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Author: wesjw Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 79  
Subject: Datek screws the little guy Date: 6/25/2001 5:26 PM
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Datek in its imminent wisdom has decided to charge an inactivity fee for their account holders with less than $5k. Thanks, Datek, I'll be withdrawing my paultry funds and moving to the other guys.

Attached is my complaint letter and their form-letter reply.

My letter
---------
I am absolutely stunned at your ineptitude at charging a $15 quarterly fee ($60 annually) for accounts under $5K and having less than 4 trades per 2 quarters. In a slow market where smart investors pursue a buy-and-hold strategy, you are stabbing your small investors in the back. If you continue with this absolutely stupid idea to reap more profits, I will be closing my account by June 28th and transferring the funds to my E*Trade and Ameritrade accounts. [Hmmm. Maybe that is your intention anway.]

Unhappily,
Wes Wilson


Their form-letter reply
-----------------------
I appreciate the opportunity to respond to your e-mail.

With the new rate changes that have just been introduced, we feel that
Datek is still extremely competitive in the Online Brokerage industry.

Please visit the following link in order to view our services versus the
competition:

< http://www.datek.com/advantage/brokcomp.html>

As you can see, Datek has a lot to offer in the form of an online
trading company. We feel the service that is provided through our
website, through our 60 second commitment, as well as our 24 hour E-mail
Support Team, is amongst the best in the industry. We value your
business as well as your confidence in our company.

Please do note that we hold our customers at the highest level of our
business, and we sincerely hope that you choose to continue using our
services.

However, if you wish to close your account because of personal reasons
or other circumstances, it is completely understandable. If this is the
case, you will need to send a signed letter with your intent to close
your account and to disburse your funds. Unfortunately, we cannot take
this request via e-mail. This is due solely for the security of your
account. To withdraw your funds you will need to make a fund request
online under Account Services. If this cannot be accomplished online,
you will need to fax in a signed letter of your request to our Funds Out
department at:

1-201-558-4365

You can also mail your signed request to:

Datek
Funds Out Dept.
70 Hudson Street
Jersey City, NJ 07302

Again, I do apologize for the inconvenience concerning our new rates and
appreciate your time as well as your support.

If you have any questions, please try our new @nswerbox feature. You
can check out the Hot Issues of the day, browse through help topics and
view your Active Case List. If you can't find an answer to your
question you can open a case and a member of our Customer Support Team
will provide you with a timely personal response.

You can always e-mail us at support@datek.com 24 hours a day, 7 days a
week or call Customer Support at 1-800-U2DATEK 8 AM to midnight (ET)
weekdays and 9 AM to 7 PM (ET) weekends. Please call 1-201-761-7500 if
you are calling from outside of the United States.

Sincerely,
Anthony Li
Customer Support
Datek Online Brokerage Services LLC
Member NASD/SIPC
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