Just got off the telephone, on a Sunday. Spoke with a trader at DLJdirect. Although the lowest fraction in which an order may be placed over the internet is a 16th, DLJ will accept 32 and 64 orders by calling a rep. Also, although stop&limit orders may not be placed by internet/market speed, they may be placed through calling a rep.
I also asked if DLJ uses Internet Assistants. The rep didn't know what I meant,as DLJ has all trades, telephone and internet, handled by series 7 or better representatives. I believe some of the deepest discounters use Internet Assistants. (I may be wrong, but I believe NASD rules permit the use of non-registered personnel, when supervised by a registered rep, to perform purely administrative functions. There use can create a problem at times,and I like the fact that DLJ does not use IAs.)
Also, Cash Management Accounts are offered on accounts in excess of $10,000, otherwise approximately 4% interest is currently being paid on cash balances. FWIW, Sutetrade pays 1.5% and DATEK approximately 3.19%. |
