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. 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. ©2013 - 2021 More Holdings LLC | All Rights Reserved. It seems that a medallion stamp is no longer a reasonable requirement, but Computershare is terrible– and obsolete. To clarify, a Medallion Signature Guarantee doesn’t open an account nor provide an account of any kind but is simply a way to guarantee that the person transferring stocks or securities is the rightful owner of the same. I am living in South Africa and need to change my surname, what a mission. 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. Answered, Which Banks Have Free Coin Counting Machines? Hi, Since a Medallion signature guarantee is required for transferring investment shares, would the MSG still be required if shares are liquidated in the current account and then request transfer of cash. Chase Bank, or other banks that offer medallion signatures may deny your request under certain conditions in accordance with their internal policies. In order for me to transfer the stock to my name, I must have a Medallion Signature Guarantee. But I am having no luck finding an institute that does for non- account holders.. From http://www.early-retirement.org/forums/f28/medallion-stamps-80098.html#post1675445 as of 2015, and personal experience as of 2017: BBVA Compass Bank provides MSGs to account-holders (time requirement unknown), only at some locations (call). Eligible members include commercial banks, trust companies, savings associations, credit unions and broker-dealers. My mom has a general durable power of attorney form. 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. Thanks for sharing. If you cannot get a Medallion stamp what other form of proof is acceptable? 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’m sorry I couldn’t bring you a more helpful solution, and best of luck with your investment! Even with private banking and trust accounts. a notary stamp and a medallion signature guarantee, Documentation showing the exact and complete ownership of the security, Documentation showing the value of the transaction, Documentation showing your legal authority (if you are signing on behalf of another individual), Proof of name change as a result of marriage, divorce, or legal name change (if applicable). Very few, if any, institutions will grant a Medallion Signature Guarantee to non-customers, so your best move will likely be to work with the bank where your son has an account (or to set up a new account if he doesn’t have one), whether that’s with Chase or another institution. A MetLife representative may also be able to advise you regarding where you can get a Medallion Signature Guarantee in your local area. Would we be required to open a MSG account or could we roll it over somewhere else? You may have better luck going with a different checking account. I decided that I wanted to hold the security directly and avoid any “holding tank” fees, so I recently decided that I wanted to deal directly with the REIT company (Highlands REIT). Sorry, your blog cannot share posts by email. In Summary. Transfer agents commonly require that your signature be “guaranteed” before you can complete any transactions. How can we obtain one? Since Medallion Signature Guarantees are only available to members of banks, credits unions, and brokerages based in the United States and Canada, you may have a difficult time finding MSG services in Argentina. It can definitely be a struggle to find somewhere to provide a Medallion Signature Guarantee. Hello, Stephen. Go here for more information on Wells Fargo Medallion Signature Guarantee service. As far as obtaining a Medallion Signature Guarantee, it should not be a problem for your son to get one once he is a legal adult. Now, a notary I can understand, but this whole medallion stamp ordeal is RIDICULOUS !!!!! 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. — Good luck! If your bank does not offer this service, the only option may be to open an account with a firm, bank, or credit union that does provide this service, such as Chase, Charles Schwab, Citibank, or PNC Bank. The specific scenario is a 401k to 401k between 3rd party plans. When I googled it a couple websites came up, esignatureguarantee.com, for example,that offer to do this online for a fee? I’ve been trying for over four years to resolve this. If your local Chase Bank doesn’t offer a medallion signature guarantee or you want more options, see our list of other places where you can get a medallion signature guarantee. Please contact our Customer Service department at (800) 632-2301 to confirm whether a signature guarantee is required for your specific request. A driver’s license won’t necessarily be required for identification if your son has a passport, but other documentation may be required as well (you’ll need to check with the bank that’s providing the Medallion Signature Guarantee for specifics). I am an American living in Australia. Ultimately, these policies are highly dependent on the bank and the individual branch, even if you do have an account at a particular institution. I contacted Chase to verify whether the Medallion Signature Guarantee service was available to any Chase account holder, and the customer service representative informed me that Medallion Signature Guarantees are available for “most account holders.” In your case, I would recommend finding out whether your son already has an account with Chase, and ask a representative at your local branch whether that account qualifies for Medallion Signature Guarantee services. Seems I am having the same problems as others, and who are only getting “Good Luck” as replies. If Citibank and KeyBank do not offer the service at the branches near you, there’s very little to be done, as it’s often up to individual branches to set their policies in this regard. 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. Getting a medallion signature guarantee after the death of a parent or spouse A high percentage of their branches do participate. You’ve done some very thorough research, and I appreciate you letting us know what you found! It should not be this difficult to get some that legally belong to you. I was advised to contact a US bank locally for assistance; they listened to my request, informed me that they did not deal with private clients, but would make enquiries and call me back. I hope this helps! I sent request to MFS to redeem shares from that account but they requested from me Medallion Signature Guarantees. I hope this helps, and please let me know if I can answer any further questions! Signature guarantees from financial institutions which do not participate in a Medallion program will not be accepted.
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