Andrew-
Sounds like a terrible experience. I'm sorry you had to go through it.
Clearly, Datek does have serious problems but I remain cautiously optimistic that these are growing pains.
Having left New York myself for Oregon, I know how rude people can be there. Oftentimes, they seem like horrible people on first contact, and turn out to be some of the nicest once you get to know them.
Must be a consequence of over-crowding combined with multi-ethnicity. It is horrible, but I'm glad you got your money back.
Every now and then I check with the SEC and other regulators looking for investigations and complaints against Datek, but there seem to be no more than against many other better known companies.
I check, because it has occurred to me how easy it would be for Datek or another brokerage to simply disappear with the money - and lots of it.
It's a balancing act for me, because it's really not the $10 commission versus a competitor's $20 that keeps me there. It's the rate of successful order fills, the immediate availability of funds for trading after closing a position and other such factors which I find extremely compelling.
For example, I have found no other brokerage which can fill a short order for Thai Fund, but Datek consistently does so.
Nevertheless, had I experienced what you have, I would be long gone.
best of luck, peter |
