Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Mama Bear who wrote (9061)	7/12/1998 1:36:00 PM
From: gbh	Read Replies (1) \| Respond to of 16892

Barb, the following is cut from the Discover website. I think this implies you can only write checks against the real cash balance. Writing checks: Checks may only be written on available Money Market funds. You may not write checks against your margin account. If you wish to draw funds from your margin account, you must call Client Support and request a check. If sufficient funds are not available when your check is presented for payment, the check will be returned and a $12.00 fee will be charged to your Discover Brokerage Direct account. IMPORTANT NOTE REGARDING CHECK WRITING ON YOUR ACCOUNT: U.S. Clearing policy states that when a check is received into an Alliance account, a check may not be written against those funds for fifteen (15) business days.

To: Mama Bear who wrote (9061)	7/12/1998 1:50:00 PM
From: gbh	Respond to of 16892

Barb, Fidelity has the same policy as Discover. I just got off the phone with them. Both of these brokerages sweep all available cash at the end of each day into a Money Market fund. It is actually this fund that you are writing checks against. Hence, margin does not factor into the equation. Since Datek does not do a money market sweep (I think??), this is likely the difference. Of course, Datek may just decide to keep things simple, and allow checks only against the real cash balance. Given their accounting glitches, this would be enough for me. Gary