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: Alexander Pavlov who wrote (6410)	1/14/1998 1:07:00 AM
From: MStonek	of 16892

<<could anybody share experience and tips of transferring accounts (partial/whole) from Datek?>> By the way, to transfer shares out of Datek you should contact the receiving brokerage firm for ther forms, not Datek. Regarding experiences ... Mine hasn't been that good. I transfered my account out of Datek on 9/97. The positions went OK to the other broker, but in my Datek account, instead of showing 0, they doubled a short position I had from -200 to -400 shares! After 3 months of calling I got them to fix the mistake and adjust the 400 short position down to 0. Now the problem is that during this time they were charging me margin interest for the 400 shares they were "lending" me, which amounted to about $100 a month. I am still working on trying to get this money back, close to 300 bucks! One thing I learned with Datek, read everything the send you very carefully, particularly confirmations and statements, even more if you are using margin and shorting stocks. They make a lot of mistakes! In the meantime, I am in the process of transfering my account back to Datek. Call me masochist ...

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