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Old 08-14-2014, 05:28 AM   #21
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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.

Cheers!
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Old 08-14-2014, 11:31 AM   #22
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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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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

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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!
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Old 08-14-2014, 09:31 PM   #24
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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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Old 07-24-2020, 01:36 PM   #25
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Bumping this thread. I need a medallion guarantee for a rollover from American Funds to Fidelity. My bank would have to do it as three transactions because they can only do up to $250,000. That will take awhile. The nearest bank that can handle my amount is almost a four hour drive away.
Argh.....

I never heard of a medallion guarantee until today and now I wish I had not.
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Old 07-24-2020, 01:58 PM   #26
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I never heard of a medallion guarantee until today and now I wish I had not.
That's a pretty universal response upon hearing you need one. Welcome to the club.
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Old 07-24-2020, 02:06 PM   #27
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Bumping this thread. I need a medallion guarantee for a rollover from American Funds to Fidelity. My bank would have to do it as three transactions because they can only do up to $250,000. That will take awhile. The nearest bank that can handle my amount is almost a four hour drive away.
Argh.....

I never heard of a medallion guarantee until today and now I wish I had not.
Do you have a Fidelity branch near you? They can do it.
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Old 07-24-2020, 02:10 PM   #28
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Do you have a Fidelity branch near you? They can do it.
Exactly what I was thinking. Fido will make it happen.
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Old 07-24-2020, 02:17 PM   #29
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Yes, Fido can do it,
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Old 07-24-2020, 02:54 PM   #30
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My experience attempting with wells Fargo went so badly DH asked me to go sit in the waiting area as I was too upset. He handled with the branch mgr
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Old 07-24-2020, 03:58 PM   #31
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Bumping this thread. I need a medallion guarantee for a rollover from American Funds to Fidelity. My bank would have to do it as three transactions because they can only do up to $250,000. That will take awhile. The nearest bank that can handle my amount is almost a four hour drive away. Argh.....
There is a more recent thread on this topic.

Another option is to find a local bank that provides a medallion signature guarantee (MSG) for their clients as a customer service and establish a new account there. Then, after a month or so ask them to provide a MSG for you. In my experience, there is some variation in how much a typical bank is willing to guarantee. When I dealt with this issue last year it ranged from $1M to $2M.

If you are planning to drive 4 hours, be sure to call first to find out exactly what documentation your distant bank requires so that your trip is not in vain.

Good luck!
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Old 07-24-2020, 04:11 PM   #32
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There is a more recent thread on this topic.

Another option is to find a local bank that provides a medallion signature guarantee (MSG) for their clients as a customer service and establish a new account there. Then, after a month or so ask them to provide a MSG for you. In my experience, there is some variation in how much a typical bank is willing to guarantee. When I dealt with this issue last year it ranged from $1M to $2M.

If you are planning to drive 4 hours, be sure to call first to find out exactly what documentation your distant bank requires so that your trip is not in vain.

Good luck!
My search had this thread pop up first.
There is a 6 month hold for new accounts.
In my smaller city (65,000 pop) all the options have $100k, $250k max amounts.
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Old 07-24-2020, 04:12 PM   #33
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Do you have a Fidelity branch near you? They can do it.
4 hours in either direction.
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Old 07-24-2020, 04:14 PM   #34
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So back to my argh....!
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Old 07-24-2020, 05:36 PM   #35
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I need a medallion guarantee for a rollover from American Funds to Fidelity. My bank would have to do it as three transactions because they can only do up to $250,000.
Can you go to three different branches of your local bank and do it in three transactions?
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Old 07-24-2020, 05:41 PM   #36
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Can you go to three different branches of your local bank and do it in three transactions?
Haha, in a town of 65,000, there’s...wait for it...one branch.

I think I am going to bite the bullet and do 3 transactions over time from the one branch. Hoping that 3 rollovers doesn’t cause other problems down the road.
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Old 07-24-2020, 07:26 PM   #37
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My credit union manager agreed to do the medallion signature guarantee (MSG) for me to transfer funds earlier this year.
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Old 07-24-2020, 08:17 PM   #38
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My credit union manager agreed to do the medallion signature guarantee (MSG) for me to transfer funds earlier this year.
At what value?
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Old 07-24-2020, 09:03 PM   #39
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I will need one also when I do my roll over transfer of 401K & IRA. I have not found anyone where I live that can do it. The one company I have funds with can do it but it takes about 5 days to get the process done. What a pain in the butt for me.

Good Luck1
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Old 07-24-2020, 11:27 PM   #40
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Haha, in a town of 65,000, there’s...wait for it...one branch.

I think I am going to bite the bullet and do 3 transactions over time from the one branch. Hoping that 3 rollovers doesn’t cause other problems down the road.
Remember the IRS only allows 1 per year if you have the money paid to you. (or something like that).
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