Forum Topics CHESS holding statements
SaberX
12 months ago

After years and years of diligently filing these away , with a second discount broker for some additional satellite portfolio purchases (stake) which incidentally triggered an automatic signup to electronic CHESS documentation, it got me thinking: does anyone or has anyone ever found an use for your CHESS holding statements? Every month the latest transactions come through and apart from the HIN # I've never ever needed one for reference.

Your transaction history is easily available via your broker... And your dividends and other tax documents e.g. purchase and sale price are all you tend to neeed.

I'm considering just binning them now without even scanning it. Has anyone ever needed them?

Interestingly after Stake I went back to my old school broker and the electronic statement process was available albeit I had to inquired and do some paper signatures to request it...al old school.... Should activate next time I make a transaction on the broker hin which is rare.

Why does our CHESS system run so antiquated ? Surely by now everyone should be able to click electronic and access historical or at least copies going forward of their CHESS holdings?


Can't imagine how much paper and costs would have been saved (plus environment) over the last decade if we moved with the times?


Just a lighthearted banter/question for the masses.


Edit: also get a letter everytime banking and email details are updated for every company. Stake automatically does it for every new holding to default to your details held with them, would be great for the environment if they simply emailed you confirmation than mailed you. So much wastage.

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rh8178
12 months ago

@SaberX I totally agree, receiving Chess statements is a pain in the a. I cannot understand how in 2023 we still get a paper copy! I still scan mine. I guess if my broker fell over at least I've got that record I can use to prove my holdings...

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occy
12 months ago

I've been told that the ASX actually makes money off of each CHESS statement that is needed to be printed. I have no idea how to verify if this is true however if so this may explain why they keep such an antiquated process alive

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SaberX
12 months ago

@rh8178 I did consider proof of ownership requirements like you mentioned. But then I thought If ones broker went under the CHESS holdings is held independently and surely the records is all permanently stored from beginning of time to current so holdings could be verified and extracted when needed ?

Again , just crossing my mind if scanning them is even worth the trouble. I presume any disposed of already is one way to start throwing out prior statements but there's so many years it'd be great to just mass bin them. Unless someone else here has valid reasons to the contrary ?

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