Conference nyoss1::market_investing

    
      I just sent away for their info kit this morning. It sounds very
      similar to Accu-Trade.Their minium is $48 and .03 for every share
      afterwards. As soon as I get the kit I'll let you know if there 
      terms/conditions are the same or not.
    
                                           

> They have a $30 flat fee advertised in the WSJ.

	It's actually a $33 flat fee (for non-NASDAQ/OTC securities)
	because the fine print says you'll also incur a $3 postage/handling
	charge.  There is also a 1 cent per share for on the entire order
	if the order is in excess of 5,000 shares (again only for non-NASDAQ
	[or OTC] stocks).

	If it's a NASDAQ/OTC stock then it is a true $25 flat fee.

	I'm sticking with Waterhouse for now until I decide to buy
	in excess of 200 shares of something (using waterhouse touch
	tone system it's cost me only $31.50 for NYSE issues, which
	would cost $33 with national discount).

	It you are trading either large number of shares of non-NASDAQ/OTC
	stock, or making NASDAQ/OTC trades, then this broker is cheap.

    In the July 11, 1994 issue of Baron's, there is a National Discount
    Brokers ad which says that you can trade for $25.  There's no mention
    of a postage/handling charge.  It also says that they have a 24 hour
    touch tone trading system with a 20% discount on the transaction fee.
    It does not state that the quoted $25 fee assumes that you use the
    touch tone trading system.  They only reference NASDAQ/OTC prices in
    the ad.

Re: .3

	I don't know what it says in the ad, but I called their 800
	number and got this info package (with the fee schedule)
	and application.

	Like I said, the $3 S&H charge is on top of the $30 transaction
	fee for non-NASDAQ/OTC trades.

	Also their touch tone system only gives 15 minute delayed quotes
	(not real-time quotes like Waterhouses TradeDirect).  One nice
	thing about National's touch tone system is that it seems to
	accept either touch tones or voice recognition for command
	selection!

    I've seen references to the $3 S&H fee in previous ads, but it wasn't
    in this one so I thought that perhaps they had dropped it.  That was
    why I mentioned it.

    The E*TRADE ad in today's Investor's Business Daily claims to offer
    $25 trades for stocks.  They offer Touchtone and PC quotes and trading,
    24 Hr. access, real time news with alerts, no "per order", "handling",
    or "maintenance" fees.

	I was just looking at this broker house again, and just found
	another hidden cost in the fee schedule that I didn't spot
	before.  If you want to place a non-market (ie. limit, such
	as "good til canceled") order, they also charge you 2 cents/share
	if/when the order is executed (and extra $2 per 100 shares).

	So if you want to trade 500 shares of a $15 stock with a limit
	on the share pricew, NBD will charge you a commision of $30+$3+$10,
	or $43.

	For comparision, Waterhouse will cost you $52.05 - 10% (for using
	their touch tone system), or $46.85, regardless of whether it's
	market or limit.

I'm considering opening an account with National Discount Broker for trading
stocks. Their commission seems resaonable. Any opinion or experience? 
Good or bad?

Thanks

    I have an account with them.  My experience so far is mixed.
    
    On the positive side:  (1) If you trade using their automated system it 
    costs only $20.0 for any number of shares on the NASDAQ upto 5000.  
    (2) the system menu is simple to navigate, accurate, and you can type
    ahead (I also trade with Waterhouse and I had to hangup and restart
    a few times because it was lost to the deep end) (3) If you choose to 
    talk to a human being and you are put on-hold for an extended period
    then any NASDAQ trade you make during that call is free.
    
    On the negative side: (1) You probably do not get the best prices 
    as they direct orders to an affiliate and get back between $.01 and $.02 
    per share (depending on the market traded).  (2) execution is slow
    (3) Be prepared to be 'nickle and dimed' (you will see fees under the 
    "other" colume) for services that are otherwise free with other brokerage 
    firms (4) don't expect to talk to a "pleasant" customer service department 
    if you ever have to call.  
    
    My $.02
    
    Dan

re   <<< Note 779.4 by 12368::michaud "Jeff Michaud, PATHWORKS for Win. NT" >>>
>                     -< guess the moderator is on vk :-) >-


hey, sign this guy up for moderator!  
have you been reading carbuffs too long?
or maybe it is all those PW conf's...
:-)

    I'm no expert at moving notes, but I think I got most of this string.
    
      John (moderator)

How safe is NDB? For example, if I transfer all my digital stocks to
NDB and they file chapter 11 therafter, will I lose all my stocks? Someone
scared me that brokers make money by using your stocks as collateral. Is 
this true? If certificates are in my name and digital does exist with a value,
my stocks should be safe.

    If they're backed by the SDIC, I wouldn't worry.  I think your
    securities are insured up to $500k.  Although a securities
    account isn't supposed to be used as a savings account, it
    is a way to get around the FDIC's $100k limit.  .02 kb