There are a few things to consider here. Unfortunately, it is quite rare for institutions to grant a medallion signature guarantee unless you’re a client with that bank/firm. From personal experience as of 2017: Chase Bank provides MSGs to account-holders at the maximum limit, $10-$14 million per transaction. Military personnel may acknowledge their signatures before officers authorized to take acknowledgments (e.g., legal officers and adjutants). Whoops, looks like I submitted my last comment slightly incomplete; there was supposed to be one more sentence about Scottrade at the end: From personal experience as of 2017, Scottrade will provide MSGs to account-holders, but only if Scottrade is one of the parties involved in the transaction, not as a third party (same as Schwab). If I cannot accomplish the transfer to my name as my Dad requested, what will happen to the account? For many people, the process of getting a Medallion Signature Guarantee stamp isn’t worth the hassle because most of the time, you must have an account at the banks that offer these stamps. Today I received a call from one of my regular clients who was asking if I could provide a Medallion Signature Guarantee stamp on a document for him. Do you know for sure of any companies that can do this without being a client that’s business is in the Phoenix area? Brokerages: Do you know if there is any bank or broker in Puerto Rico that I can get the Medallion Signature Guarantee? A Medallion signature guarantee is needed when you are selling or transferring securities (such as stocks, bonds, mutual funds) and you have a physical certificate to sign.. A notary does not provide a Medallion Signature Guarantee.. A notary is a public official and witness.. A signature guarantee is not an authorized notary act. Best of luck! When it comes to brokerages, you’re absolutely right in stating that Etrade doesn’t provide MSGs, which is why we haven’t included them in this article, and you’re also correct in noting that Charles Schwab only provides MSGs in limited circumstances, which we’ve advised our readers of above. Really hate opening a Wells Fargo account for 60 days just to do a simple name change for a medallion signature. Please help, Need one for Houston, Texas. When this is indicated, it’s best to use the location finders we’ve included and contact your local branch to see if it provides medallion signature guarantees. My problem would appear to be that I am not a US resident and therefore do not hold any US bank accounts; I am resident in Europe, I hold UK and Swiss bank accounts, and none of my banks have thus far been able to find a resolution, despite all three of them having a US presence at a corporate level. Best of luck getting this resolved, and please let me know if I can answer any further questions. Dollar Bank offers MSG services at all of their locations and I’ve added this information to our article. He used to work for GE and come to find out when they reported the funds they attached someone else’s Soc.Sec. From https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2347377 as of 2015: Wells Fargo bank counts a mortgage as an MSG-eligible account, even if you don’t have other types of accounts with them. You are also completely correct in stating that Wells Fargo Financial Advisors don’t provide MSGs to non-account holders, and I’ve corrected that information in our article. Note that not all banks will process medallion signature guarantees for all types of transfers. If this is not explicit in the document or if there are any restrictions imposed by the power of attorney form, then it could be much more difficult to obtain a medallion signature guarantee. Thus, we reached out to each of their corporate offices to bring you the following information. I am the executor of my mother’s estate where one of her brokerages is requiring a MSG. Unfortunately, it is quite rare for institutions to grant a medallion signature guarantee unless you’re a client with that bank/firm. An update……the Highland’s REIT actually waved the medallion signature requirement for me—-so I have resubmitted the paperwork to Ameriprise and am awaiting the denetworking letter. Answered, Great Clips Guarantee: Requirements, Refunds, etc Detailed, 8 Places for Signature Loans for Bad Credit or With No Credit Check, How to Cash a Two-Party Check (Without the Other Person, With One Signature, etc), Bank of America Notary Service Locations, Fee, Appointments, etc, Disney’s Company D: Hours, Locations, & Restrictions, Can You Transfer an Overdraft to a Credit Card? Medallion guarantee stamp locations are fairly common at brokerage firms but only for account holders. My husband passed away, and I am trying to get the stock transferred to my name as my bank will no longer cash the dividend checks that are made payable to my deceased husband. I had the option to take it 10 years ago, maybe we should have done that! A bank officer stamps it on your transfer form near your signature, and … Eligible members include commercial banks, trust companies, savings associations, credit unions and broker-dealers. Citibank and Wells Fargo generally only offer Medallion Signature Guarantee services for account holders, and only in some locations. As executor I could order the shares be sold. I spoke to a representative of Chase Bank and learned that they offer MSGs to all account holders, regardless of how long they have had an account, so it sounds like the information you found may no longer be applicable. BOA does not offer signature guarantees and the other banks require an account to offer that service. The service is available at select branch locations. I was wondering if this is too good to be true? Medallion signature guarantee vs. Medallion guarantee stamp; What is a Transfer Agent and why did they just ask me for a medallion? Answered, list of other places where you can get a medallion signature guarantee, Medallion Signature Guarantee at Bank of America: Availability, Fees Listed, Medallion Signature Guarantee Locations: 36 Places to Get Them, Chase Money Orders: Fees, Limits, & Requirements Detailed, Great Clips Guarantee: Requirements, Refunds, etc Detailed, ATM Deposit Limits Listed by Bank (Chase, BofA, Wells Fargo, etc), Chase Bank Check Cashing Policy: Limits, Fees, Hours, etc Detailed, Chase Bank Notary Service Fee + What to Know Before You Go, 12 Banks & Credit Unions That Offer Early Direct Deposit, Can You Transfer an Overdraft to a Credit Card? There are five Wells Fargo locations in San Francisco that offer Financial Advisor services, and you’ll be charged a small fee as a non-account holder for Medallion Signature Guarantee services. If the document explicitly grants your mother authority over all of your grandmother’s financial assets, then it seems that you should be able to get a medallion signature guarantee. Quick update on IWC: very helpful, very quick response and very efficient service so far. Certain branches of KeyBank and Citibank have been known to provide this service to non-account holders for a fee. Since policies can vary depending on the account, the best way to find out is to directly contact your mother’s brokerage and ask whether or not they’d require the MSG for transferring cash resulting from liquidated shares. (From https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2401390 as of 2015, even locations in grocery stores.). Unlike a Notary, banks will use your info/signature on record to use a Medallion Signature. Suggested Article: What’s a Good Price for a Medallion Signature Guarantee? From http://socialize.morningstar.com/NewSocialize/forums/194860/PrintThread.aspx as of 2007: Scottrade does not provide MSGs. Hope you’re able to avoid these situations in the future! If you cannot get a Medallion stamp what other form of proof is acceptable? While account requirements and restrictions may vary by branch, Chase generally requires an open, active Chase credit card or bank account in order to get a medallion signature guarantee, corporate and branch customer service representatives told us. I verified the information you shared with us about Dollar Bank (located in Pennsylvania and Ohio) with a customer service representative; while you were correct in stating that they offer free MSG services to account holders, there is no minimum time that an account holder must have had the account open. I’m sorry to hear about the trouble you’ve had with obtaining a medallion signature guarantee. While this brokerage service appears legitimate, it is always in your best interest to check this company out before using their services. Their website is ww.iwc-ltd.co.uk Banks and credit unions generally don’t detail the process for obtaining medallion signature guarantee services on their websites, so we reached out to the each of these financial institutions’ corporate offices to confirm the following information. that offers this service. Answered, 19 Best Prepaid Debit Cards (Including Some With No Fees), http://www.federatedinvestors.com/FII/customerservice/accountmanagementhelp/detail.do?cid=64865, https://www.bogleheads.org/forum/viewtopic.php?t=146329#p2181375, https://www.bogleheads.org/forum/viewtopic.php?t=146329#p2266730, https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2351894, https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2347377, https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2401390, http://www.early-retirement.org/forums/f28/medallion-stamps-80098.html#post1675041, http://www.early-retirement.org/forums/f28/medallion-stamps-80098.html#post1675116, http://www.early-retirement.org/forums/f28/medallion-stamps-80098.html#post1675445, https://www.bogleheads.org/forum/viewtopic.php?t=146329#p2266490, https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2349570, https://www.bogleheads.org/forum/viewtopic.php?t=204948#p3142458, https://www.bogleheads.org/forum/viewtopic.php?t=213857#p3283289, https://www.bogleheads.org/forum/viewtopic.php?t=213857#p3283511, https://www.bogleheads.org/forum/viewtopic.php?t=213857#p3283995, https://www.bogleheads.org/forum/viewtopic.php?t=213857#p3284147, https://www.bogleheads.org/forum/viewtopic.php?t=41005#p524368, http://socialize.morningstar.com/NewSocialize/forums/194860/PrintThread.aspx, Many investment accounts do require a Medallion Signature Guarantee for transferring or selling shares. The Medallion Signature Guarantee Program protects you by making it harder for people to steal your securities by forging your signature on your securities certificates and related documents. I had the same problem. I have bought houses and moved cross-country with less hassle than I have over this $900. Banks, credit unions, broker dealers, and other financial firms that are members of a medallion program can provide one. There are three different medallion signature guarantee programs, all of which are equally valid. Sounds like quite the experience and a lot of delays just to move your investment. With a little more information about your situation, I would be happy to further assist! I had no idea it was going to be this difficult to retrieve his money that his Dad left him. Really!!!! They got the required Medillion Stamp Signature Guarantee that was needed from MSG. This means that even though your mother has power of attorney, she is still limited by the restrictions specified in the power of attorney document. Is this trustworthy? Medallion signature guarantees can be obtained at many banks, credit unions, and brokerage firms, but usually only by existing clients. If anyone non-US has found an answer, then I would be grateful to hear how this was achieved. As you can tell by the comments section here, you’re definitely not alone! During our research, we found that the following financial institutions do not offer medallion signature guarantees. I have some contributions to this important reference: Surprisingly tricky to find, http://www.federatedinvestors.com/FII/customerservice/accountmanagementhelp/detail.do?cid=64865 is the official list of Medallion Signature Guarantee (aka Securities Transfer Agents Medallion Program – STAMP, and Signature Validation Program Stamp – SVP) transaction value limit levels. My mom has a general durable power of attorney form. Banking: From https://www.bogleheads.org/forum/viewtopic.php?t=41005#p524368 as of 2009: Etrade does not provide MSGs. More than 7,000 U.S. and Canadian financial institutions participate in the Securities Transfer Agents Medallion Program (STAMP). This is garbage service for Chase customers. Chase Bank, or other banks that offer medallion signatures may deny your request under certain conditions in accordance with their internal policies. From https://www.bogleheads.org/forum/viewtopic.php?t=213857#p3283995 as of 2017: Charles Schwab’s “limited circumstances” means Schwab must be involved in the transaction (moving money in or out of your Schwab account), they won’t give an MSG as a third party. We encourage you to also seek the one-on-one help of a certified professional. This was likely done starting January 2017, as I had documents processed at the end of December 2016. From personal experience as of 2017: At least some locations of Wells Fargo Financial Advisors unfortunately no longer offer MSGs to non-accountholders for a ‘small fee’ as had been mentioned in your list. Post was not sent - check your email addresses! However, with many banks, you can open an account with a small balance so you can then have access to this service. I am waiting on all of this. In other words, a medallion signature guarantee is a way to prove you are who you say you are. You can read a breakdown of these procedures in this article from the LegalZoom website. I have the same problem. In the midst of this process, and discovered that whether or not Chase will assist is not only dependent on employee availability (understandable), but also on the particular transfer scenario. Trying to rollover a 401k to 401k between 3rd party plans. Thanks for any help on this. So what do I do now? I’m Polish and I live in Poland. does not automatically grant the agent authority over all types of transactions. Hope this helps! In addition, depending on the request type, you will need to provide the following documents. Unfortunately, financial institutions do not always offer a Medallion Signature Guarantee because it requires the institution to incur a huge liability in the case of any type of fraud or illegitimate financial activities. A medallion signature guarantee is most commonly used when you own a physical security — such as a stock or bond — and want to sell it or make a transfer without a broker. Unfortunately, Wells Fargo also restricts this service to account holders only. I spoke to a representative of Scottrade and was told that they do not provide MSGs in their branches, although they may sometimes provide that service for certain internal transfers. It seems that a medallion stamp is no longer a reasonable requirement, but Computershare is terrible– and obsolete. You may be able to ask a representative at a nearby branch of one of these banks if they can suggest another branch or a different institution in your area that may be able to provide a medallion signature guarantee. I have a friend who have a Variable Life Insurance policy inside a Keogh plan with Axa Equitable with some money that she want to transfer to a Life Index Annuity. I called TD Ameritrade and spoke to a customer service representative to verify their current offerings, and I learned that they do not currently provide MSGs for account holders (though perhaps they did so in the past). Hi, If you have branches of any of these institutions in your area, it may be worth giving the location a call to see if you would be able to obtain a medallion signature guarantee there. away from one another. According to legal website Nolo, a financial power of attorney document does not automatically grant the agent authority over all types of transactions. A Medallion Signature Guarantee may be executed by a member of a Medallion Guarantee program. Our related article on other places to get a medallion signature guarantee may be helpful to you — most banks and brokerages do require you to be a customer, but there are a couple of options like eSignature Guarantee which are available to everyone. Instant Debit Cards Listed, 19 Best Prepaid Debit Cards (Including Some With No Fees), 23 Best Checking and Savings Account Signup Bonuses, The 11 Best Checking Accounts: Fees, APYs, etc Compared, The 11 Best Savings Accounts: APYs, Fees, etc Compared, 3 Banks With No Overdraft Fees Listed (+ Free Overdraft Protection Options), How to Get an Overdraft Fee Waived (With Scripts for Phone & Email), Checking Accounts With Free Checks: 16 Banks, Credit Unions Listed, How Many Times Can I Overdraft My Account? Please note: Each signer must be a Bank of America or Merrill client for at least 6 months. but have so far just run up against brick walls. Policies and restrictions are set at the bank’s discretion. My sister & I live 4.5 hrs. I have a similar problem that involves Comptershare – who are indeed incredibly unhelpful. You may be able to ask a representative at a nearby branch of one of these banks if they can suggest another branch or a different institution in your area that may be able to provide a medallion signature guarantee. i am absolutely furious that a legally required process can not be obtained easily! A notary public cannot provide a Medallion Signature Guarantee stamp. A signature guarantee is also a way for transfer agents to reduce their liability since an outside agency takes responsibility in verifying your identity. Unfortunately, it can be very difficult to obtain a medallion signature guarantee if your bank does not offer this service. From https://www.bogleheads.org/forum/viewtopic.php?t=146329#p2266490 as of 2014, https://www.bogleheads.org/forum/viewtopic.php?t=156438#p2349570 as of 2015, and https://www.bogleheads.org/forum/viewtopic.php?t=204948#p3142458 as of 2016: US Bank provides MSGs for account-holders, but may be more persnickety than others about the paperwork.
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