Gorak:<<There is NO separate Real Cash Balance on which to get 4%.
Then I give you an example: I have $20,000 cash and I short $40,000 worth of stocks. Thus, among these $40,000 short position, only $20,000 is from Margin part. You tell me that whether 1) should I get 4% interest on the other $20,000? 2) Or should they charged 7% interest on that whole amount of $40,000 of short proceeding? 3) Or should they only charge 7% interest on those $20,000 on margin and leave my own $20,000 alone, no interest charge nor interest payment? If the second case is true, then Datek really charge me 7% interest on my own cash. This will be ridiculous.
As a matter of fact, they really charged me 7% interest on the whole amount of $40,000 in Feb., and now I am disputing with them.
I asked several Datek customer representatives, and they told me that I should get 4% interest on that $20,000, but Datek will charge 7% margin interest on the other $20,000.
If I understand you correctly, the 3rd case should be true in Datek, right? Please correct me if I am wrong. |
