SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Datek Brokerage $9.95 a trade
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Bob C. who wrote (5169)10/6/1997 12:30:00 PM
From: Peter H. Hodge   of 16892
 
Need info re 3 days to clear for fund request. I have had difficulty as I have posted in the past receiving check funds on a timely basis. Ihave always wondered why Datek requires the three day settlement for checks when one is requesting funds which represent your "available cash".

Available cash is available for trades almost on a minute by minute basis. I could use it to buy and sell many times during the day. But when when one wants to use it in the form of a check request, the three day settlement delay is required. Why? You will notice that the funds immediately become unavailable for use as trading capital...I wonder who is earning interest on this float?

Does anyone know the SEC rules governing this point? Is Datek stretching the rule for their own benefit?

For what it's worth, I requested a check on Friday, October 3rd, just before the close. I will report on the outcome of this request here on this thread.

Pete
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News