Where to get medallion signature guarantee

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reneeh63
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Where to get medallion signature guarantee

Post by reneeh63 » Fri Jan 23, 2015 3:42 pm

I'm switching five Roth IRAs to Vanguard and I need medallion signature guarantees for each one. I happen to have a brick and mortar bank (in addition to a couple online bank accounts and a credit union) but NONE of them offer this service. Actually, my physical bank used to, but no longer.

Does anyone know of any national banks that offer medallion signature guarantee service to a NON-customer. And NO - this is different than a regular notary public service.

I'm so frustrated - the only reason I had an account with a physical bank was to have access to this kind of service and then they drop it! - time to drop them!

Thanks everyone - I'm running against the clock to get all this paperwork done.

livesoft
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Re: Where to get medallion signature guarantee

Post by livesoft » Fri Jan 23, 2015 3:53 pm

Tell Vanguard that you cannot get a Medallion Signature Guarantee and ask them to do the research for you to find out where you personally in your location can get one. Make it Vanguard's problem and not your problem.

Years ago when we did not have a local bank, my spouse opened a checking account for 30 days at a bank that would do the MedSig only for customers of at least 30 days.
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Miriam2
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Re: Where to get medallion signature guarantee

Post by Miriam2 » Fri Jan 23, 2015 4:00 pm

We used Chase Bank recently for Medallion signature guarantees.

HIinvestor
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Re: Where to get medallion signature guarantee

Post by HIinvestor » Fri Jan 23, 2015 4:07 pm

Our local bank and brokerages were able to get us medallion signature guarantees. I agree--call Vanguard and have them solve this issue.

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Re: Where to get medallion signature guarantee

Post by Grasshopper » Fri Jan 23, 2015 4:23 pm

A Wells Fargo branch in a grocery store did mine. I do have an account with them. :beer

reneeh63
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Re: Where to get medallion signature guarantee

Post by reneeh63 » Fri Jan 23, 2015 6:33 pm

Thanks guys....I'll get the Vanguard rep on it...doesn't help that it's the weekend...I'll keep trying with Wells Fargo etc....

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Re: Where to get medallion signature guarantee

Post by GerryL » Sat Jan 24, 2015 3:37 am

I was having trouble getting a medallion signature from my bank (Chase). They kept insisting that the form had to have the value of the stock I was trying to transfer, not just the number of shares. After two tries, I went to the local branch of the bank (Wells Fargo) where I had my mortgage. Even though I had no checking or savings accounts with them, they were happy to provide the service. More recently I was able to get one at my credit union.

If your own credit union doesn't offer the service, can you check with a CU that is in the same network (e.g., that allows shared ATM use)?

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Aptenodytes
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Re: Where to get medallion signature guarantee

Post by Aptenodytes » Sat Jan 24, 2015 5:47 am

I've always chosen a small local bank wherever I've lived, and this is an occasion to appreciate the virtue of that choice. My bank gives free medallion signature guarantees. They recognize me when I walk in. The other day I got an unexpected check (a rebate from a government agency) made out to a relative who died 7 years ago. The bank let me deposit it.

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Re: Where to get medallion signature guarantee

Post by nisiprius » Sat Jan 24, 2015 8:27 am

I don't get the "big national banks not giving medallion signature guarantees" thing. What's wrong with them?

The whole medallion signature guarantee thing is a royal pain but it is, or should be, a customary bank service and I've never had an issue with the small bank I do business with. I think that a) people ought to make a stink if their bank won't do it, and b) ought to make a point of asking about this service specifically when they open a new bank account.

It's particularly true if a bank spews out a lot of rhetoric about how they truly love and respect you as a person. If a bank knows you, they should give you a signature guarantee. If they won't, it proves you are "just a number" to them. It's not my bank knows me by sight and greets me when I walk in the door, but I mean a) they have my signature card on file, b) they know I've been at the same address for a while, and c) and my driver's license picture, signature, and address matches up what they have on file... just what is so difficult about that that a big bank can't do it?
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livesoft
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Re: Where to get medallion signature guarantee

Post by livesoft » Sat Jan 24, 2015 8:35 am

My big national bank has a local office within walking distance where Medallion Signature Guarantees are easily obtained. In fact, a neighbor is the manager of the branch, so I know the family, the spouse, the kids, the pets, etc. I chuckle when I see comparisons to "local small" without a reference to the people working in the bank. It's all about the people.

The same goes for many big impersonal places. Do you know the manager of your big chain grocery store and their kids? How about the national car repair shop which is a franchise run by your neighbor? These big businesses do not have employees that fly in everyday from Utopia and screw the local population, then fly home at night. At least not in my neighborhood this doesn't happen. Instead, these are the people who are going to give your teenagers one or two of their first jobs.
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Cosmo
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Re: Where to get medallion signature guarantee

Post by Cosmo » Sat Jan 24, 2015 8:42 am

livesoft wrote:Tell Vanguard that you cannot get a Medallion Signature Guarantee and ask them to do the research for you to find out where you personally in your location can get one. Make it Vanguard's problem and not your problem.

Years ago when we did not have a local bank, my spouse opened a checking account for 30 days at a bank that would do the MedSig only for customers of at least 30 days.


Yes. This. ^ I few years back, I needed a medallion signature for Treasury Direct because I was changing my checking account, that was linked to TD. Back then at Wells Fargo, they no longer did medallion signatures but they agreed to do just a generic signature and not an official one with the stamp. To my surprise, TD accepted it.

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Re: Where to get medallion signature guarantee

Post by Cosmo » Sat Jan 24, 2015 8:47 am

nisiprius wrote:I don't get the "big national banks not giving medallion signature guarantees" thing. What's wrong with them?

The whole medallion signature guarantee thing is a royal pain but it is, or should be, a customary bank service and I've never had an issue with the small bank I do business with. I think that a) people ought to make a stink if their bank won't do it, and b) ought to make a point of asking about this service specifically when they open a new bank account.

It's particularly true if a bank spews out a lot of rhetoric about how they truly love and respect you as a person. If a bank knows you, they should give you a signature guarantee. If they won't, it proves you are "just a number" to them. It's not my bank knows me by sight and greets me when I walk in the door, but I mean a) they have my signature card on file, b) they know I've been at the same address for a while, and c) and my driver's license picture, signature, and address matches up what they have on file... just what is so difficult about that that a big bank can't do it?


And what gets me is a bank's policy seems to vary from branch to branch. For example, I never could get Wells Fargo (my home branch where I previously purchased paper I-bonds -back when you could) to give me a medallion signature. They made it sound like WF no longer does this service anymore. Given the responses above, clearly some WF branches still do. Frustrating. If I haven't had such great service from WF otherwise, I would switch banks.

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Re: Where to get medallion signature guarantee

Post by livesoft » Sat Jan 24, 2015 8:48 am

I had to get a signature guarantee for Treasury Direct recently and the TD forms now clearly state plain ol' Signature Guarantees are accepted, but not a notarized signature. In any event, my local WellsFargo does all of them nowadays.
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Re: Where to get medallion signature guarantee

Post by nisiprius » Sat Jan 24, 2015 10:53 am

I assume these things involve some legal risk to the bank, and that only honchos at a certain level are authorized to do them... but in these modern times of, you know, fax machines--i've even heard of Skype and videoconferencing--I don't see why the little branch can't call up the VP at the big branch and show, fax, videocall the documentation and have the VP OK it...
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Re: Where to get medallion signature guarantee

Post by TheGreyingDuke » Sat Jan 24, 2015 11:01 am

nisiprius wrote:I assume these things involve some legal risk to the bank, and that only honchos at a certain level are authorized to do them... but in these modern times of, you know, fax machines--i've even heard of Skype and videoconferencing--I don't see why the little branch can't call up the VP at the big branch and show, fax, videocall the documentation and have the VP OK it...


And the reason they need to know the value of what they are guaranteeing is that different officers are vetted to give approvals up to certain limits. At my local CU, Ihave been a member for 35 years, I ask to see "Richard" (he is the head of the office) I sit down with him, we catch up on family and vacation plans, and he does the guarantee, never even asks to see an ID.
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Re: Where to get medallion signature guarantee

Post by Abe » Sat Jan 24, 2015 11:04 am

In the past when I was asked to provide a medallion signature guarantee, I told them I could not obtain one which was the truth. They did the transactions without the MSG. I think I have done this a couple of times.
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Re: Where to get medallion signature guarantee

Post by gardemanger » Sat Jan 24, 2015 11:05 am

The explanation that's usually invoked for the ever-increasing requirements for signature guarantees is that the PATRIOT Act requires them. Well, it doesn't, not in so many words; though the Act does require financial institutions to verify account-holders' identity, it does not explicitly say that a signature guarantee is the best or only way to do that.

However, participation in STAMP (Securities Transfer Agents Medallion Program) seems to be more directly motivated by the financial institutions' need to limit liability. Transfers and securities instructions requiring owners' signatures must have those signatures guaranteed by a bank or broker. The guarantee is backed up by an insurance policy. When they follow the requirements of the medallion program, the bank or broker's liability is limited in the event that the signature or other information is fraudulent.

(This post has been reproduced from one of the 1,000 previous threads on getting a signature guarantee.)

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Re: Where to get medallion signature guarantee

Post by reneeh63 » Sat Jan 24, 2015 11:08 am

Well, of course there is a liability issue for the bank. But I don't think this is Vanguard's choosing - the person I spoke with about the transfers was looking up for each fund if THEY required a MSG to transfer to Vanguard.....so Vanguard has no say in the matter as they are on the receiving end.

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Re: Where to get medallion signature guarantee

Post by john94549 » Sat Jan 24, 2015 7:52 pm

I'm going through various transfers of stock and bond holdings in our trust, as I am successor trustee. The companies holding the assets basically delegate transfer veracity to the provider of the MSG (are you who you say you are, are you really the successor trustee, do you have powers under the trust, is your Mom really dead, etc.). I suspect these are important facts to ascertain before transferring assets to a new person. And, if done improperly, could lead to liability on the part of the entities holding the assets for the trust (e.g., Computershare).

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Re: Where to get medallion signature guarantee

Post by Mudpuppy » Sun Jan 25, 2015 4:40 pm

Abe wrote:In the past when I was asked to provide a medallion signature guarantee, I told them I could not obtain one which was the truth. They did the transactions without the MSG. I think I have done this a couple of times.

That was my experience a few years ago as well, but it was an exceedingly small balance (under $5k). I imagine they may be more diligent as the fund balance increases.

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Re: Where to get medallion signature guarantee

Post by RunningRad » Sun Jan 25, 2015 4:44 pm

I have done this at a Fidelity branch in the past, but that's probably not going to help you.

In my experience, it is a big PITA.
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Re: Where to get medallion signature guarantee

Post by victorb » Sun Jan 25, 2015 8:27 pm

We keep an account @ USBank and they did the medallion signature guarantee for a RMD deposit we are getting from an inherited TIAA-CREF fund that came from my uncle.
The medallion signature is noted in a special binder and is a liability to the bank. They also use a special green/yellow fluorescent ink on the forms. Since we had an account, they did not charge us any fees.
Another good use of USBank is cashing in Series EE Savings Bonds that have come due and collect no more interest. Our local credit union did not have the capability to do the medallion signature guarantee or the redemption of the Series EE bonds. The banks hate it when you com in with a big stack, so we do 2-3 @ a time when they come due. That way there is no hassle from the bank.
Last edited by victorb on Wed Mar 04, 2015 9:07 pm, edited 1 time in total.

reneeh63
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Re: Where to get medallion signature guarantee

Post by reneeh63 » Mon Jan 26, 2015 8:42 pm

Got an email response from the person I've been working with at Vanguard....I have to say I'm not impressed.

First she asked if any of the funds are close to me?! Well, one of the five is 120 miles away, but it's the one with the smallest fund balance. The others are scattered around the country! Am I supposed to travel to each one?

Then she said we could start with those funds that don't require the MSG - but they ALL do - and she should know this as she told me as we went through each one on the phone. And how would that help me with those that didn't happen to?

She said that Vanguard can sometimes provide a medallion guarantee to clients that already have signatures on file, but I'm a new customer with no signature.

So am I NOT going to be able to do this? Am I really just out of luck? This just seems crazy to me - am I the ONLY person they've dealt with who has ever had this problem?

Anyone - please let me know if your (national) bank offers MSG for a non-customer - I guess I'm willing to pay ANY charge at this point!

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Re: Where to get medallion signature guarantee

Post by livesoft » Mon Jan 26, 2015 8:44 pm

As I mentioned, find a local bank that does MSG even for customers, then open an account for a month, then get the MSG.
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Re: Where to get medallion signature guarantee

Post by john94549 » Mon Jan 26, 2015 9:15 pm

reneeh63, I would echo others' comments. Bite the bullet, open an account (I recommend Wells Fargo), keep it open for the requisite period, then get your MSG. Liabilities aside, I can understand how financial institutions don't want to deal with "walk-ins" when it comes to MSGs. There's just too much identity theft out there, for one thing. We've had a rash of break-ins to our local "secure" mail boxes the last few months, with folks getting brokerage statements pilfered. It's not a leap to suggest someone might pilfer, write the brokerage company, request a change of ownership form, then waltz into a bank to request a MSG on a transfer.
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Re: Where to get medallion signature guarantee

Post by Taylor Larimore » Mon Jan 26, 2015 9:22 pm

Renee:

I was given a medallion signature guarantee by a local Chase branch bank last Monday. No charge. No questions.

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Re: Where to get medallion signature guarantee

Post by cherijoh » Mon Jan 26, 2015 9:48 pm

reneeh63 wrote:Got an email response from the person I've been working with at Vanguard....I have to say I'm not impressed.

First she asked if any of the funds are close to me?! Well, one of the five is 120 miles away, but it's the one with the smallest fund balance. The others are scattered around the country! Am I supposed to travel to each one?

Then she said we could start with those funds that don't require the MSG - but they ALL do - and she should know this as she told me as we went through each one on the phone. And how would that help me with those that didn't happen to?

She said that Vanguard can sometimes provide a medallion guarantee to clients that already have signatures on file, but I'm a new customer with no signature.

So am I NOT going to be able to do this? Am I really just out of luck? This just seems crazy to me - am I the ONLY person they've dealt with who has ever had this problem?

Anyone - please let me know if your (national) bank offers MSG for a non-customer - I guess I'm willing to pay ANY charge at this point!


Since the bank is taking on the liability of the value of the accounts, I really doubt you'll be able to find a bank that will give one to a non-customer.

Did you just check with just your local branch of your bank or did you try calling customer service? (It could be that only limited branches have someone who can sign one and you need to make an appointment. Did you speak with the branch manager when you visited your bank? As someone else noted, only limited employees have the ability to do a medallion signature guarantee and your bank may be cutting back on the number of people who can sign one rather than eliminating the capability altogether. I wouldn't trust a line employee to know what they were and you could therefore get the reflex response "we don't do that here".

Since it is securities related, you might be better off looking at banks that that are tied to a brokerage - Bank of America, Wells Fargo, Chase, etc. If there is a local branch, I would find out if they offer a signature guarantee and then open an account.

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Re: Where to get medallion signature guarantee

Post by reneeh63 » Tue Jan 27, 2015 6:16 pm

Since the bank is taking on the liability of the value of the accounts, I really doubt you'll be able to find a bank that will give one to a non-customer.

Did you just check with just your local branch of your bank or did you try calling customer service? (It could be that only limited branches have someone who can sign one and you need to make an appointment. Did you speak with the branch manager when you visited your bank? As someone else noted, only limited employees have the ability to do a medallion signature guarantee and your bank may be cutting back on the number of people who can sign one rather than eliminating the capability altogether. I wouldn't trust a line employee to know what they were and you could therefore get the reflex response "we don't do that here".

Since it is securities related, you might be better off looking at banks that that are tied to a brokerage - Bank of America, Wells Fargo, Chase, etc. If there is a local branch, I would find out if they offer a signature guarantee and then open an account.


I talked with their brokerage person who confirmed that even though I've been a customer of Commerce for 20 years, I had to be a BROKERAGE customer. So strange since I was able to do this with Commerce for a similar situation a few years ago.

I checked with Chase... I could open an account with them for 30 days...I was hoping to make it free checking but they want a $1,500 balance for that...I'd like to be a legitimate customer so as to have this service in the future but they really make it hard! $10/month checking fee forever so I'd have the "just in case" MSG service?

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Re: Where to get medallion signature guarantee

Post by skepticalobserver » Tue Jan 27, 2015 6:33 pm

I've been told any federally charted bank is authorized.

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Re: Where to get medallion signature guarantee

Post by FelixTheCat » Tue Jan 27, 2015 6:47 pm

Bank of America offered this service. I'm not sure if you need to be a member of the bank.
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Re: Where to get medallion signature guarantee

Post by livesoft » Tue Jan 27, 2015 6:49 pm

reneeh63 wrote:I checked with Chase... I could open an account with them for 30 days...I was hoping to make it free checking but they want a $1,500 balance for that...I'd like to be a legitimate customer so as to have this service in the future but they really make it hard! $10/month checking fee forever so I'd have the "just in case" MSG service?

So put $1500 in for a month, get your MSGs, then close the account. You can always open another account when you need the MSG.
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Re: Where to get medallion signature guarantee

Post by john94549 » Tue Jan 27, 2015 7:39 pm

If there's a Wells Fargo branch near you with MSG, determine if a garden-variety savings account with ATM linkage would qualify for MSG. That's all I have with Wells, and they said they would be happy to MSG transfers for me. There's no monthly service charge if you maintain the minimum balance (I seem to recall $300 or thereabouts). The interest paid is basically zero, but you do avoid those pesky fees. I just keep $1000 or so in the account for ATM withdrawals. You're limited to 6/mo, but that's never been an issue for me.

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Re: Where to get medallion signature guarantee

Post by reneeh63 » Fri Jan 30, 2015 8:40 pm

I did finally "bite the bullet" and open up a new account at a local/regional bank. It's just a basic checking account that I deposited $200 into - I have to wait 30 days before they'll do the MSG. Even then, they aren't free, but only $5 each as opposed to some other banks that wanted $30 each even for their customers! Of course all my paperwork with Vanguard will have to be redone as it's only good for 30 days...what a PITA!

I'm glad others have such an easy time with this - they should be grateful because it's a very hit or miss service that most consider to be ubiquitous...until they need it!

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Re: Where to get medallion signature guarantee

Post by reneeh63 » Tue Mar 03, 2015 10:38 am

After waiting the required month at the new bank that purported to offer MSGs for customers they refused me because they didn't "know me". I asked what specific period of time would be required or if it was just "a feeling" they had to have. Yup - just a feeling. :annoyed Actually, I am so far beyond annoyed right now that I can't see straight.

Vanguard has been good about checking in with me but seems to be able to do nothing to help. I contacted a couple of the MF companies with which I hold accounts and only got the runaround with them implying that it was Vanguard who required the MSG. I mean, why would they want to do anything to make it easier for me to take my money?

Do I have to sell my positions and take a huge tax hit in order to transfer this money? Can I really be held hostage like this? Do I have any other options?

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Re: Where to get medallion signature guarantee

Post by Theoretical » Tue Mar 03, 2015 11:35 am

I had this problem when buying a house and selling some long-term holdings to do it. In fact, I've had it twice because I also changed my name legally.

I hate the program with a passion. It's one reason I opened a Fidelity account to hold about 1/10 of my assets and my SIMPLE IRA, because it was closeby and they have two people with signature guarantee authority. I'm sorry you've having to deal with this.

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Re: Where to get medallion signature guarantee

Post by clutchied » Tue Mar 03, 2015 11:42 am

I had to do the same thing.

Basically I called around to every bank that was my town/city and figured out who does these.

BofA who I mainly use stopped doing them; so now they're going to lose my business as well.


I found a local who would do them if you have an account open for 3 business days. I went in there and got them and since then I've left my opening funds with them.

I'm not sure if I'm going to continue to use them or not.

most others who do them need a 6 month history. It's just amazing how silly this system is.


MSG are a huge risk/liability to banks because of what they represent. It doesn't surprise me that no one wants to take the liability but it is infuriating.

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Re: Where to get medallion signature guarantee

Post by reneeh63 » Tue Mar 03, 2015 12:02 pm

Thanks for the sympathetic comments. At this point I'm just going to send in the paperwork and force whoever seems to want the MSG to demand it or let it pass - I don't seem to have much choice. I'm tired of playing by the rules - sometimes you can just bluster through.

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Re: Where to get medallion signature guarantee

Post by prudent » Tue Mar 03, 2015 12:39 pm

This system is really broken. It should not be this difficult to move money between institutions that are already going to verify that both accounts are registered identically. Sorry to hear of you plight, OP. I would be blowing a gasket by now. I like your idea of letting the recipient firm think about how badly they want the MSG.

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Re: Where to get medallion signature guarantee

Post by DFrank » Tue Mar 03, 2015 12:57 pm

I needed an MSG to redeem shares of a small fund that I hold directly at the fund. I got one at Chase, where we do have our bank accounts.
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Re: Where to get medallion signature guarantee

Post by mlipps » Tue Mar 03, 2015 12:58 pm

My local Chase did it as well. No bank accounts there, just CC accounts. It seemed to be a bit of manager discretion at play. I called and asked to speak to him directly & he was really kind & wanted to help me out.

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Re: Where to get medallion signature guarantee

Post by sleepysurf » Tue Mar 03, 2015 1:15 pm

I ran into this same issue when rolling over a Schwab IRA to Vanguard. The Schwab account included my middle initial, but my Vanguard account didn't, so Vanguard said I needed the MSG. Unable to find a local provider for the MSG, I called Vanguard Concierge Services seeking their help. In my case, they simply added my middle initial to my Vanguard account, so the MSG was no longer necessary, and the wire transfer from Schwab went through without a hitch. This might be an "end around" solution for some, if the requirement for a MSG is due to slightly different account names.

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Re: Where to get medallion signature guarantee

Post by nolesrule » Tue Mar 03, 2015 1:16 pm

I'm dealing with this trying to move a small tIRA and Roth IRA from Sharebuilder to Vanguard. Sharebuilder requires MSGs for everything. I just printed out the transfer paperwork on Sunday, so I'm hoping to find a bank that will do a MSG around here in the next two weeks.

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Re: Where to get medallion signature guarantee

Post by JW-Retired » Tue Mar 03, 2015 2:18 pm

I'm wondering if the "Medallion" term is making this extra difficult. Looking at the last two account transfer forms I've sent to Vanguard (in 2006) I see I got signature guarantees from my local Wells Fargo Bank. The VG IRA transfer form signature guarantee section just says ..."obtain a signature guarantee from an authorized officer of a bank, broker, or other eligible financial institution." The term Medallion doesn't appear anywhere in the 2006 form.

I walked into the bank and asked for a "signature guarantee" and got it for a couple of dollars. The bank person at a front desk signed the VG form along with their title/bank name, and then signed their name again in the form box titled "Authorized Officer to Place Stamp Here". They didn't "Medallion" stamp it, if there is such a thing. I mailed the forms to VG and the transfers happened without a hitch in a few days. One IRA transfer was from T. Rowe Price and another later in the year was from a Credit Union.

Unfortunately, I see Vanguards current transfer form now has this signature guarantee section titled "Medallion Signature Guarantee". Nevertheless, if I needed a signature guarantee again I think using the above approach might be worth a try......i.e., ask for only a signature guarantee not a "Medallion" stamp.
JW
Retired at Last

GerryL
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Re: Where to get medallion signature guarantee

Post by GerryL » Tue Mar 03, 2015 2:47 pm

sleepysurf wrote:I ran into this same issue when rolling over a Schwab IRA to Vanguard. The Schwab account included my middle initial, but my Vanguard account didn't, so Vanguard said I needed the MSG. Unable to find a local provider for the MSG, I called Vanguard Concierge Services seeking their help. In my case, they simply added my middle initial to my Vanguard account, so the MSG was no longer necessary, and the wire transfer from Schwab went through without a hitch. This might be an "end around" solution for some, if the requirement for a MSG is due to slightly different account names.


One of the best bits of advice I ever got came from my mother as I was transitioning into adulthood. (In those days you didn't get your SS card until you were about to enter the workforce.) She told me to pick a signature form to use for all official purposes and use it consistently. I chose to use my middle initial and have always used that form on all contracts, financial transactions, etc. I am sure this has saved me a world of grief.

Grasshopper
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Re: Where to get medallion signature guarantee

Post by Grasshopper » Tue Mar 03, 2015 3:13 pm

I got a recent MSG at a grocery store branch at Wells Fargo, no problem. I was transferring some shares to Vanguard and ComputerShare was the one that wanted the MSG. Vanguard concierge service said they could work with me if I could not get a MSG, so there must be some leeway there.

nolesrule
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Re: Where to get medallion signature guarantee

Post by nolesrule » Wed Mar 04, 2015 1:01 pm

I was able to get an MSG at the local TD Bank. I had to open an account first, but they did the MSG as soon as the account was opened. I just got their cheapest option, a checking account with no fees if you keep a minimum of $100 in it. I'll probably just keep the account open for the time being until I get all my investment accounts moved to where I want them.

Bfwolf
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Re: Where to get medallion signature guarantee

Post by Bfwolf » Wed Mar 04, 2015 1:11 pm

nisiprius wrote:I don't get the "big national banks not giving medallion signature guarantees" thing. What's wrong with them?


Totally agree. I have to assume that these brick & mortar banks are losing market share to the Internet banks. One of the few services they can offer that the Internet banks can't is a medallion signature guarantee. Why would you willingly cede one of your key points of difference?

stevemed
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Re: Where to get medallion signature guarantee

Post by stevemed » Wed Mar 04, 2015 5:39 pm

I would call Vanguard.I was told by them that I need one from Fidelity.I called Vanguard and told them I was unable to get the MSG.They did a three way call with me, Vanguard and Fidelity.After doing the three way call we found out Fidelity did not need the MSG and Vanguard had it wrong in the computer system stated that it was needed for the transfer.Best of luck.

jebmke
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Re: Where to get medallion signature guarantee

Post by jebmke » Wed Mar 04, 2015 5:51 pm

stevemed wrote:I would call Vanguard.I was told by them that I need one from Fidelity.I called Vanguard and told them I was unable to get the MSG.They did a three way call with me, Vanguard and Fidelity.After doing the three way call we found out Fidelity did not need the MSG and Vanguard had it wrong in the computer system stated that it was needed for the transfer.Best of luck.

I initiated a transfer of a Fidelity IRA to VG this week and no MSG was required.
When you discover that you are riding a dead horse, the best strategy is to dismount.

reneeh63
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Re: Where to get medallion signature guarantee

Post by reneeh63 » Thu Mar 05, 2015 8:42 pm

It seems like a crap shoot. "Officially" the MF companies were on the record as requiring the MSG when Vanguard inquired...when I was finally able to talk to the right person, they all said that the balances were low enough (some were fairly sizable to ME, but I guess not so much, lol) that if Vanguard gave them a "letter of acceptance" then an MSG was not needed. And the letter of acceptance seems standard, anyway. So we'll see if that story sticks now that they'll have the paperwork in their hands.

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