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08-14-2014, 05:28 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Nov 2008
Posts: 3,408
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Quote:
Originally Posted by MBAustin
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?
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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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08-14-2014, 11:31 AM
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#22
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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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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08-14-2014, 12:40 PM
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#23
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Moderator
Join Date: Jul 2010
Posts: 7,941
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Quote:
Originally Posted by meierlde
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.
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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
Quote:
Originally Posted by grasshopper
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.
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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!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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08-14-2014, 09:31 PM
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#24
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Dryer sheet aficionado
Join Date: Sep 2007
Posts: 41
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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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07-24-2020, 01:36 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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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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07-24-2020, 01:58 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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Quote:
Originally Posted by COcheesehead
I never heard of a medallion guarantee until today and now I wish I had not.
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That's a pretty universal response upon hearing you need one. Welcome to the club.
__________________
Retired Class of 2018
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07-24-2020, 02:06 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by COcheesehead
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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Do you have a Fidelity branch near you? They can do it.
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07-24-2020, 02:10 PM
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#28
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Quote:
Originally Posted by njhowie
Do you have a Fidelity branch near you? They can do it.
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Exactly what I was thinking. Fido will make it happen.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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07-24-2020, 02:17 PM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Yes, Fido can do it,
__________________
Retired since summer 1999.
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07-24-2020, 02:54 PM
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#30
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Full time employment: Posting here.
Join Date: Jun 2018
Posts: 929
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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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07-24-2020, 03:58 PM
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#31
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,600
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Quote:
Originally Posted by COcheesehead
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.....
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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!
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07-24-2020, 04:11 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by socca
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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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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07-24-2020, 04:12 PM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by njhowie
Do you have a Fidelity branch near you? They can do it.
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4 hours in either direction.
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07-24-2020, 04:14 PM
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#34
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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So back to my argh....!
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07-24-2020, 05:36 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Aug 2018
Posts: 1,020
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Quote:
Originally Posted by COcheesehead
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.
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Can you go to three different branches of your local bank and do it in three transactions?
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07-24-2020, 05:41 PM
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#36
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by Lewis Clark
Can you go to three different branches of your local bank and do it in three transactions?
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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.
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07-24-2020, 07:26 PM
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#37
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 270
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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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07-24-2020, 08:17 PM
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#38
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by Octogirl
My credit union manager agreed to do the medallion signature guarantee (MSG) for me to transfer funds earlier this year.
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At what value?
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07-24-2020, 09:03 PM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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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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07-24-2020, 11:27 PM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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Quote:
Originally Posted by COcheesehead
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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Remember the IRS only allows 1 per year if you have the money paid to you. (or something like that).
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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