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Non-Tech : Datek Brokerage $9.95 a trade
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To: SeasideHeights who wrote (16661)1/31/2003 8:19:22 AM
From: jtech  Read Replies (1) of 16892
 
Datek is idiots: I received a letter from datek stating that since I use a cash account(no margin),That my account is now restricted.That means that all opening orders must be phone trades.The reason given is because their software doesnt support daily cash calculations from settlements.
Now the idiot part is, its their software problem and they want me to pay $24.95 and $29.95 for the phone trades?
They also said I could switch it over to an ameritrade account since their software supports this.
I know datek doesnt make the rules and its an SEC rule, but the way they are handling it is their fault.
The solution would have been to price the phone trades for customers like myself at the same as online trades until they update the software.
Im sure this will be an exit from datek for alot of customers like myself.
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