Datek Brokerage $9.95 a trade Message Board

STOCKTALK

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 Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Ed Forrest who wrote (8199)	4/27/1998 8:21:00 AM
From: Mama Bear	Read Replies (1) of 16892

Regulation T basically says you have to have the money if you make a day trade. Waterhouse will allow you to make a trade and deliver the money or securities to them within 3 days. So if I have 50k in my account and buy 150k worth of securities and sell them the same day, I have to deliver 25k to Waterhouse before settlement. However, the reason Waterhouse gave me Reg T calls was because I would buy the 100k, then sell, then buy, then sell. Since the balance didn't update, the computer would decide that I had exceeded my buying power and issue a Reg T call for 50k, even though I hadn't exceeded my BP and had done the trades consecutively. It was just a stupid bug in the Waterhouse software, and I got tired of calling my rep and saying, "Hey, the trades were consecutive". Reg T is not an issue with Datek, since you can't exceed your BP. Barb

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next