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

To: Greg Butcher who wrote (8990)	7/7/1998 10:37:00 PM
From: Steve Smith	Read Replies (1) \| Respond to of 16892

I'm through with Datek. The 9.95 price isn't worth the amount of money I've lost on my trades because of slow executions or no executions. I guess alot of cheap traders think Datek is a great deal for scalping 1/8s or 1/4s. goodbye to datek. steve

To: Greg Butcher who wrote (8990)	7/10/1998 6:38:00 PM
From: Mama Bear	Read Replies (4) \| Respond to of 16892

"WHAT ABOUT CHECKS????? WE NEED CHECKS!! we need to bombard them with e-mail DEMANDING a CHECKBOOK..... " There is no way I will trust Datek to administer checkwriting. With the wire option, I can have funds in my bank checking account usually at the close the day after my request. Picture this: One of your stocks you hold long is halted for news. This promptly causes the value to plummet to 0 the way that Datek calculates your account value (bid/ask is 0 * 0). This causes you to have less funds than are needed to clear the check. Do you think the check won't bounce? Picture this: One of your NYSE or ASE stocks takes a hit going into the bell. After the bell, the spread widens. The faux bid that is the closing bid causes the stock to be valued lower, and once again you don't have "enough" funds. Do you think the check won't bounce? I just think it the wiser course of action to withdraw my money via wire transfer, which Datek has proven to me to do competently. There are just too many ways that a Datek check could bounce do to the unique way they have of valuing your portfolio at the end of the day, if they do manage to administer the checks competently. The fact that the checks have been "in the mail" for so long does not bode well for the hope of competent administration though. Barb