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: Tai Jin who wrote (9082)	7/15/1998 1:08:00 AM
From: Rene Madsen	Respond to of 16892

I had the exact same experience some days ago. Lost me a lot of money. Anyway, I found a better broker and as soon as the paperwork is done I'm GONE! I still reserve my right of joining a class action suit should one come up.

To: Tai Jin who wrote (9082)	7/15/1998 2:25:00 AM
From: INFO_DART	Read Replies (2) \| Respond to of 16892

Dear Mr. Stern: Please forward this email to your boss. I mistakenly inferred that you were an officer of Datek Online. You see your name was listed as Peter Stern, CTO of Datek Online. Having been an officer of a $50 Billion financial institution, I understand that officers of corporations like to see what their customers' experience is like. Sir, your email is outrageous and insulting. I trust this is not the best response an active trader and customer of Datek Online can expect to receive. I think it more likely that you were suffering from a chemical imbalance at the time you wrote your letter than that you really meant to tell one of Datek's best customers to screw off. Since your response suggests that you were only loosely connected to reality when you read my complaint, I'll restate the facts for you. IT TOOK DATEK 265 SECONDS TO EXECUTE MY MARKET ORDER! If you don't have your calculator handy, that's about FIVE MINUTES. I have included the transaction report below. You... Bought 200 shares of NSCP at 41 7/8 ! Order entered at 10:08:47 on 07/02/98 Order processing began at 10:08:49 Order executed at 10:13:13 on 07/02/98 The tracking number for this order is () To date the only explanation I received from Datek customer service is that, "The market conditions dictated that there was more buyers then sellers. We could not find a seller any quicker then we did." From this statement I can only infer that it is Datek's contention that there were no NASDAQ Market Makers quoting an Ask price when I placed my order. If this is not Datek's position, I again request that you provide an explanation. To merely say, "we are improving the speed of our systems," does not cut it. Mr. Stern it may come as a surprise to you, but all market participants care about price, even those who place a market order. What they are doing is entrusting their broker or agent to act in their best interest in fulfilling their fiduciary duty to the customer. In this case it includes executing the order as fast as possible. You see the problem was created by Datek's failure to execute the order in a timely manner. One can only infer from your email that you think 5 minutes to execute a market order is a reasonable and acceptable level of service for an online broker catering to the active trader. Let me assure you it is not. Also, as you can plainly see by looking at the above transaction report, the order was not place at the open. It was 10:08. That is 38 minutes after the open. Although your comment does suggest that I should not consider placing an order with Datek at the open. Mr. Stern, I am not interested in having a personal relationship with you. Therefore, I am again including my username: () and account number: (). You, of course, already have my email address. All other relevant information can be obtained from within your own company. At 02:43 PM 7/14/98 -0700, you wrote: Hey (). we are improving the speed of our systems, but nevertheless your complaints are unfounded. look, i dont work at customer support, but their explanations are 100% correct. First of all, never use market orders unless you dont care about the price you want: use limit orders. If you didnt want netscape above 40, you should have used a marketable limit. Also, you are trying to buy 200 shares of a volatile stock at the open. So was everybody else in the world. Your order was competing fairly in the marketplace. Datek Online can't promise a 60 second execution, they can only promise they wont charge you a commision. I am sorry that you do not understand the difference. Please do not contact me further: 1) its not my job, unfortunately 2) you sent me printouts of e-mail, but did not even bother to include your name or telephone number, or a real address. If you cant take the time to tell me who you are, i dont have the time to help you. -peter

To: Tai Jin who wrote (9082)	7/16/1998 1:26:00 AM
From: mchip	Read Replies (1) \| Respond to of 16892

A few things... I have actually gotten some good fills lately, on market short sales, better than when I placed them!... go figure!(waiting for the elusive uptick to short may have been a factor). A scary thing on a market short thru Datek is the 1 min market no commision rule is not even valid, not like 9.99 is alot.. but I used to think it kept them honest! (Hey... why is this Subject 9.95 a trade... are you all making .04 over me at 9.99 a trade??) Datek accounting like everyone has said is weird. I have just started shorting stocks thru Datek in the past 6 months or so, this whole Datek interest thing is starting to bug me. I know other brokers will pay interest on the 'short dollars'. Has anyone else received both a credit and a debit in the same month for interest? just venting and wondering.