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Old 08-14-2014, 05:28 AM   #21
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Originally Posted by MBAustin View Post
I had to get a medallion guarantee to transfer shares of stock from a Merrill Lynch account to a local charity even though the value was less than $10K. To top it off, I had to mail the paper form in to Merrill Lynch even though there was a Merrill Lynch person sitting right there in the Bank of America branch where I got the medallion signature. You'd think they might enter the 21st century?
Yet another reason why to get rid of Merrill Lynch. DW had way too many problems with them and got rid of them years ago as soon as she could.


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Old 08-14-2014, 11:31 AM   #22
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Join Date: May 2011
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Never heard of this until now. Thank you all for educating me before I have to do all of this paper flow when I retire at the end of the year. Who ever knew retiring could be so complicated.

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Old 08-14-2014, 12:40 PM   #23
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Originally Posted by meierlde View Post
Is that where you have your other accounts. If so it sounds like a good reason to change banks. Go with a bank that does not have a brokerage attached (likley a local bank) and if you have an account they will likley handle the matter.
Yes, we do all our banking at BofA. I'm really not inclined to go through all the hassles of switching banks over this (I have more than 50 companies set up with the BofA online bill-pay for example). But I may check out a small local bank nearby and see whether getting a CD or savings account would do this in the future...thanks for the suggestion

Originally Posted by grasshopper View Post
Vanguard will do medallion guarantees over the phone with Vanguard Voice Verification™. This voice recognition system is a highly effective method of verifying your identity and makes it possible for you to perform many transactions that would typically require paperwork and a signature guarantee.
In this case, it isn't Vanguard that requires it but the current custodian (where my parents had their IRAs). But I think I'll sign up for the Vanguard voice verification system now - never bothered when they first sent out emails about it.

The good news is that the other custodian agreed to waive the medallion requirement and will take a regular signature guarantee now, which BofA will do. So I'm off to the bank this afternoon.

Thanks for all the tips!
"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.
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Old 08-14-2014, 09:31 PM   #24
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Join Date: Feb 2014
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I had to do a medallion signature guarantee to get some funds from a POD account for which I was the beneficiary. The brokerage that held the funds would give me the balance but would not cut a check without the guarantee and a death certificate. Got no help from BofA even though I've had a checking account there for many years and even had a mortgage with them at one time. Called Morgan Stanley where I have an IRA account. They said sure, no problem just come to the local office. Ran over there, showed my drivers license and I was good to go.

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