I've had to get them three times. It was always a moderate pain. My local bank, where I've been a customer since the days when my signature card was a physical card in something that looked like a floorstanding freezer-chest-sized motorized Rolodex, has done them for free, but it is only a small number of bank officers who do them, only during weekdays, and I needed to check in advance to be sure they would be in that day.
I didn't always need it to move assets from brokerage to brokerage, but Treasury Direct requires them, and I forget where else they popped up. It's always been an unpleasant last-minute surprise. It's never "made sense" that it would be needed.
I regard them as a necessary evil--a racket, if you like but unavoidable. I always tell people to make "medallion signature guarantee" a requirement
when choosing a bank. If they won't put it in writing that they can give you a medallion signature guarantee at the specific branch location
you will be using, don't open the account.
Woops wrote: ↑Sun Sep 06, 2020 8:20 am
...I ended up using eSignature Guarantee online which was really easy and cost 149.00 for the Medallion Stamp. Not cheap, but eliminates the hassle...
Good to know. $149? Holy cow. How does that work exactly? Do they no longer care about a physical raised imprint any more?
userwithconcern wrote: ↑Sat Sep 05, 2020 10:06 am
You'll likely go your whole investing life and not need one. On the rare chance you do, worry about it then...
I have not been able to go my whole investing life without one. And I can't agree with "worry about it then" because most banks only do it for "established customers" and that can mean a six month wait. By the time you need one, if your bank doesn't
do them it's too late to become an established customer at a better bank.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.