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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jack Zahran who wrote (6171)12/4/1997 9:37:00 PM
From: ajulius  Read Replies (1) of 16892
 
Does anyone here know how Datek deals with losing short positions?

According to Datek's portfolio on the web, it says I was hit with a margin charge, but yet shows my available balance as a negative number. I had the money in the account to cover the losing short position for several months, and saw no mention of the short position on my monthly statements or the website portfolio or history sections. Today in the mail the statement shows a DR of the amount of my losing short position plus margin interest from the time in which I withdrew funds, and they show the short position being closed out 3 days after my account was transferred to the other brokerage firm. It shows that cash was taken from the margin account to pay for the short and thus Im in the red xyz amount. Yet again on the website it doesnt mention this at all.

Did Datek follow the correct procedures here? I would have assumed that a: Datek would have noticed I had the money in the account and would have closed out the short or b: when I transferred the funds to the other firm, they would have deducted the funds I owed them from it.

Now what amount would I use to pay Datek back? If I pay them the amount on the 11/28/97 statement, would this be the correct amount?
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