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Communicating with a stockbroker

What procedure is available when a stockbroker advised me seven weeks ago that he had sold 10,000 shares of stock but has not sent a check or communicated with me? The broker represents a national firm. -- C. H.

Many brokers, unfortunately, are brusque and short with clients, possibly without meaning to be. This brusque approach intimidates some clients. Whatever the cause, and you certainly have sufficient cause to communicate, call your broker immediately. Your check could be lost in the mail. A brokerage firm is required to send you the proceeds from a stock sale five business days following the execution.

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If your broker fails to provide a satisfactory answer, contact the branck manager at once. I'm sure there is an answer, and the mails could be the simplest one. If your broker says that a check was mailed to you, ask him to verify that it has or has not cleared the bank. If it has not cleared, he should immediately issue you another check and stop payment on the first.

You are losing a significant yield for every day your funds are not available to you. If the brokerage firm manager does not offer a satisfactory answer and does something, take your case to the Securities and Exchange Commission.

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