Question: A preferred stock I owned was called in. I won't receive proceeds for 16 days. Is this usual practice?

stock ticker was changed to add a .cl suffix, but I cannot trade that symbol. Why does it take so long for the funds to be distributed, and shouldn't I have received a notice from my broker about the call back?

Answer:

Not unusual. The broker doesn't have to notify you, but they should and many do. Mine does. If your shares are held at the broker in street name then they are the only ones who could.

The call date should be specified in the call notice. The proceeds will be credited into your brokerage accounts, and will go into the cash sweep, or wherever you specify your cash to go to.

You will usually receive accrued interest right up to the day it is called, so even though you are waiting, you are still earning interest on the stock.