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Non-Tech : Datek Brokerage $9.95 a trade
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To: Roger A. Babb who wrote (4945)9/29/1997 11:23:00 AM
From: The Vet   of 16892
 
Roger my experience has been that the time taken for wire transfers in or out of DATEK to be available to the owner of the funds is related to the size of the transfer. Small sums are handled promptly and large sums disappear for periods up to a month or so. This has happened to me twice (once with a sum of over 300k being transfered in and once witht a sum of 250k being wired out. Eventually in both cases the money was transfered and I was offered 20 free trades to compensate for my losses and inconvenience. I accepted the free trades but quite frankly I would have prefered the transfers to have been handled properly. The official line on the wire out from DATEK was that all sums over $100k have to be "approved". Why such "approvals" take so long I have no idea but you have suggested a couple of reasons in your post which may be close to the mark. It is possible that I was just unfortunate (twice) but the fact that others seem to be reporting the same experiences is rather troubling.
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