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Non-Tech : Datek Brokerage $9.95 a trade
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To: Morpher who wrote (4839)9/23/1997 5:59:00 PM
From: Jon Normile   of 16892
 
Dear Datek Online Customers,

Many of you have posted to this thread claims that we "earn interest off the kite period between debiting of the account and 1) mailing of the check until 2) receipt and deposit of the check by account holder." (Randall Thomas' thread 4800). This is not the case. Although we debit the requested amount from your portfolio screen and history page, your actual accounts are not debited until the check is cut. This means that you will continue to earn interest on monies in your account, up until the money is actually sent out the door.

We display the debit on the web page at the time it is requested in order to set aside the funds until the account is cleared to disburse funds and the check is written. This has the effect of lowering your real cash and buying power. It places in reserve the requested amount to prevent use of the funds that would interfere with disbursement. However, the money is still earning you interest.

The fund request procedure is constantly updated to insure quality and speed. Funds can be delayed due to reasons such as: settlement date, checks deposited, margin requirements, etc. Barring any of these delays, the turn around time is one business day from the time a request is made until the check is mailed.

If you have any specific questions about your fund request, please address them to the newly created priority fund request e-mail service, "fundsin@datek.com".

Jon Normile
Datek Online
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