Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Inherited IRA Saga (cont.)
Old 12-05-2014, 09:37 AM   #1
Thinks s/he gets paid by the post
ronin's Avatar
 
Join Date: Oct 2003
Posts: 1,191
Inherited IRA Saga (cont.)

After all the going through all the crap with Chase to get the acct out of their clutches, I am at the point of needing to take the RMD for this year (hadn't been taken before my Mom's passing).

In order to get the RMD either transferred to a taxable muni bond acct (my first choice) or transferred directly to my checking (2nd choice) we now need to get a medallion signature guarantee for my wife because she is joint owner on both of these.

So it turns out that our bank doesn't do it. Our credit union doesn't do it either. She has a joint acct w/her mom at Wells Fargo. They can do it but won't, because her name isn't on the IRA distribution form (other than her signature at the end that needs the medallion). Tried to explain that since it is my IRA, her name wouldn't be on the account. Like pulling monkeys from a body cavity, got nowhere with them. That's it for our financial institutions.

At this point, I guess I'll just have them mail me the check. Then I will turn around and mail them a check to deposit it in the muni fund. Seems pretty stupid. I don't know about this medallion thing if you can't get it done. Seems like there'd be a better option. I probably will try to get the medallion thingie at some point if I can figure out how. Maybe have to make a journey to the IRA custodian's office at some point, if they will stamp the thing.
__________________

__________________
We are, as I have said, one equation short. Keynes
ronin is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-05-2014, 09:41 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 2,366
Your best chances are at the institution receiving the money, the bigger the institution (and the bigger the $) the easier it will be.
__________________

__________________
GrayHare is online now   Reply With Quote
Old 12-05-2014, 09:48 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,450
I feel your pain. Medallion signatures are a PITA. A few years ago we needed one and I actually opened a savings account at the bank and then they would do it. The $100 sat in there earning squat for a few years at which time I decided we would not likely need medallion signatures again and I closed the account. Both the bank and I would have been better off to have them just charge me $5 for the service.

We also needed them for something more recently but luckily DW has an account with a bank that does them. I understand that banks are becoming more and more reluctant to do these medallion signature guarantees.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 12-05-2014, 10:00 AM   #4
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,113
We had to get Medallion signatures about 18 months ago and since we have only an internet bank I expected to have to pay, but in the end we walked into our closest branch of Chase bank where they signed and stamped the documents for free. We have a Chase credit card but they didn't ask to see it to prove we were Chase customers. We were very pleasantly surprised.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 12-05-2014, 10:07 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,932
Quote:
Originally Posted by Alan View Post
We had to get Medallion signatures about 18 months ago and since we have only an internet bank I expected to have to pay, but in the end we walked into our closest branch of Chase bank where they signed and stamped the documents for free. We have a Chase credit card but they didn't ask to see it to prove we were Chase customers. We were very pleasantly surprised.
Good to know. We also got Medallion signature guarantees a few months ago at Chase where we had a small savings and perhaps a checking account at the time.
I didn't think about the credit cards which we also have and am now considering closing the bank accounts so hopefully the credit cards may be enough. They may have known you had the credit cards via their computer which may be why they didn't ask to see them. I know Chase keeps a good history of their customers..........when we opened the most recent bank accounts the rep was reciting our prior history with them which is why I am somewhat reluctant to open/close accounts too frequently w/ them for their signup bonuses.
__________________
kaneohe is online now   Reply With Quote
Old 12-05-2014, 10:09 AM   #6
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,481
Quote:
Originally Posted by ronin View Post

In order to get the RMD either transferred to a taxable muni bond acct (my first choice) or transferred directly to my checking (2nd choice) we now need to get a medallion signature guarantee for my wife because she is joint owner on both of these.
Sorry for your troubles with this. We've been through it, when the financial institution does not want to be helpful it's a real PITA. We have accounts at Fido, they do medallion. Schwab does as well.

You're taking a RMD from a beneficiary account in your name and want to deposit in a joint account that includes your name, and they still won't take the check? That's ornery. No exposure for them. My guess is they want you to open a checking account with them and deposit the RMD there.
__________________
MichaelB is online now   Reply With Quote
Old 12-05-2014, 10:29 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,932
Quote:
Originally Posted by MichaelB View Post
Sorry for your troubles with this. We've been through it, when the financial institution does not want to be helpful it's a real PITA. We have accounts at Fido, they do medallion. Schwab does as well.
MichaelB............I was surprised to hear that Schwab does this. I've asked in the past and the answer was no. I just called the tollfree number and the answer was no . The rep told me they do notary stuff only.......in the past, that was only for Schwab paperwork.......don't know if that's changed. Maybe each branch is different?
__________________
kaneohe is online now   Reply With Quote
Old 12-05-2014, 10:41 AM   #8
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Last time we needed a medallion signature we still had a Chase (legacy WaMu) account. When my husband was dealing with his dad's estate/inherited IRA, he was able to get them to wave the medallion sig requirement for the 6 beneficiaries because they were all taking distributions. Initially they were going to require it for distribution payments of about $2k each.

We no longer have a chase account - only credit union and schwab... so we'd be hosed if we needed this.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is online now   Reply With Quote
Old 12-05-2014, 10:47 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,288
I'm helping MIL and family settle FIL's estate, and needed medallion signatures for stock certificates held at two different transfer agents. They also had a few paper (!) certificates (ooooh, pretty!).

I suggested we open accounts at Fidelity, since they have B&M offices nearby and siad they could do all this. We made an appointment, and they were very helpful with everything (though I should maybe reserve judgement until all the transactions get posted). The paper was actually straightforward at Fidelity, she just signed them over to Fidelity (these are in trusts, and she is the successor trustee, needed death certificate and the relevant trust pages). The ones at the transfer agent required the medallion signature, just to get re-titled with the new EIN for the trust to replace the SSN, they will get moved to Fidelity once that is done.

Now we can consolidate their mish-mash of accounts they opened over the years

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 12-05-2014, 10:48 AM   #10
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,587
When I needed medallion signature it was a small PITA. My credit union did not do it, so I just went to local Fidelity office and they do it.
__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is online now   Reply With Quote
Old 12-05-2014, 11:18 AM   #11
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Quote:
Originally Posted by pb4uski View Post
Both the bank and I would have been better off to have them just charge me $5 for the service.
I realize medallions are a pain to get...but you have to remember that the bank is taking on liability - they are essentially legally certifying that you are who you say you are.

For someone to walk off the street and show them what they say is a driver's license to get a certified signature involving an account of several hundred thousand dollars does involve some liability. All it would take is just one instance of fraud involving a significant sum of money, and the legal fees alone (much less any settlement) would run tens of thousands of dollars.

However, if you open an account with them, they then have more ability to verify your identity, get your SSN, pull a credit report, get more info on you , etc.

Furthermore, the last time I had to get a medallion (at a local branch of a regional bank), they wanted to know the dollars involved! Some banks will only guarantee amounts up to a few hundred thousand. If it's for something involving 7 or 8 figures, they might actually refuse, or just refer you to a higher-up in the bank.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 12-05-2014, 11:26 AM   #12
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,481
Quote:
Originally Posted by kaneohe View Post
MichaelB............I was surprised to hear that Schwab does this. I've asked in the past and the answer was no. I just called the tollfree number and the answer was no . The rep told me they do notary stuff only.......in the past, that was only for Schwab paperwork.......don't know if that's changed. Maybe each branch is different?
It has been a while, but it was at a local Schwab office.
__________________
MichaelB is online now   Reply With Quote
Old 12-05-2014, 12:11 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,450
Quote:
Originally Posted by MooreBonds View Post
....However, if you open an account with them, they then have more ability to verify your identity, get your SSN, pull a credit report, get more info on you , etc.

Furthermore, the last time I had to get a medallion (at a local branch of a regional bank), they wanted to know the dollars involved! Some banks will only guarantee amounts up to a few hundred thousand. If it's for something involving 7 or 8 figures, they might actually refuse, or just refer you to a higher-up in the bank.
Yes, I have heard that some banks will only cover a certain amount and have a faint recollection of the bank asking how big the account being transferred that the form we needed a medallion signature guarantee was.

The odd thing is, as I recall I was able to open the account with just my license as ID and they opened the account and then immediately did the guarantee. In the timeframe they had there was no way they could have run credit, etc.

Perhaps the real ID process that I had to go through as part of my recent driver's license renewal will help as it will provide a more secure form of identification.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 12-05-2014, 01:35 PM   #14
Thinks s/he gets paid by the post
ronin's Avatar
 
Join Date: Oct 2003
Posts: 1,191
What gets me is that the total account is under $13k and I want to transfer the RMD from the IRA to another account with the same institution. We've had joint accounts and both have IRAs with them for decades. It's like we are notorious international gangsters. I plan on calling them later today to see what they can recommend at this point.
__________________
We are, as I have said, one equation short. Keynes
ronin is online now   Reply With Quote
Old 12-05-2014, 01:44 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,019
SEC.gov | Medallion Signature Guarantees

"If you have general questions about Medallion signature guarantees or how the Medallion program works, you can send an email to Kemark Financial Services, Inc., the program administrator for STAMP and SEMP, at contactkfs@kemark.com. The SEC provides Kemark’s email address for information purposes only. We cannot endorse any commercial entity, and we do not endorse or recommend any of its products or services. For specific questions about a security, the Shareholder Services Department of the company whose shares you own or its respective transfer agent may be best suited to assist you."

It does seem strange that your home institution is not willing to vouch for you. It could be bias from having been caught out recently, or it could be an uninformed employee. I presume you have already discussed this with a manager. If not, that's what I would do.
__________________
Meadbh is offline   Reply With Quote
Old 12-05-2014, 01:45 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,871
When I ERed 6 years ago, I had to liquidate my entire 401k because I had chosen to use NUA on the large amount (about $300k) of company stock in the account. I needed a medallion signature in order to have the proceeds of the company stock sent electronically to my local bank account (BofA).


It was a minor nuisance to get a medallion signature from BofA. I had to make 4 visits to 3 branches before I could get the signature. The reasons it took me so much trouble were kinda dumbass: At the branch near my office in Jersey City, New Jersey, I was waiting way too long for someone to help me and couldn't stay there for 30 minutes when I had to be at work. Then, at my home branch the bank manager was away and the asst manager did not have the key to her desk to get the special signature stamp. I then went to another nearby branch but did not take all the supporting documents, just the bare page the stamp would be applied to. Then again, nobody at the other two branches ever pointed this out to me because they never LOOKED to see what I had with me. When I made a second trip to that third branch with the whole package, I got the stamp in 5 minutes. The money transfer went through with no problems.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 12-05-2014, 06:08 PM   #17
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 4,158
Bank of America recently (less than 6 months ago) stopped providing Medallion guarantees under any circumstances. This also includes Merrill Lynch (owned by BoA) who wouldn't provide a guarantee for the form to transfer stock from my account there to a charity - and their form requires the guarantee. I ended up going to the brokerage firm that the charity uses and they were happy to do it - but it took a 15-mile drive and parking hassles to get it.
__________________

__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Dreaded mortgage vs IRA saga nvr2early Young Dreamers 13 06-27-2010 06:46 PM
Advice on withdrawals from inherited IRA? mb FIRE and Money 1 07-28-2008 10:38 PM
Inherited IRA, when to take RMD this year? Gworker Other topics 11 01-28-2008 01:38 PM
2008 401k cont. limits...stay the same at 15,500 maddythebeagle Young Dreamers 11 12-12-2007 06:59 PM

 

 
All times are GMT -6. The time now is 01:10 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.