Transfer Rejected

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Topic Author
KAR1971
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Joined: Thu Aug 19, 2021 11:00 am

Transfer Rejected

Post by KAR1971 »

I am attempting to move my investment accounts to a new company, however my current Financial Planning Company rejected the ACATS transfer paperwork from new company due to “Restrictions on Account”. The investment account in question is held in a Revocable Trust.

The current company stated:
“We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.-email from Financial Advisor
- I did not ask for my accounts to be Frozen. I did ask that my accounts be monitored and fraud protection placed while figuring out the possible identity theft issue, all of this was verbal instruction.

To remedy the situation, and move on from this Company once and for all:
I made an appointment with my local bank to obtain the Medallion Signature Guarantee (MSG). The bank manager stated that she could not place MSG on the document I had provided. (my current company would not provide me with a formal document on which to have the MSG placed, nor could they direct me to their policy on how to do this. They told me to simply write a letter “no special format, just a letter from you stating that you’d like to remove the freeze from your account”.-email from Financial Advisor).
The bank manager was kind enough to call the Head Office of my Financial Planning company and try to gather what was needed so she could assist me. For the next 90 minutes, she was placed on hold and bumped to various people who had no good information to assist her. She told me that she had not come across anything like she just experienced in her many years of banking. So I was unable to obtain the MSG.

Questions:

1). Can the company who currently manages your investments require a Medallion Signature Guarantee (MSG) to lift freeze from account? This is their only option available to obtain investments. I am unable to find it written anywhere that a MSG is needed for this particular reason?

2). Can an account be ‘Frozen’ under these circumstances? I have read that Freezing investment account often entails a court order.

3). If an account is indeed ‘Frozen’, can a Financial Advisor still conduct all of the same transactions they did before the freeze, i.e. buy, sell, etc.
Do THEY have any restrictions as to how they can conduct business within a Frozen Investment account?

4). Does a Financial company have any legal obligation to reach out to client when their account is Frozen and now someone is trying to transfer it out in its entirety?
aristotelian
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Re: Transfer Rejected

Post by aristotelian »

I can certainly imagine a custodian being able to freeze an account when fraud is suspected. (I had a relatives account frozen when reporting their death as an example). Sounds like a miscommunication occurred. Why is your local bank refusing to do the MSG?
Silk McCue
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Re: Transfer Rejected

Post by Silk McCue »

My question to the bank manager would be what would the contents of the document need to be in order for your signature to be guaranteed?

What exactly did your letter state? Did include account names and numbers etc?

Does your Financial Planning Company have a local office that you could go to in person?

Cheers
fabdog
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Re: Transfer Rejected

Post by fabdog »

I would tell your advisor I would like a copy of my written instructions that led to this freeze, as well as your company's written policy on applying and lifting freezes.

This sounds like a dodge they are hoping will lead you to leave your account with them.

When advisor does not provide it, call their main office/contact number, ask to speak with someone in compliance on what exactly is needed, provided in writing. Hopefully one of those 2 steps will lead to a "lifting" of this freeze.

Your bank likely has strict rules around what they can apply medallion to, including dollar amounts, as they are essentially guaranteeing your signature for that dollar amount. Sounds like the manager was quite helpful, as noted above, ask what specifically would make your letter compliant, so you can proceed on 2 tracks

Mike
vtMaps
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Re: Transfer Rejected

Post by vtMaps »

KAR1971 wrote: Mon Sep 13, 2021 8:32 am “We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.
A signature guarantee is not the same as a medallion signature guarantee. Are you sure you need the medallion? --vtMaps
Historical Fact: Justin Smith Morrill represented Vermont in congress, had a dog named 'Trump', and wrote legislation establishing the Land Grant Colleges.
Silk McCue
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Re: Transfer Rejected

Post by Silk McCue »

vtMaps wrote: Mon Sep 13, 2021 11:15 am
KAR1971 wrote: Mon Sep 13, 2021 8:32 am “We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.
A signature guarantee is not the same as a medallion signature guarantee. Are you sure you need the medallion? --vtMaps
Can you supply an authoritative reference? My search finds no such differentiation.

Cheers
Katietsu
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Re: Transfer Rejected

Post by Katietsu »

KAR1971 wrote: Mon Sep 13, 2021 8:32 am Questions:

1). Can the company who currently manages your investments require a Medallion Signature Guarantee (MSG) to lift freeze from account? This is their only option available to obtain investments. I am unable to find it written anywhere that a MSG is needed for this particular reason?Some companies require a MSG for to transfer the account holdings without “a freeze” depending on the size and other features of the account. So after a fraud warning, this seems reasonable.

2). Can an account be ‘Frozen’ under these circumstances? I have read that Freezing investment account often entails a court order. I think this is a situation of one word having multiple meanings. If a court order freezes your funds because your are a criminal, you can not get them out just by proving who you are. In your case, you told a company there might be an identity theft issue. Placing additional requirements on transferring out funds seems to be an entirely reasonable response to me. Forget about the fact they used the word frozen in referring to your account.

3). If an account is indeed ‘Frozen’, can a Financial Advisor still conduct all of the same transactions they did before the freeze, i.e. buy, sell, etc.
Do THEY have any restrictions as to how they can conduct business within a Frozen Investment account? Again, the word frozen is used in different ways relative to financial accounts. You would need to ask. I suspect that in your situation, they could buy and sell.

4). Does a Financial company have any legal obligation to reach out to client when their account is Frozen and now someone is trying to transfer it out in its entirety?
Your issue should be the lack of a clear process to move forward. Does this company have physical locations? Where are you moving the accounts to? I would suspect, for instance, if you were moving the funds to Fidelity that you could go into a Fidelity office to complete the MSG. It might be worth it to pick a discount broker with a physical office in your region to help with this transfer.
aristotelian
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Re: Transfer Rejected

Post by aristotelian »

vtMaps wrote: Mon Sep 13, 2021 11:15 am
KAR1971 wrote: Mon Sep 13, 2021 8:32 am “We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.
A signature guarantee is not the same as a medallion signature guarantee. Are you sure you need the medallion? --vtMaps
I had the same thought. If they didn't specify Medallion Signature Guarantee, I would call them and ask exactly what they mean and if notarized signature would be sufficient. Couldn't hurt to ask.
dbr
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Re: Transfer Rejected

Post by dbr »

Do they have an office that is accessible to you. I recently did a transaction with Fidelity that needed either a Medallion Signature or just showing up at an office in person to sign the paper.
vtMaps
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Location: central Vermont

Re: Transfer Rejected

Post by vtMaps »

Silk McCue wrote: Mon Sep 13, 2021 11:45 am
vtMaps wrote: Mon Sep 13, 2021 11:15 am
KAR1971 wrote: Mon Sep 13, 2021 8:32 am “We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.
A signature guarantee is not the same as a medallion signature guarantee. Are you sure you need the medallion? --vtMaps
Can you supply an authoritative reference? My search finds no such differentiation.
My search also comes up empty. I'm sure I read on these forums that (at least for the purpose of savings bonds) some banks would do a non medallian signature guarantee that was acceptable to the treasury dept.
--vtMaps
Historical Fact: Justin Smith Morrill represented Vermont in congress, had a dog named 'Trump', and wrote legislation establishing the Land Grant Colleges.
UpperNwGuy
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Re: Transfer Rejected

Post by UpperNwGuy »

It would help us respond if you would tell us the names of the old and new brokerages and the bank. Many of us have experience with the eccentricities of certain institutions, but it's hard to bring that knowledge into play when all we know is that there is a "Financial Planning Company," a "new company," and a "local bank."
Luckywon
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Re: Transfer Rejected

Post by Luckywon »

UpperNwGuy wrote: Mon Sep 13, 2021 3:02 pm It would help us respond if you would tell us the names of the old and new brokerages and the bank. Many of us have experience with the eccentricities of certain institutions, but it's hard to bring that knowledge into play when all we know is that there is a "Financial Planning Company," a "new company," and a "local bank."
And it would be potentially helpful information to anyone currently using or contemplating using the financial planning company in the future.
Topic Author
KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

aristotelian wrote: Mon Sep 13, 2021 10:21 am I can certainly imagine a custodian being able to freeze an account when fraud is suspected. (I had a relatives account frozen when reporting their death as an example). Sounds like a miscommunication occurred. Why is your local bank refusing to do the MSG?
Thank you for your reply. I am not sure if this makes a difference, but the account in question is managed by a financial planning company (Broker-Dealer) and assets are with outside Custodian.
This morning, I reached out to the Custodian. Custodian stated that my investments do not have any freeze or restriction on their end. The Custodian further stated that back in June, they sent the ACATS paperwork to my Financial Planning Company and it was they that rejected the transfer of my account due to ‘Restrictions’-which the Custodian stated were not specified.

The bank said they could not place a MSG on the letter I had drawn up, due to its informal nature. So she was kind enough to call the company and ask if they could send a more formal document with an area for the MSG. The Financial Planning company sent me a letter via email that was as informal as the one I was presenting, therefore the bank could not help.
Luckywon
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Re: Transfer Rejected

Post by Luckywon »

KAR1971 wrote: Mon Sep 13, 2021 4:08 pm
aristotelian wrote: Mon Sep 13, 2021 10:21 am I can certainly imagine a custodian being able to freeze an account when fraud is suspected. (I had a relatives account frozen when reporting their death as an example). Sounds like a miscommunication occurred. Why is your local bank refusing to do the MSG?
Thank you for your reply. I am not sure if this makes a difference, but the account in question is managed by a financial planning company (Broker-Dealer) and assets are with outside Custodian.
This morning, I reached out to the Custodian. Custodian stated that my investments do not have any freeze or restriction on their end. The Custodian further stated that back in June, they sent the ACATS paperwork to my Financial Planning Company and it was they that rejected the transfer of my account due to ‘Restrictions’-which the Custodian stated were not specified.

The bank said they could not place a MSG on the letter I had drawn up, due to its informal nature. So she was kind enough to call the company and ask if they could send a more formal document with an area for the MSG. The Financial Planning company sent me a letter via email that was as informal as the one I was presenting, therefore the bank could not help.
Again this all very difficult to parse and less helpful to others and yourself compared with simply naming the companies involved. But can't you simply fire your Financial Planning Company? That would seem to remove the problem and you can have the custodian make the transfer.
Topic Author
KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

fabdog wrote: Mon Sep 13, 2021 10:59 am I would tell your advisor I would like a copy of my written instructions that led to this freeze, as well as your company's written policy on applying and lifting freezes.

This sounds like a dodge they are hoping will lead you to leave your account with them.

When advisor does not provide it, call their main office/contact number, ask to speak with someone in compliance on what exactly is needed, provided in writing. Hopefully one of those 2 steps will lead to a "lifting" of this freeze.

Your bank likely has strict rules around what they can apply medallion to, including dollar amounts, as they are essentially guaranteeing your signature for that dollar amount. Sounds like the manager was quite helpful, as noted above, ask what specifically would make your letter compliant, so you can proceed on 2 tracks

Mike

Thanks for your reply, Mike. I have done all of the above. It appears that my instructions on Freezing my account were verbal as they are unable to provide anything written.
In response to my request for written policy or direction on what exactly is needed for MSG LOI to lift the freeze, head office gave no formal policy or direction. According to their Head Office and Compliance, “when a compromise of a clients information has or believed to have occurred, we will take all steps necessary to protect the account. These actions generally include (I omitted the actions not making a difference to this topic):
“A freeze or stop transfer placed on the account to ensure funds are not liquidated or transferred without authorization. This is a common practice amongst investment firms and can only be removed by a medallion signature guaranteed letter of instruction”…“This is an internal process and not something that been put in public communications”.

Given their explanation of a freeze/stop transfer, should all movement (buying, selling, etc) have stopped on my account due to that freeze?

I still need to obtain clarification on what would make my letter compliant, that is unclear as of now.
aristotelian
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Re: Transfer Rejected

Post by aristotelian »

Luckywon wrote: Mon Sep 13, 2021 4:44 pm
KAR1971 wrote: Mon Sep 13, 2021 4:08 pm
aristotelian wrote: Mon Sep 13, 2021 10:21 am I can certainly imagine a custodian being able to freeze an account when fraud is suspected. (I had a relatives account frozen when reporting their death as an example). Sounds like a miscommunication occurred. Why is your local bank refusing to do the MSG?
Thank you for your reply. I am not sure if this makes a difference, but the account in question is managed by a financial planning company (Broker-Dealer) and assets are with outside Custodian.
This morning, I reached out to the Custodian. Custodian stated that my investments do not have any freeze or restriction on their end. The Custodian further stated that back in June, they sent the ACATS paperwork to my Financial Planning Company and it was they that rejected the transfer of my account due to ‘Restrictions’-which the Custodian stated were not specified.

The bank said they could not place a MSG on the letter I had drawn up, due to its informal nature. So she was kind enough to call the company and ask if they could send a more formal document with an area for the MSG. The Financial Planning company sent me a letter via email that was as informal as the one I was presenting, therefore the bank could not help.
Again this all very difficult to parse and less helpful to others and yourself compared with simply naming the companies involved. But can't you simply fire your Financial Planning Company? That would seem to remove the problem and you can have the custodian make the transfer.
+1, this would be the next logical move along with escalating at the local bank to get the MSG or perhaps opening an account at another local bank that has MSGs.
Topic Author
KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

UpperNwGuy wrote: Mon Sep 13, 2021 3:02 pm It would help us respond if you would tell us the names of the old and new brokerages and the bank. Many of us have experience with the eccentricities of certain institutions, but it's hard to bring that knowledge into play when all we know is that there is a "Financial Planning Company," a "new company," and a "local bank."
I am not quite sure how naming the entities will change or otherwise enhance the narrative.
However, perhaps it will make a difference.

I am a military widow, I married a USAF member who had already paid his 50% front load dues on multiple accounts (as did I on a ROTH, which was rolled over after husbands death 🧐….I will never understand many of the moves they made after he died).

I finally raised our children and rolled out of the fog….first order of business was to get my money liberated from FC. It’s not going so well, as you have heard. I could write pages as to various other experiences with the company, but I am sure you are familiar with them.
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Watty
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Re: Transfer Rejected

Post by Watty »

I have never done it but in prior threads it sounds like if you file a FINRA complaint that gets their attention and they will work to resolve it quickly.

https://www.finra.org/investors/need-he ... -complaint
tibbitts
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Re: Transfer Rejected

Post by tibbitts »

aristotelian wrote: Mon Sep 13, 2021 5:30 pm
Luckywon wrote: Mon Sep 13, 2021 4:44 pm
KAR1971 wrote: Mon Sep 13, 2021 4:08 pm
aristotelian wrote: Mon Sep 13, 2021 10:21 am I can certainly imagine a custodian being able to freeze an account when fraud is suspected. (I had a relatives account frozen when reporting their death as an example). Sounds like a miscommunication occurred. Why is your local bank refusing to do the MSG?
Thank you for your reply. I am not sure if this makes a difference, but the account in question is managed by a financial planning company (Broker-Dealer) and assets are with outside Custodian.
This morning, I reached out to the Custodian. Custodian stated that my investments do not have any freeze or restriction on their end. The Custodian further stated that back in June, they sent the ACATS paperwork to my Financial Planning Company and it was they that rejected the transfer of my account due to ‘Restrictions’-which the Custodian stated were not specified.

The bank said they could not place a MSG on the letter I had drawn up, due to its informal nature. So she was kind enough to call the company and ask if they could send a more formal document with an area for the MSG. The Financial Planning company sent me a letter via email that was as informal as the one I was presenting, therefore the bank could not help.
Again this all very difficult to parse and less helpful to others and yourself compared with simply naming the companies involved. But can't you simply fire your Financial Planning Company? That would seem to remove the problem and you can have the custodian make the transfer.
+1, this would be the next logical move along with escalating at the local bank to get the MSG or perhaps opening an account at another local bank that has MSGs.
It appears the OP's bank does provide guarantees. My limited experience has been that banks only want to apply an MSG to a form of some kind, and surprisingly they even want to verify the information on the form - even if it's totally unrelated to the bank. So for example if you have an account number on the form, they want a separate statement showing you own an account with that number.
Topic Author
KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

vtMaps wrote: Mon Sep 13, 2021 11:15 am
KAR1971 wrote: Mon Sep 13, 2021 8:32 am “We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.
A signature guarantee is not the same as a medallion signature guarantee. Are you sure you need the medallion? --vtMaps

Yes, the definitely want a Medallion Signature Guarantee. I thought the same as you did and researched the issue as well as received clarification from their Head Office that they are requiring a MSG to lift freeze.
It’s been confusing due to the way they have interchanged words in various communications.
Retired Bill
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Re: Transfer Rejected

Post by Retired Bill »

Transfers involving securities "in kind" can be difficult to get accomplished. Although not quite your situation, wife had an TOD brokerage account with Fidelity we wanted to move to Vanguard into a Revocable Trust Account. Vanguard told us that would require a MSG. I asked if another way to do it. Was on hold about 10 minutes and the solution was provided by Vanguard. First had to open an TOD account exactly as it was with Fidelity and then do the transfer to Vanguard without the MSG requirement. Once At Vanguard, Vanguard would then move from the TOD account to the Revocable Trust account without the MSG requirement I'm sure the "identify theft" probably caused the freeze. If that is still there, what I don't understand is why didn't the custodian immediately open a new account, new passwords, etc. to further protect the assets at that point in time. Sounds like getting a run-a-round from financial planner.
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Oicuryy
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Re: Transfer Rejected

Post by Oicuryy »

I would call the receiving firm and ask for a paper transfer form with a place for a medallion signature guarantee. Tell them the sending firm will not send the securities without the guarantee and the bank will not guarantee the transfer without a formal transfer request with all the t's dotted and i's crossed.

Ron
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GuyInFL
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Re: Transfer Rejected

Post by GuyInFL »

I'd start posting questions on the advisors Facebook page. The added publicity should help things get moving.
HomeStretch
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Re: Transfer Rejected

Post by HomeStretch »

If Fidelity or Schwab has a local office, open the new accounts there. The local office will provide a MSG. This is probably your fastest, easiest option to have your accounts transferred in-kind.
Katietsu
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Re: Transfer Rejected

Post by Katietsu »

HomeStretch wrote: Tue Sep 14, 2021 7:30 am If Fidelity or Schwab has a local office, open the new accounts there. The local office will provide a MSG. This is probably your fastest, easiest option to have your accounts transferred in-kind.
I agree with this. Do you have a discount brokerage that has a physical office you can go to? Besides Fidelity and Schwab, I know that E*trade and TDAmeritrade also have physical locations in select cities.
Topic Author
KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

UpperNwGuy wrote: Mon Sep 13, 2021 3:02 pm It would help us respond if you would tell us the names of the old and new brokerages and the bank. Many of us have experience with the eccentricities of certain institutions, but it's hard to bring that knowledge into play when all we know is that there is a "Financial Planning Company," a "new company," and a "local bank."
UPPERNWGUY:
I don’t know if you saw my response, I am not sure if I relied to your post specifically. Resending.

I am not quite sure how naming the entities will change or otherwise enhance the narrative.
However, perhaps it will make a difference.

I am a military widow, I married a USAF member who had already paid his 50% front load dues on multiple accounts (as did I on a ROTH, which was rolled over after husbands death 🧐….I will never understand many of the moves they made after he died).

I finally raised our children and rolled out of the fog….first order of business was to get my money liberated from FC. It’s not going so well, as you have heard. I could write pages as to various other experiences with the company, but I am sure you are familiar with them.
typical.investor
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Re: Transfer Rejected

Post by typical.investor »

KAR1971 wrote: Mon Sep 13, 2021 8:32 am I am attempting to move my investment accounts to a new company, however my current Financial Planning Company rejected the ACATS transfer paperwork from new company due to “Restrictions on Account”. The investment account in question is held in a Revocable Trust.

The current company stated:
“We placed a freeze on your account last fall per your instructions. To remove the freeze, you will need to submit a letter of instruction that is signature guaranteed”.-email from Financial Advisor
- I did not ask for my accounts to be Frozen. I did ask that my accounts be monitored and fraud protection placed while figuring out the possible identity theft issue, all of this was verbal instruction.

To remedy the situation, and move on from this Company once and for all:
I made an appointment with my local bank to obtain the Medallion Signature Guarantee (MSG). The bank manager stated that she could not place MSG on the document I had provided. (my current company would not provide me with a formal document on which to have the MSG placed, nor could they direct me to their policy on how to do this. They told me to simply write a letter “no special format, just a letter from you stating that you’d like to remove the freeze from your account”.-email from Financial Advisor).
The bank manager was kind enough to call the Head Office of my Financial Planning company and try to gather what was needed so she could assist me. For the next 90 minutes, she was placed on hold and bumped to various people who had no good information to assist her. She told me that she had not come across anything like she just experienced in her many years of banking. So I was unable to obtain the MSG.
If FC means "First Command", then I suspect an intentional run around probably to keep your assets under their management and earning fees for as long as possible.

Maybe it would help to file a complaint at https://www.finra.org/investors/need-he ... -complaint

Or maybe you should tell them you will file a complaint if they don't process the ACATs. And then file it soon.
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KAR1971
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Re: Transfer Rejected

Post by KAR1971 »

dbr wrote: Mon Sep 13, 2021 2:14 pm Do they have an office that is accessible to you. I recently did a transaction with Fidelity that needed either a Medallion Signature or just showing up at an office in person to sign the paper.
They have an office that is accessible. I have not chosen that route because what they are offering to do sounds incorrect. First Command advisor states that I can come in to the office and fill out the MSG paperwork, they will verify it is indeed me. But they don’t have the capability to place a MSG on my signature at the office, they state they will send it off to First Command bank in another state.
So basically, whoever will be physically placing the MSG on my signature has not personally identified me. This explanation may sound as if I am splitting hairs, however I have given enough blind faith to this company and don’t wish to continue :)
dbr
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Re: Transfer Rejected

Post by dbr »

KAR1971 wrote: Wed Sep 15, 2021 12:01 pm
dbr wrote: Mon Sep 13, 2021 2:14 pm Do they have an office that is accessible to you. I recently did a transaction with Fidelity that needed either a Medallion Signature or just showing up at an office in person to sign the paper.
They have an office that is accessible. I have not chosen that route because what they are offering to do sounds incorrect. First Command advisor states that I can come in to the office and fill out the MSG paperwork, they will verify it is indeed me. But they don’t have the capability to place a MSG on my signature at the office, they state they will send it off to First Command bank in another state.
So basically, whoever will be physically placing the MSG on my signature has not personally identified me. This explanation may sound as if I am splitting hairs, however I have given enough blind faith to this company and don’t wish to continue :)
I think you might be splitting hairs. At Fidelity, as an example, signing in person dispenses with the medallion signature. So this sounds odd.
rossington
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Re: Transfer Rejected

Post by rossington »

KAR1971 wrote: Mon Sep 13, 2021 8:32 am The investment account in question is held in a Revocable Trust.
Are you the (a) trustee?
"Success is going from failure to failure without loss of enthusiasm." Winston Churchill.
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beyou
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Re: Transfer Rejected

Post by beyou »

KAR1971 wrote: Wed Sep 15, 2021 12:01 pm
dbr wrote: Mon Sep 13, 2021 2:14 pm Do they have an office that is accessible to you. I recently did a transaction with Fidelity that needed either a Medallion Signature or just showing up at an office in person to sign the paper.
They have an office that is accessible. I have not chosen that route because what they are offering to do sounds incorrect. First Command advisor states that I can come in to the office and fill out the MSG paperwork, they will verify it is indeed me. But they don’t have the capability to place a MSG on my signature at the office, they state they will send it off to First Command bank in another state.
So basically, whoever will be physically placing the MSG on my signature has not personally identified me. This explanation may sound as if I am splitting hairs, however I have given enough blind faith to this company and don’t wish to continue :)
I don’t see what you have to lose by trying it their way.
typical.investor
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Re: Transfer Rejected

Post by typical.investor »

beyou wrote: Thu Sep 16, 2021 4:26 am
KAR1971 wrote: Wed Sep 15, 2021 12:01 pm
dbr wrote: Mon Sep 13, 2021 2:14 pm Do they have an office that is accessible to you. I recently did a transaction with Fidelity that needed either a Medallion Signature or just showing up at an office in person to sign the paper.
They have an office that is accessible. I have not chosen that route because what they are offering to do sounds incorrect. First Command advisor states that I can come in to the office and fill out the MSG paperwork, they will verify it is indeed me. But they don’t have the capability to place a MSG on my signature at the office, they state they will send it off to First Command bank in another state.
So basically, whoever will be physically placing the MSG on my signature has not personally identified me. This explanation may sound as if I am splitting hairs, however I have given enough blind faith to this company and don’t wish to continue :)
I don’t see what you have to lose by trying it their way.
I encourage you to try their way too.

Document all you can. If it doesn't work, file a complaint with FINRA documenting that you did as they said needed to be done to no avail.

I think maybe they want to get you in for one last chance to try and change your mind. And maybe it won't even be much pressure. Maybe they just have to tick the "I tried" box to stay in good graces with the office powers that be.

Just be polite, thank them for their work and assure them you are in good hands.
Luckywon
Posts: 1529
Joined: Tue Mar 28, 2017 10:33 am

Re: Transfer Rejected

Post by Luckywon »

KAR1971 wrote: Wed Sep 15, 2021 12:01 pm
They have an office that is accessible. I have not chosen that route because what they are offering to do sounds incorrect. First Command advisor states that I can come in to the office and fill out the MSG paperwork, they will verify it is indeed me. But they don’t have the capability to place a MSG on my signature at the office, they state they will send it off to First Command bank in another state.
So basically, whoever will be physically placing the MSG on my signature has not personally identified me. This explanation may sound as if I am splitting hairs, however I have given enough blind faith to this company and don’t wish to continue :)
OP I don't mean to be a pest but asking again... Why don't you just fire FC (you stated they are the ones requiring the MSG) and that would remove the roadblock preventing the current custodian from transferring the funds to the new custodian?
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