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Non-Tech : DATEK- COME LOSE YOUR MONEY
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To: BradC who wrote (11)11/12/1998 8:36:00 AM
From: Raj Ramaswamy  Read Replies (1) of 38
 
Per SEC rules, technically, sale proceeds needs 3 settlement days...same for BUYS too...you have 3 days to pay for the buy..

I think Datek is doing is to "advance" their own money as a credit..while other brokers usually update your balance next day....and again for further trades only. Brokers such as suretrade may give the sell money next day but will not send you the check (if you decide to take the money out.) until the settlement days are over..

Raj
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