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TD Ameritrade, medallion required?
Old 04-12-2016, 12:11 PM   #1
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TD Ameritrade, medallion required?

Hi all, I'm back with yet another question.

I need to move money from a taxable account at TDA to Vanguard. I am ditching my FA. I moved our IRA accounts earlier and it was a pain. Required signature medallion and where I live they are scarce. FA finally had someone do it "as a favor".

FA said TDA doesn't require it, must be Vanguard. I emailed Vanguard they said they don't require it.

So, have any of you had experience with TDA and medallion requirements?

Would it make any difference between IRA accounts and taxable account?

Would s " transfer in kind" make any difference one way or another?

Thanks again!
Murf

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Old 04-12-2016, 12:35 PM   #2
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We just did this for a large "cash equivalent" part of DW's IRA. No medallion required, but we went safe route and had DW go to TDAm branch and execute a "Signature authorization Form" in front of the branch manager, who verified it. (This form obviates need for any Medallion sig at TDAm)

Sent copy of that via certified mail to Vanguard along with the notarized "Vanguard Brokerage Account In-Kind Transfer Form" that was generated from Vanguards online process.

Included a detailed cover letter explaining that these documents were sufficient for TDAm.

Monies in vanguard account the next week.
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Medallion
Old 04-12-2016, 01:07 PM   #3
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Medallion

I have an account with Invesco, and if I am having the check made out to a third party, they require a medallion. I have to do that for a Qualified Charitable Distribution (QCD) from my IRA.
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Old 04-12-2016, 01:07 PM   #4
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It's all about liability and fraud.

Quote:
In the United States and Canada, a medallion signature guarantee is a special signature guarantee for the transfer of securities. It is a guarantee by the transferring financial institution that the signature is genuine and the financial institution accepts liability for any forgery. Signature guarantees protect shareholders by preventing unauthorized transfers and possible investor losses. They also limit the liability of the transfer agent who accepts the certificates.
https://en.wikipedia.org/wiki/Medall...ture_guarantee
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Old 04-12-2016, 01:07 PM   #5
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We moved brokerage accounts to Vanguard, by phoning Vanguard. Vanguard phoned the brokerage and it all got moved.
No signing squat.
Now when we changed a name on an account at Vanguard, that required a medallion.

Some banks do medallions for free for customers, so phone your bank.
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Old 04-12-2016, 02:53 PM   #6
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Thank all. My bank doesn't do it. Other banks require an account. I'll call Vanguard and see what they say.


Thanks
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Old 04-12-2016, 08:46 PM   #7
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We have several accounts at TDAmeritrade for more than 20 years. We have transferred in and out to our other places and never needed a Medallion Signature Guarantee (MSG).

However, we needed MSGs for dealing with Vanguard including gifting shares to our adult child who had an account at Vanguard. Yes, going from Vanguard to Vanguard required a MSG. Probably because the account registration (names) were different.
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Old 04-12-2016, 09:46 PM   #8
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I transferred my 401k to vanguard and no MSG needed but 3 years ago when we removed a name from a joint account and added Agent Authorizations to our Vanguard accounts we needed MSG. (I can't recall which action(s) required the MSG). DW also moved her 401k to Fidelity without need of an MSG.

We went to a local Chase Bank and they had someone who did the MSG for free even though we don't have a Chase bank account.
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Old 04-13-2016, 08:09 AM   #9
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Quote:
Originally Posted by Murf2 View Post
Thank all. My bank doesn't do it. Other banks require an account. I'll call Vanguard and see what they say.


Thanks
Murf

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What I did once was set up a savings account with $50 and then then bank did the medallion signature. I kept the account as long as I thought I might need a medallion signature and then closed it.
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Old 04-13-2016, 10:07 AM   #10
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Quote:
Originally Posted by Alan View Post
I transferred my 401k to vanguard and no MSG needed but 3 years ago when we removed a name from a joint account and added Agent Authorizations to our Vanguard accounts we needed MSG. (I can't recall which action(s) required the MSG). DW also moved her 401k to Fidelity without need of an MSG.

We went to a local Chase Bank and they had someone who did the MSG for free even though we don't have a Chase bank account.
At least as of last month, Vanguard's forms for Agent Authorization did not require MSG ("merely" notary + two additional witnesses). The service Reps also indicated that would be sufficient. Of course, they received those documents April 1 and the requested changes still haven't been made.

(I've been reading the Vanguard v. Schwab v. FIDO thread with a good deal of interest...)
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Old 04-13-2016, 10:21 AM   #11
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My bank would do a medallion signature, but only up to $250k, I had 600k to transfer. Eventually, vanguard just did it.

One way around the limit is to do multiple transactions.
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Old 04-13-2016, 10:53 AM   #12
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If you've had an account long enough with them the receiving company might apply their own signature guarantee so that the sending company is content. Ask in advance of mailing the forms, of course.
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Old 04-13-2016, 12:09 PM   #13
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I am currently working with someone at Vanguard to transfer shares from Schwab to VG. A recent email to me states that if we do a partial transfer then a form must be signed and notarized and sent to VG for the process to start. However, if we do a full transfer it can all be done via the web with no form required. There is no indication of a Medallion signature required, however, I do remember having to do one in dealing with TD in the past.
VG stated;
"I see the full transfer request for the Roth and partial transfer request for the traditional IRA that you saved. The full transfer for the Roth can be submitted online. A partial transfer requires us to receive the signed form that lists the individual holdings. When you submit the partial transfer online, you will be prompted to print the form. You can sign and date and either scan it and email it to me or you can mail it."

I hope this helps give some direction to work directly with VG for the transfer if it is partial, or simply on line if it is a full transfer.
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