Where can I go to get a signature guarantee or Medallion sig

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johnny847
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Where can I go to get a signature guarantee or Medallion sig

Post by johnny847 »

I need to add my online only bank account to my Treasury Direct account. In order to do this, I need either a signature guaranteed stamp or a medallion stamp. I have a bank account with Bank of America, but I called my local branch, and according to him, no branches do Medallion signatures.

I don't have any other accounts with physical locations. What are my options?
technovelist
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Re: Where can I go to get a signature guarantee or Medallion

Post by technovelist »

I would ask for a manager. I believe all commercial banks have that ability, although they may not want to do it if you don't insist.
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barnaclebob
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Re: Where can I go to get a signature guarantee or Medallion

Post by barnaclebob »

Call another branch, if they wont do it, switch banks.
livesoft
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Re: Where can I go to get a signature guarantee or Medallion

Post by livesoft »

I just got a signature guarantee for my Treasury Direct account.

There is a big difference to the bank between a Signature guarantee and a Medallion signature guarantee. For the latter, there is liability and more forms to fill out.

So don't even mention Medallion to your bank because it will confuse them and it is unnecessary as well.

My local bank is Wells Fargo andonly the manager [update: no longer true, personal bankers can do them as well] can do either guarantee. I suspect that your local BoA can do signature guarantees, but probably not Medallion signature guarantees. My local WF can also do a Medallion signature guarantee, but I did not request that. The manager has different "stamps" that they use for each of these.
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ryman554
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Re: Where can I go to get a signature guarantee or Medallion

Post by ryman554 »

johnny847 wrote:I need to add my online only bank account to my Treasury Direct account. In order to do this, I need either a signature guaranteed stamp or a medallion stamp. I have a bank account with Bank of America, but I called my local branch, and according to him, no branches do Medallion signatures.

I don't have any other accounts with physical locations. What are my options?
I think Fidelity branches can do this as well. At least I always go in there when I need a Medallion guarantee for their paperwork. Not sure if they would do it for other things / you're not a customer.
JamesSF
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Re: Where can I go to get a signature guarantee or Medallion

Post by JamesSF »

I just had to do this last week when I re-registered for the new TreasuryDirect. Maybe they now force everyone to get a signature guarantee when signing up or adding a new bank?

I went to a Wells Fargo main (large) branch, and the manager was able to do it. I showed them the TreasuryDirect form and asked them for a signature guarantee. They were a bit confused, but the manager did stamp it with a medallion guarantee and her signature, which worked fine with TD. They did say I had to be an accountholder at Wells Fargo to be able to do this.
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gardemanger
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Re: Where can I go to get a signature guarantee or Medallion

Post by gardemanger »

I got my TreasuryDirect "Bank Change Request" done with no problem when I opened my new account here at a local branch of PNC Bank.

For some reason I had it in my head that I needed a medallion stamp and a medallion stamp ONLY to do this. (Was there some period of time when this was true? Because a couple years ago I wanted to add a credit union account and I recall the paperwork requiring a medallion seal and I found I could get one but only by going to the credit union HQ which wasn't very near me and I wound up not doing it at all.) But now that I'm looking at the form I filled out for PNC in Feb 2014, it says "Acceptable certifications include the financial institution's official seal or stamp (such as corporate seal, signature guaranteed stamp, or medallion stamp)."

The stamp the bank provided says "Signature Guaranteed - Medallion Guaranteed. - Securities Transfer Agents Medallion Program (TM)." So I guess they can cover both bases with one stamp.

I said "I don't remember doing this kind of paperwork last time I linked a bank account to my TreasuryDirect account" (which granted was a number of years ago.) They told me that extra fancy super secret squirrel paperwork is now required because Homeland Security. Well, they didn't use EXACTLY those words.
coacher
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Re: Where can I go to get a signature guarantee or Medallion

Post by coacher »

I have a Bank of America checking account and got a signature medallion guarantee at my BofA branch last week. Best to go in person and ask.
eschaef
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Re: Where can I go to get a signature guarantee or Medallion

Post by eschaef »

When I opened my Vanguard account, I was able to go to a local Chase branch, even though my only account with them is a credit card.
stan1
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Re: Where can I go to get a signature guarantee or Medallion

Post by stan1 »

My credit union does it at no cost, but only certain employees can do it so you have to show up when one of them is there.
kaneohe
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Re: Where can I go to get a signature guarantee or Medallion

Post by kaneohe »

Be sure to call your local branch to verify even if the tollfree folks tell you the branches do stuff. That tollfree advice
is not as reliable as talking to the first line folks who actually are in the branch tho the branches can be iffy also.
In my area Wells Fargo tells me they only do it for WF business. One branch of Chase tells me they don't and another tells
me they do and the other branch should also. My local credit union tells me they do. Good luck in your search.
miles monroe
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Re: Where can I go to get a signature guarantee or Medallion

Post by miles monroe »

i bank with wells fargo and (at least in my area) they only do medallion and not signature guarantees. medallion is a higher level of guarantee.
Gnirk
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Re: Where can I go to get a signature guarantee or Medallion

Post by Gnirk »

My credit union does Medallion Guarantee, up to $500,000, at no cost. Only the branch managers and assistant managers can do it, and you must be a credit union member.
miles monroe
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Re: Where can I go to get a signature guarantee or Medallion

Post by miles monroe »

it makes sense for a bank or credit union to only do it for customers; lot of liability if they screw up.
ASUGrad
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Re: Where can I go to get a signature guarantee or Medallion

Post by ASUGrad »

I heard from a friend who is a banker that Bank of America is no longer offering Medallions. They are phasing them out. Most ridiculous part is that Merrill Lynch(owned by BofA) still requires Medallions for various transactions. So they are having to send their own clients to other banks(where my old friend learned about it) to get it done. Its pretty stupid, and of all the banks to do BofA probably shouldn't be the first. Don't they already have a bad enough reputation for not caring about their customers and screwing them anyway they can?

Anyway... switch banks. Chase, Wells, or any regional bank would probably be happy to have you.
Saving$
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Re: Where can I go to get a signature guarantee or Medallion

Post by Saving$ »

I have an account at a local credit union that does not do them.

Also had an account at Chase; Chase told me all their locations in my state are really just retail stores, and not actual bank branches, so there is no person at the "retail store" who can do a medallion.

I got an account at a local bank with terrible hours, but at least they do Medallion signatures.
bluelight
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Re: Where can I go to get a signature guarantee or Medallion

Post by bluelight »

My DH needed a Medallion Guarantee guarantee after an inheritance and after hitting a few dead ends, we ended up at PNC. While I had ditched commercial banks in favor of savings banks and credit unions, it brought home that we still need a relationship with a commercial bank.
miles monroe
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Re: Where can I go to get a signature guarantee or Medallion

Post by miles monroe »

while my credit union offers medallion, i still have a bank account for the safe deposit box.
Snow Boarder
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Re: Where can I go to get a signature guarantee or Medallion

Post by Snow Boarder »

ryman554 wrote:
johnny847 wrote:I need to add my online only bank account to my Treasury Direct account. In order to do this, I need either a signature guaranteed stamp or a medallion stamp. I have a bank account with Bank of America, but I called my local branch, and according to him, no branches do Medallion signatures.

I don't have any other accounts with physical locations. What are my options?
I think Fidelity branches can do this as well. At least I always go in there when I need a Medallion guarantee for their paperwork. Not sure if they would do it for other things / you're not a customer.

I just called Fidelity Customer Service to find out. In addition to the Medallion signiture ryman554 gets there, they will also provide a notary signature and a signature guarantee for free to customers.

Fidelity takes a lot of heat in this forum but (as long as you stick to their low ER Spartan family funds) their customer service and website is top notch.
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Artsdoctor
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Re: Where can I go to get a signature guarantee or Medallion

Post by Artsdoctor »

Gold medallion signature guarantees are a real pain, and are being phased out across the board. While I've had no problem finding someone at Wells Fargo to do it, I usually have to make an appointment and be prepared for them re-arranging appointment times.

Vanguard's voice recognition program has replaced all the requirements for medallion guarantees on the documents I now need. This has made life so much easier for us and has literally saved many hours of just wasted time previously spent on medallion guarantees. Fidelity is preparing to roll out their own voice recognition program which should obviate the need for medallion signature guarantees on their end, but they're still working on it.
livesoft
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Re: Where can I go to get a signature guarantee or Medallion

Post by livesoft »

While I was out walking the dog, I saw the bank manager who did my signature guarantee for me a couple days ago. It turns out that he just bought a house about a block away from me. I said, "Now I won't have to go to the bank anymore." He said, "Sure, just bring your deposits here."
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BoxOfUpticks
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Re: Where can I go to get a signature guarantee or Medallion

Post by BoxOfUpticks »

kaneohe wrote:Be sure to call your local branch to verify even if the tollfree folks tell you the branches do stuff.
So true -- just because a branch offers the service, doesn't mean that the one or two people in the branch will be there or available when you arrive.

Calling before may also avoid a failed trip because you forgot or didn't know to bring some document required for the medallion (i think it was a passport or birth certificate for me)...or you find out that there's one person that visits the branch for two hours every other week to provide the service.
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The529guy
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Re: Where can I go to get a signature guarantee or Medallion

Post by The529guy »

ryman554 wrote:
johnny847 wrote:I need to add my online only bank account to my Treasury Direct account. In order to do this, I need either a signature guaranteed stamp or a medallion stamp. I have a bank account with Bank of America, but I called my local branch, and according to him, no branches do Medallion signatures.

I don't have any other accounts with physical locations. What are my options?
I think Fidelity branches can do this as well. At least I always go in there when I need a Medallion guarantee for their paperwork. Not sure if they would do it for other things / you're not a customer.
Within the past month, I took Vanguard paperwork into the local Fidelity office. After verifying that I was a Fidelity client, the staff promptly gave me a Medallion signature guarantee as requested.
zadie
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Re: Where can I go to get a signature guarantee or Medallion

Post by zadie »

I had the same issue last month. The local BoA branch said they no longer do them, b/c of their affiliation with Merrill, directed me to them to get it done. I told the woman I don't have a Merrill account, she said they can't help me. I also have an account with Fidelity, so I went to the local Fidelity branch and the did it for me, took 2 minutes.
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Re: Where can I go to get a signature guarantee or Medallion

Post by lazyday »

Snow Boarder wrote:Fidelity takes a lot of heat in this forum but (as long as you stick to their low ER Spartan family funds) their customer service and website is top notch.
I like Vanguard because I feel there is good alignment of interests between them and I. They also run funds conservatively. When I last checked, some Fidelity index funds used futures a lot more than comparable Vanguard funds did. I don't know about counterparty risk with futures, but it seems that Vanguard is less aggressive in lending securities than some other firms, and David Swensen has written about lending not being worth the risk.

But I have a lot of respect for Fidelity. They seem to be less pushy than most in trying to maximize fees, and seem to have great service. Few or no surprise fees. Could make good sense for some people to choose them, such as for one type of account (individual, IRA, or Roth).

Same might be true for Schwab, though I don't know if they offer as many branch services like notary or medallion.
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johnny847
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Re: Where can I go to get a signature guarantee or Medallion

Post by johnny847 »

Wow I totally let this slip off my todo list. I forgot I have a Charles Schwab bank account which required that I also sign up for their brokerage account. There's a couple offices around here that I could also try if going to BoA doesn't work out.

EDIT: Actually I should probably go to Charles Schwab first, considering I'm trying to switch my bank account linked to Treasury Direct as my Charles Schwab account....
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Re: Where can I go to get a signature guarantee or Medallion

Post by nisiprius »

I once emailed the organization that is behind the "medallion signature guarantee" asking them specifically how a consumer could locate a nearby institution offering them, and did not get a satisfactory reply.

We live in the world we live in, and the "signature guarantee" stuff sucks but it is there. (And make sure Treasury Direct really will accept a plain old "signature guarantee," that may be good enough for adding a bank account but the last time I actually transferred assets they wanted the full-bore medallion deal).

A medallion signature guarantee is or ought to be a customary bank service provided to depositors, and it is something everyone ought to ask about up front before opening an account. What is particularly shameful is that the banks that are proudest of how big they are and what a comprehensive range of services the offer are JUST the ones that tell you they can't do a signature guarantee at "your" bank in Lovely Hills, but would be glad to do it in their branch at 200 Financial District, Megalopolis, any time you want from 10 a.m. to 2 p.m. on Monday, Wednesday or Friday, if Mr. Llewellan Pierpont Boopfaddle is in that day and not in a meeting.

Banks that won't do medallion signature guarantees don't deserve anyone's business. Especially not if they use a phrase like "customer relationship." You can go five years without knowing what one is and without needing one, but when you need it, you need it. That is when you should expect the bank to acknowledge your "customer relationship." Ironically, my impression is that many big banks provide the full range of services only in their big-city main branches, and their average local branch provides a more limited range of services than your ordinary run-of-the-mill small home-town bank.
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denismurf
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Re: Where can I go to get a signature guarantee or Medallion

Post by denismurf »

A couple of years ago, after my wife died, suddenly I could not get money from a brokerage account holding our trust without that medallion guarantee.

The assistant manager of the US bank branch where we had been banking for years spent what seemed like half an hour on her computer coming up with reasons why the bank could not/would not issue it. She finally agreed to forward my request to "headquarters" if I would give her the ORIGINAL of the entire trust document.

According to her, the Bank was not just guaranteeing my signature; it was also guaranteeing that I was entitled to the trust assets under the terms of the trust, so their lawyers had to examine it. The brokerage would not budge about the medallion, so I gave the trust document to the bank, and the manager finally, reluctantly, signed off.

Totally stupid, but apparently I didn't have any choice but to comply.
chrysogonus
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Re: Where can I go to get a signature guarantee or Medallion

Post by chrysogonus »

I opened a Treasury Direct account recently. They needed a signature guarantee (not a medallion signature guarantee). It was remarkably painless. I went to a Wells Fargo branch and said "I'm trying to open a Treasury Direct account and need a signature guarantee." The teller asked for the manager, who asked for the medallion stamp. I had to swipe my atm card and enter my pin, but I was out in less than 5 minutes. I was expecting it to be a much more involved process.
fposte
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Re: Where can I go to get a signature guarantee or Medallion

Post by fposte »

Do you know why they needed a signature guarantee? I just opened a Treasury Direct account and they didn't ask for anything. Were you taking money out?
gd
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Re: Where can I go to get a signature guarantee or Medallion

Post by gd »

My small local bank (5-6 branches) does it, although their liability insurance recently limited the amount. When I had a large transaction, we just broke it into two that both met the limit and did them at the same time(!). I switched to this bank from BoA years ago, and haven't once regretted it. Look around.
chrysogonus
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Re: Where can I go to get a signature guarantee or Medallion

Post by chrysogonus »

fposte wrote:Do you know why they needed a signature guarantee? I just opened a Treasury Direct account and they didn't ask for anything. Were you taking money out?
I have no idea. I opened the account online and was immediately locked out until I sent in some identity verification form. From what I've read sometimes that happens. Given how difficult the rest of the site is to use (don't get me started on the password entry form), I'm not really surprised.

I think they require a signature guarantee if you add a new bank account as well. I suppose that makes sense before allowing withdrawals - but requiring one to open an account doesn't make sense to me.
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Re: Where can I go to get a signature guarantee or Medallion

Post by mindboggling »

Recently, I had to get a medallion signature to transfer some Treasury Notes from Treasury Direct to my Vanguard Brokerage account. My credit union could not do it, but I also have accounts at Chase. They were able to do it. This was at a smallish branch in upstate NY.

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LeeMKE
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Re: Where can I go to get a signature guarantee or Medallion

Post by LeeMKE »

Everyone must be coming under new rules. Cheez.

I had too much trouble trying to open an account at Vanguard, gave up and opened one at Schwab instead. After completing the online account application, I had to fill out two forms needing notarization of sigs, and a phone interview to confirm identity. Yikes!

I didn't do anything like this for my Fidelity accounts, but that was years ago. Seems it is hard to give your money away.
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johnny847
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Re: Where can I go to get a signature guarantee or Medallion

Post by johnny847 »

LeeMKE wrote:Everyone must be coming under new rules. Cheez.

I had too much trouble trying to open an account at Vanguard, gave up and opened one at Schwab instead. After completing the online account application, I had to fill out two forms needing notarization of sigs, and a phone interview to confirm identity. Yikes!

I didn't do anything like this for my Fidelity accounts, but that was years ago. Seems it is hard to give your money away.
What trouble did you have opening an account at Vanguard?
jtrim
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by jtrim »

I was only trying to transfer funds in a joint account to a trust with the same names in the same financial organization (Neuberger and Berman) and was required to get a Medallion signature guarantee to do so. I have not been able to find anyplace that will do so. I can't understand why it would be necessary to get an MSG in this situation. Other organizations have not required it.
Dleex84
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by Dleex84 »

having same problem...trying to take my roth ira in betterment 2.8k (invested 3k into 2015 roth ira contribution) planning to transfer to a vanguard life strategy growth fund roth ira. it requires a medallian signature from vanguards side and i need to fax it over to betterment headquarters. problem is i bank at chase and boa. my local chase said they do not do medallion signatures for different banks (vanguard, betterment).
guapomole
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by guapomole »

Dleex84 wrote:having same problem...trying to take my roth ira in betterment 2.8k (invested 3k into 2015 roth ira contribution) planning to transfer to a vanguard life strategy growth fund roth ira. it requires a medallian signature from vanguards side and i need to fax it over to betterment headquarters. problem is i bank at chase and boa. my local chase said they do not do medallion signatures for different banks (vanguard, betterment).
Vanguard will take a notary or "signature guarantee."

The Medallion Guarantee programs (STAMP, SEMP, MSP) are all only for the endorsement of a security or the originator of an instruction regarding a security. Medallion Guarantees are not appropriate for financial transactions that do not include the transfer or redemption of a security. A financial institution must apply to participate in a Medallion Guarantee program, which includes purchasing a very sizable surety bond to cover the financial liability that comes along with the use of such stamps.

A "signature guarantee" stamp has none of the liability of a Medallion Guarantee, as it does not offer a warranty of any kind. It really has no official backing whatsoever and they only exist because so many people in the financial industry are exceptionally ignorant of the Medallion Guarantee program and the proper use of a Medallion Guarantee stamp.
Cheyenne
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by Cheyenne »

My PNC Bank branch gave me a Medallion Guarantee with no problems.
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by DFrank »

Our Chase bank branch does Medallion Signature guarantees. For those with enough on deposit to be Private Clients they are free.
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Re: Where can I go to get a signature guarantee or Medallion sig

Post by N1CKV »

Chase refused a signature guarantee for my wife shortly after we were married. She was attempting to change her name on her Vanguard account.

I have never personally had an issue with this. I have no idea if I would be able to get one. I use an online bank for my "regular accounts", I have a small savings/ share account at a small credit union and a business checking account at another regional bank. I guess I really don't care much. I would raise 7 kinds of hell if one were insisted. "Know your customer" is a colossal failure and this just underscores it.
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