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two trading accounts with same bank

Discussion in 'Other Asset Classes' started by Yann, 16th May, 2016.

  1. Yann

    Yann Active Member

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    Hi guys,
    Couldn't doublecheck the information. I have a trust and wanted to open different trading accounts to easily split the investments for different beneficiaries. When I talked to CBA, they told me I can only have one commsec trading account for one person (either a physical person or non physical person like a trust). Have I been talked BS or is this true? This seems weird for me as it works differently where I come from. But I do not want the hassle opening different trading accounts in several banks.
    Yann
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Both would be in the trustee's name right?
     
  3. Yann

    Yann Active Member

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    Would be, but I was told it is not possible to have two trading accounts under the same name, which I find weird
     
  4. datto

    datto Well-Known Member

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    Ring up other banks and verify that you cannot do it.

    It could be a bank policy. The bank doesn't charge you for the trading account (well I don't get charged) and may be it's just a policy thing to reduce costs.
     
    Yann likes this.
  5. Nick Valsamis

    Nick Valsamis Well-Known Member

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    Talk to someone more senior there and verify this information as it is possible they gave you the wrong information.
     
  6. Yann

    Yann Active Member

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    Good advice, will do