awful banking experiences ive had in 30 years. Treat customers like garbage, don't bother. The reason they want to shut down your comsec appears so far to be they raised interest rates aggressively for 2 years to over the top insane nearly 7% and if you don't use it..They can shut you down. Today I found out in this update they just need to give you 5 days notice... Without any reason given. Insane.
US Share Trading V3
You cannot take part with Commsec! They don't even know what it is! The sooner Cryptocurrencies
take over the quicker we will be rid of CBA and Commsec! You can only trade 10 US shares when V3 recommendations can be up to 200 different companies/year...so Commsec are preventing us from taking part!
Why have CommSec changed their Quotes page
Ha ha ha.....What a joke their depth of field is in the wrong place. Well done Commsec.
I guess you are having to save money by using this cheaper software.
I missed two small trades this morning thanks to your NEW software. AGH & ZIP.
I am so annoyed to see Commsec have changed their Quotes/Depth page.
Commsec are so wrong to change a great format.
Why would Commsec SWAP something that was so concise and easy to read, for a new format now that looks like a dog's breakfast with small print.
When I phoned them they were not the slightest bi...
Atrocious Help Desk Service and Website Support Feature never works
I had to call Commsec to try to transfer issuer sponsored shares on behalf of my husband and I am listed on the account-because the website support feature never works-after an eternity on hold they come back on and they lock down his account!! If this is how they treat a Priority One customer I hate to think how they would treat everyone else. Dealing with them is ALL TOO HARD-don't bother phoning them unless you have a few hours to spare fixing the mess they create.
COMMSEC Sharepack Investment
Great difficulty encountered selling remaining asx listed shares in commsec sharepack purchased almost 13 years ago through commsec in my name as a long term investment for my two grandchildren.
CommSec originally registered SHAREPACK holdings in 2006 as:
my full Name <First Name + Surname uf Granddaughter & First Name + Surname of Grandson AC>, with registered address as our P.O. Box! However on requesting CommSec to sell these shares they requested I must change the 3 holdings' registered address to our residential address,...
Trades take 2 days to settle, why?
It takes 2 days to settle trades in commsec, recommend going with someone else if you're an active trader
They also have a confusing rule about how much you can trade but if you call them they won't tell you how much it actually is. This rule can also prevent you from selling a holding.
The most expensive online broker
It has a really good Android widget
- Verified customer
Ancient and Confusing Interface
The interface is the worst brokers by far (I use CMC and SelfWealth) which makes even looking to buy/sell impossible. The ability to put money in after the trade and before a settlement is fantastic, but only needed for opportunistic buyers/sellers.
the RC nneeds to be extended to include the sharebroking arm of the banks in particular commsec /cba who took over my broker (avcol) in jan 2008 and stopped me exiting the market during that dramatic fall of the GFC for 20 days.I lost $200000 and my brothers estate $180000 as a direct result.
Surprised at the bad reviews long time user
I have been with Commsec over 10 years and have never had a problem trading or getting my trades settled. I recently reactivated my account after a few years break and had no issues doing that either with a really pleasant phone operator helping me out. Easy to navigate and $10 trade brokerage seems like a good deal to me.
Terrible service and treat customers with distain, especially when the problem was their fault
I endured a similar issue as Justice Oct 19, 2018. I am disabled but they insisted that I attend a CBA branch, despite my protests about the difficulties with this. Well, it turns out that Commsec themselves were the problem. They were holding both my current and my old address despite my having advised them in writing of the move. All the trades I made over the past 3 years had the correct new address in the Contract Notes, so I had no idea that they had failed to delete my old address. In fact they have no explanation as to why this could have happened. Nonetheless, I had to suffer the inconvenience and cost of a special taxi to get to the CBA branch.
I definitely advise against Commsec
- ‹ Prev
- Next ›
Questions & Answers
How do Commsec buy and/or execute shares at a discount? ie: ASX $22.30 Commsec Buy confirmation $2.10...
I am trying to find a link to see comesec trading platform, I currently trade the forex market, does comsec for shares allow you to put stochatics/ indicators onto the platform?
thank you in advanced
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.