Forum Topics CHESS holding statements
SaberX
Added 3 years 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
Added 3 years 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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SaberX
Added 3 years 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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raymon68
Added 4 weeks ago

Getting access to electronic CHESS holding statements and notifications

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I the Holder have elected for the electronic CHEES statement. Then CHESS will send a confirmation via postal address.. Then I the Holder will register to the ASX CHESS statements portal.

STEPS for CommSec below:

To receive your CommSec CHESS holding statements electronically, you need to opt-in through your broker settings. Once enabled, your statements will be sent directly to your nominated email and stored in the official digital portal, replacing traditional paper mail. [1, 2, 3]

How to Opt-In via CommSec

Follow these steps to update your preferences: [1]

  1. Log in to the CommSec Website.
  2. Go to Portfolio and click on Holdings.
  3. Select View or Edit Account Details (usually located at the top right of the page).
  4. Update your CHESS statement preferences to electronic/email and Save your changes. [1]


The ASX CHESS Statements Portal

In addition to receiving emails directly from CommSec, the ASX provides a centralized system for viewing and archiving your statements: [1, 2]

*Access: You can view and track your history via the ASX CHESS Statements Portal.

  • Requirements: You must formally opt-in before you can use the portal. Note that each HIN (Holding Identification Number) requires its own individual ASX portal account. [1, 2]



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ApplePark
Added 4 weeks ago

I was happy when that letter came. Finally!

The process though was so clunky but that’s on me for expecting better from the ASX.

Still getting letters for new holdings from the company registries.

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Bear77
Added 4 weeks ago

It is available now @raymon68 and was the default option last year when I set up a new joint trading account with my wife through Commsec, however the comments above yours in this thread were posted 3 years ago, and it wasn't an option then.

And @ApplePark is 100% correct that today even when you are electronically registered for e-statements (emails informing you that you have CHESS holdings documents to view online, rather than receiving them by snail mail) the individual share registries will still send you "Welcome" letters every time you add a new holding and a hard copy letter every time you make a change on their registry, even when you have chosen to receive all notifications electronically. Change of bank details, change of communication choices (including to fully electronic), or TFN notifications - all result in snail mail for us from the companies' share registries. So yes, CHESS statements can now be fully electronic, but those don't come from the share registries. Share registries still have a long way to go - especially CPU.

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