*OT* DATEK = Problems?
Thanks with the numbers Berney, but when I discussed same with the Datek person, this logic failed! You see, if you have a "concentrated position" in a Datek account you are required to maintain a %50 margin! Yeah, not withstanding what the agreement says up front. They have a paragraph in there that essentially says that Datek can issue a margin call when they choose and for any reason. Datek employees must really have a fun job defending these "business" practices!!
At first they wanted "Currently you are in Day 1 of a margin call for roughly $2,634.80. This call is due by close of business on 12/14/99." As I pressed the gentleman for the exact amount instead of "roughly", he changed it to roughly $970. I say roughly now because as usual their application servers are down and I can't get to my account to see the negative balance. Now mind you, Datek is worried where the $970 is going to come from!! As you point out, they can just sell roughly 38.235 shares out of the 6000!! I wonder what they will change it to Monday?
Well enough of the soap box, I will have to go find someone else to do business with. Not a fun task, but I will have to. The hassel factor from Datek is just not worth it. If they run my account off, I must assume they are bent on self destruction. Just think what some of the people that are loosing money must face from these clowns.
Just one traders opinion, Datek sux
CU PK
edit: The last trade on MO was 26 a little after 6 PM Friday! gg |
