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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jeff who wrote (5217)10/7/1997 6:28:00 PM
From: Roger A. Babb   of 16892
 
Jeff, I recently made a wire transfer into my account and it was 6 days (4 trading days plus weekend) from the time my bank made the transfer until Datek posted it to my account. I phoned Datek repeatedly during that period and was told that a wire transfer takes several days and that I should mail a check next time because the mail is faster. I was told by Datek that wire transfers were delayed as a matter of policy. Fortunately I was not trying to cover a margin call.

Now you say that wire transfers are posted within 24 hours. Is this a new policy? Are outgoing wires also handled within 24 hours now? If so, these are very nice improvements over recent performance and I commend you for the improvement.

I am posting this publicly and expecting your answer publicly because all Datek clients need to know the procedures and what to expect. I would contact you directly as you requested if I were questioning something specific to my account.

I am not complaining about past performance expecting something in return, I lost some sleep but no big money over the delays. But I do need to know what to expect for future performance and policies with regard to wire transfers.
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