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

To: George McMeen who wrote (7275)	3/11/1998 5:51:00 PM
From: RealMuLan	Respond to of 16892

<<Another issue I found somewhat confusing was the cost (or no cost) of sending/receiving wires to/from Datek. Datek will wire out the fund for free. And when you want to wire in the money to Datek, you will have to pay the bank for wire. I think bet. $15 -- $25 depending on your bank. About Datek margin interest charge, it is a mess. You can hardly find out any mistakes even if they do overcharge you because they never tell you the base they used. And the interest is daily compound and monthly post 7% APR. However as for using margin for short position, it seems quite confusing. I already spent more than an hour to research this, making phone calls to Datek, sending e-mail, I still don't understand. Some people said they have never been charged for 7% interest when they use margin to short. And the news letter from Datek only said the proceed from short position using margin will not earn 4% interest. They haven't mentioned they will charged 7% interest on short position on margin. And if you used your own money for short position, you are supposed to be paid 4% interest. They oftentimes make mistakes on this. Confusing enough? I don't blame you. As for my account in Feb., they not only haven't paid me 4% interest on my short position using my own money, they count all my short position as margin borrowed from them, and thus charged me 7% interest on everything (there are over $18k is my own money). I am still in the process of solving the problem with them. God knows how long this will take. And it looks like even if their own sale representatives give you different answer. This is very frustrating. Datek on-line execution is excellent. However, their accounting is a mess. So what can I say?