SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Datek Brokerage $9.95 a trade
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: peter michaelson who wrote (7685)4/2/1998 2:33:00 PM
From: Jon Normile  Read Replies (7) of 16892
 
Dear Customers,

After my last post, there had been a lot of negative comments on our interest calculations for short positions. While it is according to industry standards to calculate interest by deducting 200% of the short stock value from the real cash, due to the public outcry, Datek Online will not calculate interest in that manner. Instead, we will only deduct a 'marked to market' value of the short stock position. Our customers will pay or receive interest on whatever real cash remains in their account.

The change to a 200% short value deduction was something that Datek Online was going to begin for the month of March. Prior to that, we had always calculated interest by deducting only 100% of the short stock value. Looking back on your old statements, you can see that the interest for shorts was not done with a 200% deduction.

Please accept our apologies for the confusion. I hope that we have come up with an acceptable solution for everyone.

Jon Normile
Datek Online

**DISCLAIMER FROM DATEK**

The Silicon Investor Thread is a valuable tool for Datek Online to understand and hear the needs of our customers and potential customers. We read this thread periodically for input and suggestions. However, this thread is not a forum for formal complaints directed toward Datek Online. If you have a specific complaint please direct your complaint to our Customer Support (support@datek.com) or Compliance Department.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News