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Ceres -> Datek Acct Transfer



Hello all.

This is my preliminary assessment of the process and issues for account
transfer from Ceres to Datek:
=======================================================================
It appears that cash and securities can be transfered with equal ease,
and (almost) $0 cost.

I have initiated the account setup process at Datek (no commitment, no
obligation), and should have application forms, etc. by next meeting
(depending on US mail )-:).  

The process would be:

* Complete and notarize a non-corporate resolution form (provided by
Datek, see http://www.datek.com/forms/noncorpres.html)

* Submit Datek account paperwork (provided by Datek, via snail mail)
- Inc. Club Charter w/Authorized names
- Inc. Notarized non-corporate resolution

* Submit Datek Account Transfer form 
- Inc. last Ceres statement
(see http://www.datek.com/guide/fundacct.html and
http://www.datek.com/forms/transferA.html

* Wait 2-4 weeks

Questions and outstanding issues:
- Will datek allow trade on all relevant Exchanges?
("You can trade any New York Stock Exchange, American Stock Exchange,
Nasdaq National Market or Nasdaq Small Capital stock." - Is this
sufficient?)

- Are there any additional requirements, or costs, associated with the
closure of the Ceres acct.?  I think not, but am awaiting a reply from
Ceres on this question.

Given all of this, if we decide to move,  I would propose:

* Next meeting :
- Make purchase decision, and (assuming we buy - like that's a stretch)
purchase through Ceres (we have > $1,800 cash in Ceres).
- Begin planning, gathering, and reviewing all paperwork
- Deposit proceeds in Presidential and hold.

* Following meeting:
- Gather and submit all paperwork
- Deposit proceeds in Presidential
- Wait 2-4 weeks

* Next meeting
- Make purchase decison
- Deposit proceeds in Presidential
- Transfer to Datek (hopefully live at this point)
- Make any purchases through Datek

I think this approach would allow maximum flexibility, and minimum
potential diruption for purchase activity.  It also results in a single
account for tracking, etc.

Anyway, that's my preliminary take.

-- Matt