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Non-Tech : Datek Brokerage $9.95 a trade
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To: Peter H. Hodge who wrote (5170)10/6/1997 5:19:00 PM
From: Jeff   of 16892
 
Dear Sir,

In the past, Datek waited three days for trades to settle before disbursing funds because trades can be broken for three days following the execution. However, we no longer wait the three days for trades to settle to disburse funds.

Datek does wait ten business days to disburse funds credited from checks, wires or transfers. This clearance period insures that the funds requested are available for disbursement. There have been a few questions regarding the need for a clearance period for wires. The reason we require the ten day settlement for wires is due to their ability to be recalled after the transfer has completed.

Datek always has paid and will continue to pay interest on funds during all settlement periods.

Please contact us directly if you have any questions regarding your funds requests or any general questions regarding our policies and procedures.

Thank You,

Jeff Kosarin
Director of Cashiering
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