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

To: Dan Swartzendruber who wrote (10445)	11/25/1998 8:40:00 PM
From: Spots	Respond to of 16892

>>I would venture a guess that most of the people who are currently daytrading with brokers such as datek probably do not have > $100K in their accounts ... I dunno about that one. Serious daytraders often have well in excess of 100k in the account. In the past, Datek has catered to, and attracted, serious daytraders who (I infer from many posts here in the past) do (did) have that kind of money in their accounts. Actually, if Datek had ever done options, I might have put that kind of money in. I do not claim smarts, but luck counts too <gg>. I agree those who do should wonder. I also expect those who do (did) are (were) smart enough to bail without comment. If not, well, ... Since I never did, I feel free to comment. My comment is, I ain't got my check yet. Ordered last Friday. Gulp, well, we'll see ... Maybe I laughed too early, y'think?

To: Dan Swartzendruber who wrote (10445)	11/25/1998 8:45:00 PM
From: Esteban	Read Replies (1) \| Respond to of 16892

If the cash is automatically swept into a money market account, the security should be very good. Mutual funds are not insured, but the money market fund would not be affected by the default of a broker. Just like one's stock holdings would not be affected in the same event, other than temporary inaccessibility. It's the outright cash that the broker pays interest on, like Datek does, that would be at risk and would be covered by SPIC insurance. At least that's my underinformed understanding. Anybody who actually knows the ins and outs of these security concerns, please jump in.