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: Jeff who wrote (5183)	10/6/1997 5:33:00 PM
From: Roger A. Babb	of 16892

Jeff, please comment on how someone could cover a margin call with Datek in a timely manner. After having the experience of it taking several days for a wire transfer to Datek to show up in my account (as opposed to one hour with my other broker), I closed all my Datek short positions and long margin positions to avoid the risk of a Fed margin call and being unable to get the required funds credited to my account within the allotted three days. I just won't take the risk of trading on margin unless I can get money in and out by wire within one day. My positions sometimes reach 7 digits and these in/out delays are totally unacceptable and are NOT common practice in the industry.

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