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Medallion signature
Old 08-19-2020, 02:09 AM   #1
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Medallion signature

We need to move a 401k from point A to point B. Our bank will not grant us a medallion signature unless the funds come to them first. Other banks will not even consider it since we do not have an ongoing relationship with them. Neither 401k has an office anywhere near our home so that is out for now. I found an online site called "esignature guarantee" that will take on this task for $150. Anyone ever use this service or have other ideas?
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Old 08-19-2020, 02:33 AM   #2
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I have run into similar problem but did not use the online site you mentioned.

To transfer part of my 401k retirement account (registered in my name) into our Vanguard brokerage account (registered in both my and my wife's name), Vanguard required medallion signiture. I wished to avoid that hassle so Vanguard offerred alternative. Vanguard opened a new brokerage account (registered to me only) and we transferred the 401k funds into that account. No medallion signiture required. Once the funds were moved, I then transferred the funds into our joint account. No medallion signiture required. Then I closed the just emptied new account.
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Old 08-19-2020, 05:40 AM   #3
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Check out other threads which may provide additional ideas.

https://www.early-retirement.org/for...tee-69460.html

https://www.early-retirement.org/for...mps-80098.html


General consensus is to open an account where they will provide the guarantee, even if the funds will not be going there.

See if your bank will offer a cash bonus for opening the IRA and rolling over to them. If so, do that first, then after the period required to keep the cash, roll out to the ultimate Point B.
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Old 08-19-2020, 06:39 AM   #4
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Vanguard wanted one from me, told them I could not get one. They did the transfer anyway.
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Old 08-19-2020, 08:18 AM   #5
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Working with Fidelity now...hopefully they will have a solution since they will get the transfer.
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Old 08-19-2020, 08:50 AM   #6
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Working with Fidelity now...hopefully they will have a solution since they will get the transfer.
Fidelity gives the medallion guarantee no issues whatsoever.
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Old 08-19-2020, 09:06 AM   #7
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Yes, the one time I was told I needed it, I wound up going to the nearest Fidelity office, which luckily is only about 30 minutes away, actually just down the street from a client office I had been to many times. They were very helpful, although that may vary based on the specific office.
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Old 08-19-2020, 02:50 PM   #8
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Heck, I just transferred shares from Computershares to Fidelity a few weeks ago... could not have been any easier...


Just filled in a form electronically, printed and signed... scanned it along with a stmt to Fidelity and in 3 days had the shares in the account..


I do not see why they could not do this for you...





BTW, computershares was the one who would NOT accept a sig guarantee from Chase, the largest bank in the USA... really dorks there... AND when I sold some shares the fees were $112... that is NOT a typo which is why I had them moved...
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Old 08-19-2020, 03:24 PM   #9
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I do not see why they could not do this for you...
It all depends on the custodian who currently has the funds/account - you have to abide by their rules or they will not release it.

Your example with Computershare is different. Brokerage to brokerage transfers and many 401k/pensions Fidelity can do for you. However, there are others where you have to do it yourself and Fidelity can't. If you go through the screens on Fidelity's site for initiating a transfer you can see this. I know from experience that Transamerica 403b and pension plan rollovers cannot be done from Fidelity's end. Account owner has to fill out Transamerica paperwork, get medallion guarantee, submit paperwork set to Transamerica, then hope it is all to their liking. If not, they reject and tell you to try again and maybe it will get processed in next months batch if they accept it.
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Old 08-19-2020, 03:29 PM   #10
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Quote:
Originally Posted by Whisper66 View Post
I have run into similar problem but did not use the online site you mentioned.

To transfer part of my 401k retirement account (registered in my name) into our Vanguard brokerage account (registered in both my and my wife's name), Vanguard required medallion signiture. I wished to avoid that hassle so Vanguard offerred alternative. Vanguard opened a new brokerage account (registered to me only) and we transferred the 401k funds into that account. No medallion signiture required. Once the funds were moved, I then transferred the funds into our joint account. No medallion signiture required. Then I closed the just emptied new account.
Huh - this was a taxable withdrawal? Not a rollover to an IRA?
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Old 08-19-2020, 05:33 PM   #11
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The move is from AIG/Valic to Fidelity and AIG/Valic wants the medallion. Our Fidelity rep cannot do anything to help us so now we have to call their retirement services. All of this would be easy if we had either office near us, but that is not the case.


We did sign up for an esignature guarantee account just out of curiosity. If all else fails, we will pay the $150 and use the online service.
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Old 08-19-2020, 07:18 PM   #12
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Huh - this was a taxable withdrawal? Not a rollover to an IRA?

Yes, that is correct. The closeout of my 401k plan consisted of three parts. Part rolled over into my Vanguard Roth Acct. Another part rolled over into my Vanguard IRA account. And the last part was company stock distributed out of the 401k into my wife and my Vanguard brokerage account to take advantage of Net Unrealized Appreciation rules. This last part was what I described in my earlier post and what Vanguard initially asked for a medallion signiture for.
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