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

To: Morpher who wrote (8510)	5/9/1998 11:59:00 PM
From: henry jakala	Read Replies (3) \| Respond to of 16892

NY Times business section has an article linking Datek's top man Citron to shady characters in the brokerage industry interesting reading what takes Datek so long to post the interest to a user's account ?

To: Morpher who wrote (8510)	5/16/1998 7:39:00 PM
From: Morpher	Read Replies (3) \| Respond to of 16892

My list of Datek pros and cons for new customers: Pros: - Cheap commissions ($9.99) - Low margin rates (7%) - Quick order entry and cancellations (3 express servers) - Very easy and quick to short most stocks - Can switch from long to short position (and vice versa) in one trade - Usually quick executions (free when more than 1 min with some exceptions) - Instantaneous cancellations that don't get lost - Instantaneous portfolio and buying power updates - Instantaneous confirmations - Use of the Island ECN for non-marketable limit orders (see isld.com) - Free and usually fast and accurate real-time quotes - Usually fast and reliable servers - Datek listens and answers here (when they feel like it...) Cons: - All kinds of problems in mornings (not always but way too often) - Below average customer service (both phone and e-mail) - No trading in units smaller than 1/32's - E-mail and regular mail confirmations often get lost or delayed - No make-ups on screwed up trades (at best a free trade) - No all-or-none or minimum size orders - No stops on NYSE stocks - No options or OTC-BB stocks - No change price option (have to cancel and re-enter) - Sometimes errors in accounting (different history and portfolio balance, etc.) - Lots of partial fills - Slow interest payments - Sometimes bad performance on a remaining part of a partial fill - Shady past (see nytimes.com