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Non-Tech : Datek Brokerage $9.95 a trade
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To: Laura Lallone who wrote (5306)10/10/1997 5:47:00 PM
From: Kaz   of 16892
 
ATTN: JOHN NORMILE / DATEK PETE / OR OTHER DATEK HEAVIES.


PLEASE PLEASE invest some time/money or whatever it takes to get you wire xfer department working more efficiently. Because of another horrible Datek foul-up I get to spend the weekend at home posting Datek horror stories wherever I can find a digital-ear to listen to them. I planned on going to Lake Tahoe this weekend with my friends. :( But without the money I requested thats going to be hard to do.

Let me give you the breakdown of what happend with the _latest_ wire request. I needed to have my wire information changed because I closed the bank account you have on file - so I called customer service and asked for the name and the fax number of the person to send it to. The woman told me to make it to the attention of "Frank" and gave me the fax number. On my fax was a request to change my wire information FROM my old bank account (with all routing info) TO my new bank account (with all proper routing info). Also on this fax was my REQUEST to have an amount of money transferred from my trading account to the new account - and also after my previous expeience with the Datek wire requests - I noted that it was urgent that the money hits my account within 24hours of being removed from my trading account (A reasonable request). This fax was sent early on Wendsday 10/10/97. On thursday the money had been removed from my trading account early in the morning - so I expected that I would have it on Friday sometime - plenty of time for me to go on my trip that was planned for Saturday/Sunday.

I checked my account at close today (Friday) and my bank said they had not recieved a wire. So I figured I better call Datek and see what the problem is. After being helped by a very nice guy named Raj, he informed me that Datek had not received my fax/wire instructions. Heh, Hmm I must have some very strong brainwaves then to be able to just think about wanting a wire xfer and have Datek know all about it. What I'm saying here is - if the fax was not recieved, then how did Datek know to remove the money? Everything was clear as day on the fax that I sent - the old/new bank wire instructions, the fund request - the fact that I needed it for this weekend and my signature. But I just don't understand how Datek could even get someone to say that the fax with my wire instructions was not recieved. The money would not have been removed from my account if the fax was not recieved. I wont even get into the previous wire request - I'll only say that after over 2 hours (many phone calls) on the phone with Datek - I finally got my fund request 11 days after the money was removed from my account. :(.

So my question to Datek is: What are you doing to make your wire xfer requestes be processed promptly & correctly?. When can the Datek customers/clients & Investors expect to see these improvements? Or do you feel that the way the fund xfer deparment operates is all ready as good as it can be? If this is the case please let me know so I can switch my account & my relatives accounts to another broker.

If you would like to improve on this situation but don't know where to begin please feel free to email me at kaz1@primenet.com. I have several ideas & suggestions for this department - from a customer, business owner and devlopers point of view.

- Kaz
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