|
TD Ameritrade, medallion required?
04-12-2016, 11:11 AM
|
#1
|
Recycles dryer sheets
Join Date: Jul 2013
Posts: 317
|
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
Sent from my Z936L using Tapatalk
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
04-12-2016, 11:35 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
|
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.
__________________
OMY * 3 2ish Done 7.28.17
|
|
|
04-12-2016, 12:07 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,076
|
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.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
|
|
|
04-12-2016, 12:07 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
|
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
|
|
|
04-12-2016, 12:07 PM
|
#5
|
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: 17,097
|
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.
|
|
|
04-12-2016, 01:53 PM
|
#6
|
Recycles dryer sheets
Join Date: Jul 2013
Posts: 317
|
Thank all. My bank doesn't do it. Other banks require an account. I'll call Vanguard and see what they say.
Thanks
Murf
Sent from my Z936L using Tapatalk
|
|
|
04-12-2016, 07:46 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
|
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.
|
|
|
04-12-2016, 08:46 PM
|
#8
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,128
|
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
|
|
|
04-13-2016, 07:09 AM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,373
|
Quote:
Originally Posted by Murf2
Thank all. My bank doesn't do it. Other banks require an account. I'll call Vanguard and see what they say.
Thanks
Murf
Sent from my Z936L using Tapatalk
|
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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-13-2016, 09:07 AM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
|
Quote:
Originally Posted by Alan
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...)
__________________
OMY * 3 2ish Done 7.28.17
|
|
|
04-13-2016, 09:21 AM
|
#11
|
Recycles dryer sheets
Join Date: Aug 2013
Posts: 437
|
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.
|
|
|
04-13-2016, 09:53 AM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,902
|
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.
|
|
|
04-13-2016, 11:09 AM
|
#13
|
Full time employment: Posting here.
Join Date: Jun 2015
Location: Redmond
Posts: 892
|
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.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|