Medallion signature guarantee..

[JoeWras]

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.

 

[njhowie]

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.

 

[foxfirev5]

Do you have a Fidelity branch near you? They can do it.

Exactly what I was thinking. Fido will make it happen.

 

[audreyh1]

Yes, Fido can do it,

 

[MrsHaloFIRE]

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

 

[socca]

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!

 

[COcheesehead]

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.

 

[COcheesehead]

Do you have a Fidelity branch near you? They can do it.

4 hours in either direction.

 

[COcheesehead]

So back to my argh....!

 

[Lewis Clark]

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?

 

[COcheesehead]

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.

 

[Octogirl]

My credit union manager agreed to do the medallion signature guarantee (MSG) for me to transfer funds earlier this year.

 

[COcheesehead]

My credit union manager agreed to do the medallion signature guarantee (MSG) for me to transfer funds earlier this year.

At what value?

 

[street]

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

 

[Sunset]

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).

 

[COcheesehead]

Remember the IRS only allows 1 per year if you have the money paid to you. (or something like that).

It will be a rollover.

 

[jazz4cash]

It will be a rollover.

If these are IRA funds, you can only do one rollover every 12 months. Sounds like it would be a trustee-trustee transfer. Terminology is confusing and not consistent.

 

[COcheesehead]

If these are IRA funds, you can only do one rollover every 12 months. Sounds like it would be a trustee-trustee transfer. Terminology is confusing and not consistent.

It’s a Simple to a traditional. Is it still one per year?

 

[Sunset]

It’s a Simple to a traditional. Is it still one per year?

See the rollover chart (about 6th link down from the top of paragraph)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

My quick look, makes it seem like it is limited to 1 per year.

 

[jazz4cash]

It’s a Simple to a traditional. Is it still one per year?

I think so. The easiest way to avoid the one per yr rule is to use trustee to trustee aka direct transfer. You do not take receipt of the funds or if they must send check to you have it made payable to the receiving institution “FOR BENEFIT OF COcheesehead”

 

[COcheesehead]

I think so. The easiest way to avoid the one per yr rule is to use trustee to trustee aka direct transfer. You do not take receipt of the funds or if they must send check to you have it made payable to the receiving institution “FOR BENEFIT OF COcheesehead”

Yep, it looks like trustee to trustee is exempt.

Thank you!

 

[swakyaby]

My experience with Medallion Signature Guarantee was similarly difficult although different circumstances.

Last year, the trustee of my mother's estate was attempting to distribute the assets from 6 different financial institutions to the 4 beneficiaries. One institution (DWS) required him to initially re-register the account in the trustee's name along with a Medallion Signature Guarantee before he could redistribute the assets to the beneficiaries who also all had to have a Medallion Signature Guarantee to open their individual accounts to receive their inheritance. This institution's only office was located in Missouri while the trustee was on the West Coast. We contacted all the financial institutions we had accounts with and were refused by all banks (BofA, Wells Fargo, Chase) because the amounts were >$50K. We were also denied at Fidelity because the assets were not being transferred directly to Fidelity. Also declined at Vanguard and T.RowePrice.

So I called the DWS office and explained our difficulty. It was met with silence. Then I asked if other clients have had similar difficulties obtaining Medallion Signature Guarantees, and she said "yes." I asked what do they do in these circumstances? I guess I asked the magic question, because she explained that we could ask if the Medallion Signature Guarantee could be waived. She advised that the trustee write a letter to DWS and explain that at least 3 banks/investment firms were asked and refused to provide a Medallion Signature guarantee. He needed to list the full address of each bank, the person he spoke with, and their direct number. After DWS receives the letter, it will be sent for review, and a decision would be made. She estimated that the process could take 3-6 weeks. It took more like 8 weeks and several followup phone calls before the assets were distributed, but at least it didn't take a plane flight to Missouri to provide those darned Medallion Signature Guarantees.

 

[street]

Yep, it looks like trustee to trustee is exempt.

Thank you!

So, if I had a 401K and an IRA and wanted to roll them over to another financial institution I would be legal if the roll over transfer went directly to the new financial company?

 

[COcheesehead]

So, if I had a 401K and an IRA and wanted to roll them over to another financial institution I would be legal if the roll over transfer went directly to the new financial company?

It’s all in this link from Sunset.

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

 

[Bruno]

I had done several rollovers from Jackson to VG. Vanguard changed and wanted the Medallion Signature Guarantee said Jackson required it. I got Jackson to send me a letter saying they didn't require it but Vanguard still would not do the transfer. After a month of the back and forth i transferred almost all my VG to FIDO. Been very happy with that decision.