Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Fred Puppet who wrote (4850)	9/24/1997 5:51:00 PM
From: Jon Normile	of 16892

Dear Mr. Puppet, Thank you for your excellent questions. I hope the following responses provides the information you are looking for. 1. After receiving a request for funds, assuming the funds are immediately available, does Datek attempt to mail a check the following business day? Yes. The main factor that can delay this is the time of day the fund request is placed. At times the large volume of fund requests have produced delays. We are currently hiring and automating as quickly as possible to met these needs. 2. Assuming that funds are immediately available, what is the typical delay between receiving a request for funds and mailing the check? The majority of all checks are mailed the same or next business day. 3. In roughly what fraction of cases is this delay more than a week? Fund requests should never be delayed over a week. There have been situations where a customer requests the available cash in their account, and then the market value of their positions decline. The cash requested is no longer available and the request is rejected. Upon being rejected the requested amount is credited to the web page. If the amount requested is close to the available cash this can happen over & over again due to market fluctuations. This can lead to what seems to be a lengthening delay in fund requests. 4. What are the typical reasons for these excessive delays? A. Monies deposited into an account take ten business days to clear. A customer must wait ten business days to receive funds from a recent deposit. B. Margin Requirements C. Wire instructions are not provided or provided incorrectly 5. Are you aware of any instance where Datek has intentionally not responded to email inquiring about funds that were requested but not sent? No. Datek Online's policy is to provide the best possible service at the least cost. We try to respond to all emails as quickly as possible and are hiring new customer support agents to meet these needs. Datek Online has received a large number of emails pertaining to all subjects. Customer Support is working diligently on answering these inquiries. Due to the large volume of emails we have created a priority email system to place our customer's inquiries above all general questions. The three new priority email servers are: Fundsin@datek.com Fundsout@datek.com Trades@datek.com We appreciate your patience while we grow to accommodate all our customer concerns. We feel strongly about meeting the needs of our customers. Please take the information we have provided above and utilize the new features so we can best serve you. Thanks, Jon Normile

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