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To: MMK who wrote (38149)	5/6/1999 5:57:00 AM
From: Maryann M	Respond to of 120523

MMK -- Catching up on a lot of posts, so if you already received further info on this, I apologize -- it's just I probably haven't reached that post yet. RE: Watley. If you have the cash in your account and a margin order gets placed, you do not pay the margin interest. Watley will "sweep" your account and apply the cash to your transaction, even though it reads that the transaction is in your margin account. When I first started using Wately, I almost had a heart attack when I processed a cash transaction, but my order review showed the stock was held in my margin account. This will happen when you sell a stock held overnight -- the cash hasn't gone into your account yet (but it will that night). Since you have "margin" money, it uses your margin buying power but, again, if you have the cash pending from a sale, Watley will not charge you margin interest on the new stock that you buy. It was explained to me that the system does not calculate your account balances real time, but updates in batch overnight. Also, if you call Watley to place an order, they can see your transactions real time and will use cash if you like it that way. I don't get excited anymore when I see "margin" in my holdings, because I know I have the cash and it will balance out when my account settles. Hope this helps. M