Subject: File No. S7-06-04
From: William T Moxham

June 21, 2004

What about the hidden brokers fee?

Below is an email exchange between me and the broker my company uses for its retirement plan. I dont understand how if my check is deposited electronically and I can pay bills electronically why the broker gets three weeks to deposit my money. Who is holding it and why?

This three week hold either make money for the broker or the company. They can buy the stock on day one when they get the money and wait till the market drops and sell me the same stock making a profit or if the stock rises they sell it at the day one price. Either way I loose confidence in the already troubled mutual fund system. My company and the Broker should have a maximum three day hold like the bank not three weeks.


Thank you for your e-mail to BROKER.

We receive contributions for the YOUR COMPANY Plan
twice each month. Therefore, it can take approximately three weeks to see a contribution that was deducted from your paycheck post to your account. Please be assured that we post contributions as soon as we receive them.

I hope this information is helpful. If you have
additional questions, please contact us at EMAIL ADDRESS Or call us according to the instructions below. From outside of the U.S., you can reach the ATT USADirect service by dialing an local access number or by calling
from specially marked telephones that are located in airports, hotels, and other locations. Either a voice prompt in English or an English-speaking operator will greet you, and you can then provide our toll-free telephone number, 1-800-922-9945, to reach a retirement plan representative.


Retirement Plan Representative

-----Original Message-----





Phone Number - Evening: XXX-XXX-XXXX

Phone Number - Day: --

E-mail Address: EMAIL@

Plan Company: COMPANY


I am currently working overseas. This is the second
time I have written. My first deposit was sent on May 22nd but not deposited until June the 3rd. This time the money was paid out on June 7th and today is June 19th and no deposit. Why is that? What takes so long for the
money to hit my account? Is this process going to
clear itself up?


Date: Sat Jun 19 03:33:35 EDT 2004