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Non-Tech : Datek Brokerage $9.95 a trade
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To: BradC who wrote (10235)11/12/1998 12:15:00 PM
From: deke leatherman  Read Replies (2) of 16892
 
Brad: The reason for practice of using the 3 day close rule is
basically greed. The house has the use of the money and are able to
earn interest for themselves for the three day period. We did the
same thing with our 'float' in the past and made quite a sum of money
until the banks began whining too much. Transfer after 12:30 and place the money transferred into a mm account from the transferee before 1:30.

So, most of the brokers still think that we, the customer, still think that there is no alternative to the common practice; which the
brokers refer to a a 'rule', but is only an old business practice -
a process that once made sense to one that only makes (cents) now.

You are right - Datek did get before the wheel on that one. I just
wish that they continue with 'clear thinking' and not mar themselves
and us down with 'sharp pencils'. Like you; many of us can realize
or identify an old or broken process.
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