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Non-Tech : Datek Brokerage $9.95 a trade
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To: peter michaelson who wrote (7532)3/25/1998 1:55:00 PM
From: RealMuLan  Read Replies (1) of 16892
 
peter: Datek's disclosure is full of lies.
1) They calculate interest any time they want, usually the end of months -- Not like what they claimed in the middle of the month.

2) They say <<Your monthly statement will show the average daily balance and the interest rate used to arrive at the amount of interest charged.>>

I don't know how about your statement. Mine has never show the average daily balance, and interest rate, so there is no way for me whatsoever to arrive at the amount of interest charged.

3) About interest charge on short position on margin. They didn't practice this at least up to June 1997. I don't know what is the effective date for the Disclosure statement you posted. I am sure they changed in the middle of the last year, or maybe late last year, no one knows. Although I don't remember they send me any new Disclosure statement. I have account with them since last April. These language are not exactly layman's language, so I think Datek is just taking advantage of us.

But now, I know Datek will charge me 7% interest no matter I sell short or buy long. For Datek, borrowing stocks are exactly the same as borrowing cash from them. And if you read Message #7527, I just hope the stocks we short are really there, but again who knows how Datek "cook" their books.

Good luck.
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