To: All of those who are transferring to NDB
From: John Cullen
Thank you to everyone who has chosen to transfer to NDB. I hope the transfer will be smooth and prosperous. Unfortunately, I will be in Hong Kong on vacation from December 8 until December 16. I had planned this trip several months ago. My colleague, Brad Hoolahan, will be your contact during this period. He can be reached at 1-800-888-3999 ext. 4231. His e-mail address is bhoolahan@ndb.com. He is a competent individual who will be able to answer any of your questions. I have filled him in on all of the details of the deal.
The following is in response to the questions that you asked in some of your e-mails:
1. The 5 free trade offer is valid until the end of the year. It is open to anyone who opens an account with NDB before 12/31/97.
2. For those who have sent in your applications, a welcome kit, with your account number, will be sent. If you would like to trade sooner, you may call our Customer Service Department at 1-800-888-3999 in order to obtain your account number. Since many are concerned about the security of e-mail, I feel that this is the best route to take.
3. There are two ways to transfer your securities. The first (and the fastest) is known as a DTC transfer. This type of transfer usually takes 2-3 business days. In order to initiate this, you will have to give your NDB account number and our clearinghouse's (Pershing) clearing number. It is 0443. Your present broker may put restriction on which securities and how many you may transfer. Cash cannot be DTC'd.
The other type is known as an ACAT transfer. To initiate this, you will need to fill out the transfer form which was supplied with your new account kit. It is also available on our website- simply click on the "Join NDB" button. You will need to include a copy of your latest statement from the firm which you are transferring from. This process takes approximately two weeks.
4. We offer two types of checkwriting. The first is known as Procash Plus. This is an asset management account. A $10,000 initial equity level is required. A debit card (Gold or Standard)is included. There is a 75 cent charge for ATM withdrawals. The only other fee is for re-ordering checks. You can also write checks against any available cash if you have a margin account. Checks can be written in any amount.
The other type is known as Resource Checking. There is a $2000 initial equity level requirement. The minimum amount that checks may be written in is $100. The only fee involved is for re-ordering checks. Checks can also be written from your cash available if you have a margin account.
5. There are three ways to place a trade with NDB: the internet, Powerbroker (our 24 hour, 7 days a week touch-tone trading system-1800-631-8884) and a live broker. Their hours are Monday through Friday from 7:00 AM EST to 8:30 PM EST. During a normal trading day, the response for reaching a broker time is less than one minute.
6. You can place a trade in decimals with a live trader. We are pursuing this capability for the Internet.
Hopefully, this has answered most of your questions. If you have any more, feel free to contact Mr. Hoolahan. You can also contact me when I return. Good Luck and thanks again.
John Cullen |
