USBank/IBonds/medallion Stamp

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bartbill
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USBank/IBonds/medallion Stamp

Post by bartbill » Mon Jun 16, 2014 11:12 pm

Read the previous posts on this issue, but this seems a little different.

Last winter I closed the account I use to buy IBonds. Got the forms from TD, filled them out and went US Bank down in Colorado Springs (I have a couple of accounts there) to get the Medallion stamp on the paper work. I planned to use one of US Bank accounts to buy the IBonds.

US Banks wants see proof the TD accounts exist - and how much money is in there!! This makes no sense to me; I'm buying bonds from money in the accounts there. Couldn't make them budge. Am I looking at this wrong. Is this something new?

I guess "plan B" to find a 'different bank for this, but the reason for closing all my other accounts is to simplify in retirement.

Anyone experience this before? What did you do?

Regards

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Langkawi
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Re: USBank/IBonds/medallion Stamp

Post by Langkawi » Tue Jun 17, 2014 12:57 am

bartbill wrote:US Banks wants see proof the TD accounts exist - and how much money is in there!! This makes no sense to me
US Bank is accepting liability by issuing the medallion signature guarantee, so it makes perfect sense that they want to understand the magnitude of the liability.

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JamesSFO
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Re: USBank/IBonds/medallion Stamp

Post by JamesSFO » Tue Jun 17, 2014 1:04 am

Langkawi wrote:
bartbill wrote:US Banks wants see proof the TD accounts exist - and how much money is in there!! This makes no sense to me
US Bank is accepting liability by issuing the medallion signature guarantee, so it makes perfect sense that they want to understand the magnitude of the liability.
FWIW, I've never had a problem getting a medallion guarantee and barely had the fact that I have a bank account checked at Bank of America multiple times, YMMV. My trust attorney says every time she goes to get a medallion guarantee it is a hassle.

The wikipedia entry has some more context - http://en.wikipedia.org/wiki/Medallion_ ... _guarantee

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Flobes
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Re: USBank/IBonds/medallion Stamp

Post by Flobes » Tue Jun 17, 2014 2:02 am

Medallion stamp is not required for Treasury Direct's "Bank Change Request" form. Any official seal or stamp from a financial institution is acceptable to certify your signature (but not a notary).

I recently accomplished this very task. I took TD's paperwork to the local bank, where an officer signed and stamped a "signature" guarantee. He did not examine the paperwork or view its details; he just handled the signature page 2. I doubt he knew it was a Treasury Direct Form.

So my thought is that your request for medallion signature, which is a more rigorous procedure, made this more difficult than it needs to be. Return to a bank, ask for a signature guarantee, show them only the signature page (and your driver's license).

I sent mine first class mail, and received confirmation of its acceptance from TD very promptly. Once they add the new bank(s), you can log into your account, choose a new "primary" bank, then delete the old bank.

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prudent
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Re: USBank/IBonds/medallion Stamp

Post by prudent » Tue Jun 17, 2014 5:43 am

People who are authorized to do Medallion stamps have a limit on how much money they can sign off on - that's why they need to see the amount.

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JamesSFO
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Re: USBank/IBonds/medallion Stamp

Post by JamesSFO » Tue Jun 17, 2014 7:34 am

Flobes wrote:...
So my thought is that your request for medallion signature, which is a more rigorous procedure, made this more difficult than it needs to be. Return to a bank, ask for a signature guarantee, show them only the signature page (and your driver's license).
...
I do wonder if the difference between my experience and my trust's attorney is I play a bit of dumb blonde when I go in, despite being an attorney myself and a former notary, I just go in and act dumb about the thing, "I don't exactly know what this is but they said I had to come to a bank not a notary, can you help me." 100% success of just flashing my ATM card and driver's license and getting it done w/o even paying a fee.

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Phineas J. Whoopee
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Re: USBank/IBonds/medallion Stamp

Post by Phineas J. Whoopee » Tue Jun 17, 2014 11:54 am

I've had to send in the form to Treasury Direct twice, and indeed it doesn't say it needs a Medallion, but it doesn't accept a notarization.

In both cases, different banking corporations, different times, where I was an account holder, they said, and I'm quoting, "You mean a Medallion?"

No, I don't mean a Medallion. I mean what it says here on this form that I've just handed you the instructions for. I'm sure a Medallion would work, but it isn't what's required.

Them: "So you mean a Medallion."

I'm pretty sure it's a matter of bad training. I'm not saying poor training. Both banks' front office personnel knew to say, in exactly these words: "You mean a Medallion?"

Presumably there must be some third-party bank training company offering a package which instructs them "Say these words in this order: 'You mean a Medallion?'"

The second bank told me later under other circumstances, I think without recognizing me because I looked a bit different by then, that they'll notarize but not "do a Medallion" unless their customer is transferring ownership of US government securities.

It's frustrating because they seem to expect me to speak their technical language, rather than investigating what the customer (in this case me) meant when I used the words I did. I'm not a retail banking expert, and I'm particularly not one who knows which words their own employer tells them to use.

"We won't do a Medallion."

PJW

bartbill
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Re: USBank/IBonds/medallion Stamp

Post by bartbill » Tue Jun 17, 2014 2:07 pm

Yes, That is what happened to me. In my original post I mislead you a bit. I didn't ask for the medallion. I told them I need a "signature guaranteed stamp" and the Customer service rep immediately assumed I meant a "Medallion Stamp". Couldn't get her past it (or her manager). Showed them on the form where it clearly states "such as corporate seal, signature guaranteed stamp, or medallion stamp." Did no good.

I do think poor training. Low priority I guess.

Banks are loathe to provide this service if you don't have an account, not that I blame them. Just frustrating is all.

sport
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Re: USBank/IBonds/medallion Stamp

Post by sport » Tue Jun 17, 2014 2:41 pm

Perhaps the medallion is the only signature guarantee they have.
Jeff

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Phineas J. Whoopee
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Re: USBank/IBonds/medallion Stamp

Post by Phineas J. Whoopee » Tue Jun 17, 2014 3:01 pm

That may well be the case, and it goes to the heart of my bad (as opposed to poor) training hypothesis.

"I see. Well, we, at this bank, at this branch anyhow, only offer notarizations and Medallions. As my regional vice president taught us to say: 'We won't do a Medallion!' I'm afraid there's nothing we here can do to help you, our customer, in this instance."

"I understand. That means I will need to seek out another vendor to provide the services I require, is that what you're saying?"

"Yes, absolutely. My regional vice president says customer service is at the heart of all we do, therefore if we don't provide any it's clearly in your best interest to change banks."

"Thanks ever so much for your honest words."

"You're ever so welcome, my friend."

That would be acceptable. What's not acceptable is:

"We won't do a Medallion!"

PJW

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