Obtaining Medallion Signatures - COVID 19

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Sandwich
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Obtaining Medallion Signatures - COVID 19

Post by Sandwich » Thu Apr 09, 2020 5:54 pm

After months of paperwork following the passing of a relative, my family is attempting to transfer his last investment from a local bank to Vanguard Brokerage. Normally, the process would require a medallion signature guarantee.

Thru mid-March, we were able to obtain medallion signatures fairly easily to process paperwork for other investments. With recent 'stay-at-home' orders, closed and reduced bank branch hours ... obtaining this final (hopefully) medallion signature appears daunting.

I phoned Vanguard and talked with an on-boarding specialist and he said that for now (at least for my family's particular situation .... all trustee names / signatures are current Vanguard investors) they are willing to waive the medallion signature requirement due to COVID 19 restrictions. The Vanguard rep said it depends on if my family's local bank will allow the transaction to go through without the medallion signature.

I contacted my local bank and apparently, they process their paperwork through "National Financial Services LLC" which appears to be part of the Fidelity group.

I am wondering if any Bogleheads .. or Fidelity investors ... has been able to get a transaction that normally requires a Medallion signature to process since the COVID-19 restrictions.

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whodidntante
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Re: Obtaining Medallion Signatures - COVID 19

Post by whodidntante » Thu Apr 09, 2020 6:22 pm

I've done lot of transfers to and from Fidelity without a signature guarantee. They were all for my accounts though, not for an inheritance.

Try it and see. The worst the can say is "no."

Bank of America is open to the public, closing at 4:00 pm where I live. Lots of banks are open by appointment only. Make an appointment.

Jack FFR1846
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Re: Obtaining Medallion Signatures - COVID 19

Post by Jack FFR1846 » Thu Apr 09, 2020 9:10 pm

I've done many transfers into Fidelity from other institutions and not even regular notary signatures are required UNLESS the "from" institution requires it.

I did transfers from Fidelity to Vanguard without any notary. From Vanguard to TDAmeritrade without any notary.
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ciscovp
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Re: Obtaining Medallion Signatures - COVID 19

Post by ciscovp » Thu Apr 09, 2020 9:14 pm

Isn't your local bank still open? Call and find out if any local branch is still open during business hours.

RudyS
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Re: Obtaining Medallion Signatures - COVID 19

Post by RudyS » Thu Apr 09, 2020 9:23 pm

ciscovp wrote:
Thu Apr 09, 2020 9:14 pm
Isn't your local bank still open? Call and find out if any local branch is still open during business hours.
That's not good enough. I've run into situations before where there is a specific person who does the medallion guarantees and you do need an appointment. Not all banks even do medallions anymore.

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celia
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Re: Obtaining Medallion Signatures - COVID 19

Post by celia » Thu Apr 09, 2020 10:05 pm

For new accounts at Vanguard, I was told as long as one of the "responsible" parties was a Vanguard customer (who had voice verification), they would accept it and call the person on the phone to confirm it, if needed, possibly with them confirming their voice recording. We weren't moving money from anyplace else, though, just opening a new trust account, with one trustee being new to Vanguard.

stan1
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Re: Obtaining Medallion Signatures - COVID 19

Post by stan1 » Fri Apr 10, 2020 12:45 pm

Since the issue is with the local bank I would call them and ask that they schedule the signature session in a socially distant setting in short order or waive their requirement. I would not accept a process that it impossible to satisfy. Write a letter to the bank CEO if they will not release your funds.

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