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Signature Guarantee Stamp
Old 01-29-2015, 03:25 PM   #1
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Signature Guarantee Stamp

Moving my DW Franklin Templeton money over the Vanguard... FT requires a stamp and, of course, my bank doesn't provide that service and the banks that I've called don't either and they don't even know who might. Notary is not accepted.

FT broker is supposed to call me tomorrow because he 'might' know someone who does.

I wish I had learned my lesson a long time ago about managed funds and brokers.

Bummed...
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Old 01-29-2015, 03:30 PM   #2
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Here's a thread you may find helpful. Medallion signature guarantee..
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Old 01-29-2015, 03:45 PM   #3
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Big difference between a signature guarantee stamp and a Medallion Signature Guarantee stamp. My bank provides both, but with the former, they are not on the hook for any fraud.
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Old 01-29-2015, 03:51 PM   #4
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Big difference between a signature guarantee stamp and a Medallion Signature Guarantee stamp. My bank provides both, but with the former, they are not on the hook for any fraud.
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Here's a thread you may find helpful. Medallion signature guarantee..
thanks for the heads up...the form says only a 'stamp'..not a medallion... my local bank might do that for me...
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Old 01-29-2015, 07:03 PM   #5
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Just spoke with FT broker (he is a nice guy) and he said that getting a stamp is tough locally..only 3 banks that he knows of do it... all require opening an account with them and a waiting period before they will guarantee your signature... one is 90 days and the other is a full YEAR. Unbelievable... Wells Fargo apparently will do it but he didn't know specifics... the other 2 are independents...

how can this be? sounds like robbery on the part of the financial institutions...
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Old 01-29-2015, 07:18 PM   #6
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I would press Vanguard on this even if the outgoing broker is asking for it. I needed one this month and easily got mine at a Wells Fargo grocery store branch. But my Vanguard concierges gal told me to let her know if it was going to be a problem for me. There may be some strings that they can pull.
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Old 01-29-2015, 07:19 PM   #7
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About ten years ago, I needed a Medallion signature guarantee for something. I went in to my local credit union and had it taken care of in about 15 minutes.
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Old 01-29-2015, 07:39 PM   #8
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I think this is a strange requirement. Usually the receiving brokerage can take care of all of the issues for transferring assets to a new account and you don't have to deal the the brokerage you are leaving at all. I should think Vanguard would be able to take care of this and don't see how your old brokerage can throw up this obstacle.
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Old 01-29-2015, 07:49 PM   #9
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Quote:
Originally Posted by Tailgate View Post
Just spoke with FT broker (he is a nice guy) and he said that getting a stamp is tough locally..only 3 banks that he knows of do it... all require opening an account with them and a waiting period before they will guarantee your signature... one is 90 days and the other is a full YEAR. Unbelievable... Wells Fargo apparently will do it but he didn't know specifics... the other 2 are independents...

how can this be? sounds like robbery on the part of the financial institutions...
As I understand it, when they stamp with a Medallion Signature, they (the Stampee?) are actually on the hook for the entire amount they sign for. I think it makes sense for them to go to some lengths to assure it is all legit. Opening an account with $100 and then getting a stamp for $10,000 of stock certificates just sounds too easy.

FWIW, I have been helping in-laws with settling some accounts for deceased FIL, and Fidelity was very helpful with the Medallion stamps we needed for some things. While I've been more of a Vanguard person, having a B&M Fidelity nearby was very helpful.

-ERD50
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Old 01-29-2015, 07:51 PM   #10
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As I understand it, when they stamp with a Medallion Signature, they (the Stampee?) are actually on the hook for the entire amount they sign for.
That's how our credit union guy explained it to me. He said he could do it for us but I would have to bring a recent statement - so he could verify he wasn't signing for an amount beyond his authority.
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Old 01-30-2015, 12:31 AM   #11
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About ten years ago, I needed a Medallion signature guarantee for something. I went in to my local credit union and had it taken care of in about 15 minutes.
Apparently those were the good ole days and things have gotten a lot more difficult.
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Old 01-30-2015, 05:50 AM   #12
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We moved money into an existing Vanguard account from Morgan Stanley about a month ago and needed a medallion signature. Our credit union was able to do it for us in about 15 or less minutes. We did have to provide a recent Morgan Stanley statement to show the amount of assets being transferred.

The reason we needed the medallion signature was because one account had a middle initial in the name and the other account did not.
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Old 01-30-2015, 10:41 AM   #13
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We moved money into an existing Vanguard account from Morgan Stanley about a month ago and needed a medallion signature. Our credit union was able to do it for us in about 15 or less minutes. We did have to provide a recent Morgan Stanley statement to show the amount of assets being transferred.

The reason we needed the medallion signature was because one account had a middle initial in the name and the other account did not.

We had a similar "middle initial" situation on a CU to VG IRA rollover.

VG wanted the medallion. CU didn't offer that.

Instead, DH had the CU change the name on the CU account to match VG exactly. No problem then!
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