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Non-Tech : Datek Brokerage $9.95 a trade
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To: Vestor who wrote (4934)9/28/1997 6:20:00 PM
From: Jack Zahran   of 16892
 
>> Jack, I don't want to pry into the details of your problem, but would like to know if your problem, whatever it is, could happen to me if I open an account with Datek?

V,

The only way to avoid the problem is to not believe what Datek posts into your portfolio history. It was basically a data entry error on their part. They have admitted to this much and my recent conversations with their Compliance Department has been encouraging. I don't like to post details of other peoples genuine mistakes. I just felt that Datek was taking too long and was being too difficult in resolving a problem that they caused.

Jon Normile's recent assurance on this thread that the problem is on its way to being remedied is comforting. I hope that Datek takes control of their Public Relations problems. Remember, they encourage us to participate within this forum. They need to learn to react quickly to customer complaints. Trading is becoming a commodity and all the rules are changing. Historically the original leaders in a technology aren't always the ones who wind up reaping the financial rewards.

My problem is that Datek created the error on September 5 and it is now the 28th. Need I say more. I hope Jon Normile understands that these kind of mistakes can permanently ruin their name. They recently had good exposure on a CNBC documentary, but what if they have just one bad public report. How many people would be willing to put their money into such a firm, not withstanding its technical superiority.

Datek will rise above their problems only when they do the following:

1. Admit their current customer service problems.

2. Tell us how they are working to solve these problems.

3. Publish a time frame in which they will phase in refinements to their business processes.

4. Keep us up-to-date on how they are progressing.

If they followed these simple steps, I assure you that they will dominate this industry and make more money then they ever imagined. And I will be the first one to celebrate to their success.

I know this is more than you asked for, but I needed to vent a little. It kills me to see a company with so much potential shoot themselves in the foot. I've done some management consulting for I.S. departments in the NYC area and the common problem is always customer service.

Take Care,
Jack
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