Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: RockyBalboa who wrote (11679)	4/16/1999 5:03:00 PM
From: Scott	Read Replies (2) of 16892

Warning - Datek can't divide. I had 3000 shares of a stock that recently reverse split 12:1 (I'm embarrassed to mention the stock, but some of you might be familiar with it). On the day after the split, my account had 249 shares. Obviously, it should be 250. They also credited me with a small amount of cash. After a phone call and a couple of emails, I got the following: The cash posted to your account is for the partial share of stock after the reverse split. When the reverse split is posted to your account, the fraction of the split is multiplied by your holding to determine your new shares. 1 is divided by 12 and then multiplied by 3300. This gives you 274.9999. As Datek Online does not trade the partial shares of stock, it is posted to your account as cash. First of all, I had 3000 shares, not 3300. Second, even the basics of division seem to escape Datek. If you try to take 1/12 on a calculator, you lose some decimal precision. It should be obvious to any fourth grader that 3000/12 is 250. I won't post the name of the customer service rep here. I want to warn everyone to check any calculations that Datek is doing on their behalf. This is quite ridiculous.

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