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Old 07-28-2020, 06:12 AM   #61
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That doesn't sound right. However, if you are converting the designation at the same time, that might be the rub. For example, I haven't been able to do a conversion from Trad at one institution, to Roth at another, they must be in-kind. So if I have a Trad-IRA at place A, I need a Trad-IRA at place B. I can ask Place B to pull $X from Place A (never had a problem with that), and once transacted, I do the conversion from that Trad_IRA at place B, to a Roth at place B.

Fidelity B&M was very helpful when I needed to transfer my FIL's stock certificates (some in paper, some held at a transfer agent) from his SSN to EIN after his passing. They were able to handle the medallion signing w/o much problem as we were there in person.

-ERD50
It’s correct. I need to contact American first. What you describe is way more complicated then what I am trying to do. I want to move a Simple 401k to my traditional IRA. All designated the same.
Instructions from right off the Fido site. Step 1. Open account. Step 2 contact 401k provider.
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Old 07-28-2020, 06:42 AM   #62
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Last year when I was surveying local banks for the MSG(s) I required I checked Bank of America. Two surprises unique to BOA:
(1) local BOA bank officers can't issue a MSG. Instead, the paperwork is sent off to a central office for stamping, and then is mailed back to the client.
(2) BOA demands to see the assets in the destination account.
These two "surprises" were a deal-killer for me. I scratched BOA off my list!
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Old 07-28-2020, 07:04 AM   #63
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Originally Posted by socca View Post
Last year when I was surveying local banks for the MSG(s) I required I checked Bank of America. Two surprises unique to BOA:
(1) local BOA bank officers can't issue a MSG. Instead, the paperwork is sent off to a central office for stamping, and then is mailed back to the client.
(2) BOA demands to see the assets in the destination account.
These two "surprises" were a deal-killer for me. I scratched BOA off my list!
This is when BOA is the sender of the funds, not the recipient? While my experience with them, as I described in a much earlier post, was somewhat annoying, the local bank manager handled it on site quickly and easily when BOA was the recipient. The form they put the MSG stamp on was one page among the 9 I sent to my 401k plan administrator telling them how to handle the different subsets of all the money which was in there.
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Old 07-28-2020, 07:12 AM   #64
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It’s correct. I need to contact American first. What you describe is way more complicated then what I am trying to do. I want to move a Simple 401k to my traditional IRA. All designated the same.
Instructions from right off the Fido site. Step 1. Open account. Step 2 contact 401k provider.
But I think the move from 401k to my traditional IRA is the change issue. I do think a rollover has to start at the 401K firm. I did this a loooong time ago (401k to a new broker as a Rollover-IRA - and it is still labelled as such, even though I don't think there is any difference from a basic Trad-IRA?). I don't recall the details, but I did not need a medallion signature. Originating firm for my 401K screwed it up about three times, sending the check to the wrong address. I did get them to give me interest for the lost 4 weeks or so.

-ERD50
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Old 07-28-2020, 08:00 AM   #65
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This is when BOA is the sender of the funds, not the recipient?
Neither, in my case. A MSG is just an authentication service provided by a bank, and can be used for any asset transfer between two institutions. AFAIK, you need to be a well-established client of a bank before they'll issue a MSG for an asset transfer you'd like to perform.
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Old 07-28-2020, 08:04 AM   #66
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Neither, in my case. A MSG is just an authentication service provided by a bank, and can be used for any asset transfer between two institutions. AFAIK, you need to be a well-established client of a bank before they'll issue a MSG for an asset transfer you'd like to perform.
But not necessarily a big money client. I had just a tiny checking account at a local credit union and they were happy to give me a Medallion for a transfer between two other institutions.
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Old 07-28-2020, 08:05 AM   #67
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That's a pretty universal response upon hearing you need one. Welcome to the club.
+1

Been a while,plus pre Covid.

Heh heh heh - still a pain.
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Old 07-28-2020, 08:06 AM   #68
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Originally Posted by socca View Post
Last year when I was surveying local banks for the MSG(s) I required I checked Bank of America. Two surprises unique to BOA:
(1) local BOA bank officers can't issue a MSG. Instead, the paperwork is sent off to a central office for stamping, and then is mailed back to the client.
(2) BOA demands to see the assets in the destination account.
These two "surprises" were a deal-killer for me. I scratched BOA off my list!
Yeah, number 2 was an issue for me trying to use a local Chase account. Fortunately, I was able to work things out over the phone with Fidelity.
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Old 07-28-2020, 08:07 AM   #69
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When I did the 401K rollover years ago, they mailed me a check made out to the next trustee.
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Old 07-28-2020, 11:14 AM   #70
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Here’s another kicker. I talked to Fidelity today because I was thinking of making the 4 hour drive...their branches are closed. The rep said there is no talk of reopening soon either.
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Old 07-29-2020, 07:31 AM   #71
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My first and only experience with Medallion Signature Guarantees was when my mother passed a couple of years ago and we were settling her estate via probate. We being my son, aunt and me acting as estate co-administrators. The attorney I hired suggested the co-administrators route because my mother's state of residency allows a sworn statement by Estate co-administrators that all bills have been paid and assets distributed to the beneficiaries instead of the riggerous final estate accounting, if all beneficiaries named in the will are co-administrators. This also meant assets could be distributed to the beneficiaries right away. To start the process, during the probate hearing I had to refuse to act as executor of her estate.

Little did I know at the time that the eight fund companies where my mother had her assets at each required a Medallion Signature Guarantee from each of us three co-administrators in order to move my mother's funds to an estate account and/or to our accounts from the estate account. To complicate matters and to add to my anxiety, my aunt lived out of state and lived on SS and had very little credit history. But after a rough start we all three managed to get the Gold Medallion Signature Guarantees without too much trouble. We did have to split some of the transactions due to the dollar amounts involved. My son and I got the Medallion Signature Guarantees from the bank where we set up the estate account.
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Old 07-29-2020, 01:57 PM   #72
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Here’s another kicker. I talked to Fidelity today because I was thinking of making the 4 hour drive...their branches are closed. The rep said there is no talk of reopening soon either.


Oh yeah, forgot about that. I got a welcome to our new branch email announcement offering assistance via phone since they’re not meeting in person. I would’ve thought an MDS transaction would be an exception. My credit union lobby is open with precautions.
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Old 07-29-2020, 04:07 PM   #73
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I believe HSBC will do it as well.
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Old 07-29-2020, 04:31 PM   #74
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Most places do it...but they have limits and that’s the rub.
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