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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Alexander Pavlov who wrote (6410)	1/13/1998 8:36:00 PM
From: Scott	Respond to of 16892

>>By the way, could anybody share experience and tips of transferring accounts (partial/whole) from Datek?<< I've never transferred shares out of Datek, but as I mentioned previously, I've used the DWAC (pronounced Dee-Whack) transfer for shares that I have obtained in my company via stock option exercise and employee stock purchase plans. I would guess that you should open an account at another brokerage, get their DWAC number, and ask Datek to do the transfer. I don't know what they would charge for this. You'll probably need to send the request in writing or by fax. Scott

To: Alexander Pavlov who wrote (6410)	1/14/1998 1:07:00 AM
From: MStonek	Respond to of 16892

<<could anybody share experience and tips of transferring accounts (partial/whole) from Datek?>> By the way, to transfer shares out of Datek you should contact the receiving brokerage firm for ther forms, not Datek. Regarding experiences ... Mine hasn't been that good. I transfered my account out of Datek on 9/97. The positions went OK to the other broker, but in my Datek account, instead of showing 0, they doubled a short position I had from -200 to -400 shares! After 3 months of calling I got them to fix the mistake and adjust the 400 short position down to 0. Now the problem is that during this time they were charging me margin interest for the 400 shares they were "lending" me, which amounted to about $100 a month. I am still working on trying to get this money back, close to 300 bucks! One thing I learned with Datek, read everything the send you very carefully, particularly confirmations and statements, even more if you are using margin and shorting stocks. They make a lot of mistakes! In the meantime, I am in the process of transfering my account back to Datek. Call me masochist ...

To: Alexander Pavlov who wrote (6410)	1/15/1998 8:10:00 AM
From: Mike Schoonmaker	Respond to of 16892

This may surprise everyone, but I had a GREAT experince with Datek customer service in transferring funds to a new account. I had been with e.Squab for quite some time, trading very actively. Datek e-mailed me that my whole account trnasfer would take 2-5 weeks, start to finish. Not wanting to be "out of the market", I continued to trade my e.Squab account, anticipating that they would either "freeze" my account or message me when they had received the transfer request. After e.Squab had rejected Datek's request TWICE for transfer, Datek e-mailed me about e.Squab rejecting the transfers. e.Squab NEVER attempted to contact me. I did at that time stop trading my account, and after settlement I called e.Squab to confirm transfer. I was then informed that they would now "approve" the transfer, and that my funds would be available in ANOTHER 10 business days, due to ACAT regulations! Needless to say, I was livid! I confirmed this with Datek "funds in" dept., and they suggested I just go to tyhe nearest Squab office and get a check (Monday of this week). Datek said that if they rec'd the check by Tuesday, my acct would be funded by Wednesday. I did get the check on Monday, FedEx'd it to Datek for Tuesday AM arrival, and by 2:30PM on TUESDAY my account was funded! Enough time for 1 round trip on INTC before earnings! I, for one, had a very good experience as my first with Datek. Also, the Squab office had the audacity to ask if they could contact me in a couple of months to see if I would consider coming back! Mike (a SATISFIED Datek customer)