Medallion Signature Guarantee - Getting Harder to Get

[SJhawkins]

Needed to get a medallion signature guarantee, so headed off to our bank where we had received a signature before, many years ago however.

The bank tells me we no longer provide that service, the bank is Wells Fargo, so now what. I call around, look at a few web pages and the norm seems to be if you need a signature you need an account that has been open for atleast a year or in some cases more than a year, what a PIA.

Vanguard was requiring the signature, as we all know they have no local offices. Been wanting to try Fidelity so thought this is as good as time as any, we meet in person, did the paper work and they did not require the signature but they could have done if needed.

Not sure where I'm going with this but it's definitely not as easy as it once was. I'm temped to switch banks to start the clock just in case, on the other hand hopefully will never need a signature again.

 

[aja8888]

Just curious, but what do you need this type of signature for? I have never been asked to provide one.

 

[SJhawkins]

Just curious, but what do you need this type of signature for? I have never been asked to provide one.

Vanguard wanted for changing title of an account on transfer, think part of the problem was the outgoing institution did not follow a typical transfers maybe, Vanguard did not recognize the institution online, small local bank.

Last time I needed one was for Treasury Direct back in 2012, forget why, not sure if they still require it at times.

 

[tutan]

You may want to check with BofA. I had to get a medallion signature from BofA about 8 years ago for Vanguard.

 

[MBAustin]

You may want to check with BofA. I had to get a medallion signature from BofA about 8 years ago for Vanguard.

BoA no longer provides them. Last time we needed one (I think it was for Vanguard also) we ended up with dead end after dead end and they finally agreed to do the transfer without it IIRC.

 

[bigcmagor]

Spent two hours yesterday driving around to all the local banks trying to find a medallion notary for a Fidelity form. Finally found one at a Fifth Third branch but had to have an account with them, which I don't. So, I opened an account at 2:30pm and got a debit card fraud alert at 5:30pm. Obviously, I don't have the card yet. Another hour of phone time between their card fraud department and account fraud department yielded no satisfaction. This morning, I get an email stating my account is overdrawn by $10,000. Won't know until Monday what happened.

 

[steelyman]

I needed a medallion to transfer some inherited funds. It was quite a pain and I needed statements to prove that I could cover the amount involved. I got the guarantee at a local credit union.

 

[Golden Mean]

I was able to get one at a Chase office a few years ago and all I had was a Chase credit card (not bank account).

 

[aja8888]

Spent two hours yesterday driving around to all the local banks trying to find a medallion notary for a Fidelity form. Finally found one at a Fifth Third branch but had to have an account with them, which I don't. So, I opened an account at 2:30pm and got a debit card fraud alert at 5:30pm. Obviously, I don't have the card yet. Another hour of phone time between their card fraud department and account fraud department yielded no satisfaction. This morning, I get an email stating my account is overdrawn by $10,000. Won't know until Monday what happened.

Boy that doesn't sound like fun!

 

[anethum]

I got a Medallion Signature Guarantee from BofA about 20 months ago. It was a royal pain and took 2 days. Once I had provided every document they required, scanned copies were sent up the BofA food chain for approval by someone in a remote location. That's why it took 2 days. I was the Successor Trustee for a Revocable Living Trust and some assets in the trust were in a mutual fund which has no offices open to clients anymore. The mutual fund required the Medallion Signature.

 

[tutan]

BoA no longer provides them. Last time we needed one (I think it was for Vanguard also) we ended up with dead end after dead end and they finally agreed to do the transfer without it IIRC.

I got a Medaillion Signature Guarantee from BofA about 20 months ago. It was a royal pain and took 2 days. Once I had provided every document they required, scanned copies sent up the BofA food chain for approval by someone in a remote location. That's why it took 2 days. I was the Successor Trustee for a Revocable Living Trust and some assets in the trust were in a mutual fund which has no offices open to clients anymore. The mutual fund required the Medaillion Signature.

Maybe availability differs by location? I got my at:
2611 N. 1st St. in San Jose

I see OP is probably in SJ.

 

[MrEd]

I was able to get one at a Chase office a few years ago and all I had was a Chase credit card (not bank account).

I am a Chase customer and credit card holder for over 35 years. Yesterday I requested this type of signature and was told they would only do it if the funds were transferred into Chase and nowhere else. Fidelity was the same only if the funds were being transferred into a Fidelity account and nowhere else. Charles Schwab same story.

I called up the mutual fund company that had requested this type of signature and was told there was nothing they could do about it. After telling them I would remove the funds from their accounts and pay the tax they suddenly called back 10 minutes later and said a notarized signature would suffice. "Money talks and bull***t walks."

These siganatures are needed for transferred amounts over $100,000. I told the mutual fund representatives I could transfer $90,000, fill out the forms, get a notarized signature, and do this 11 times and therefore would not need a medallion signature. I asked them does this make any sense for me or for your company?

Ridiculous.

 

[SJhawkins]

Spent two hours yesterday driving around to all the local banks trying to find a medallion notary for a Fidelity form. Finally found one at a Fifth Third branch but had to have an account with them, which I don't. So, I opened an account at 2:30pm and got a debit card fraud alert at 5:30pm. Obviously, I don't have the card yet. Another hour of phone time between their card fraud department and account fraud department yielded no satisfaction. This morning, I get an email stating my account is overdrawn by $10,000. Won't know until Monday what happened.

O man, this does not sound like fun, guess I should not be complaining about issue!

 

[audreyh1]

Spent two hours yesterday driving around to all the local banks trying to find a medallion notary for a Fidelity form. Finally found one at a Fifth Third branch but had to have an account with them, which I don't. So, I opened an account at 2:30pm and got a debit card fraud alert at 5:30pm. Obviously, I don't have the card yet. Another hour of phone time between their card fraud department and account fraud department yielded no satisfaction. This morning, I get an email stating my account is overdrawn by $10,000. Won't know until Monday what happened.

Bummer! I went to a local Chase branch to get a medallion signature and the manager talked to us and requested a statement from the account which we ultimately decided wouldn’t work for us as we only had a consolidated statement showing way to much. We ultimately decided instead to visit a Fidelity office the next time we flew into Atlanta. This was for setting up some third party outgoing transfer links to individuals at Fidelity. What they often call “standing instructions”.

 

[CincyDave]

I've gotten them at PNC and Fifth Third. Been a couple years and you did have to have an account there. I was able to just open a small CD that day and get the medallion signature.

 

[Samething]

I had to get 2 documents signed with a Medallion Signature for my Father’s estate. Fidelity did it but said only if the money went into my account. You would think they would do it as a courtesy. Annoying.

 

[euro]

Yes, this has become very difficult. I also failed to find any banks who would still do medallions and ended up going to a Fidelity office (fortunately, we have one in town). Even they made a pretty big fuss but ultimately agreed to do it when I reminded them of my Fidelity balance and the fact that it could easily be consolidated at Schwab...

 

[street]

Yep, in January when I rolled/transferred a large amount I needed one also. no one in the area can do it in 3 to 4 hundred mile radius. The company that I moved the money to have a person that can do it. years ago, I checked to move the money and could not find source to get the signature, so I left it be.

It sure is a pain to find someone if you need one, I know that.

 

[Koolau]

Vanguard wanted for changing title of an account on transfer, think part of the problem was the outgoing institution did not follow a typical transfers maybe, Vanguard did not recognize the institution online, small local bank.

Last time I needed one was for Treasury Direct back in 2012, forget why, not sure if they still require it at times.

Our daughter had her Roth under our Vanguard account (as a minor). I kept telling her she needed to change that over to her own account (she's mid 30s!)

Finally, she did it and no medallion signature guarantee was required. I guess it "depends."

 

[SJhawkins]

Our daughter had her Roth under our Vanguard account (as a minor). I kept telling her she needed to change that over to her own account (she's mid 30s!)

Finally, she did it and no medallion signature guarantee was required. I guess it "depends."

Ours was going from a single owner to our joint account, think the hang up for us was the outgoing institution required snailmail paperwork, well at least Vanguard thought it did. To be honest I'm just spitballing as to why.

All I know anything to do with getting a medallion signature is a PIA.

As a side note, the account we are transferring to Fidelity has been in the works for over 3 weeks and counting and still has not transferred, the physical paperwork is sitting on the person desk, it's the craziest thing I have ever seen. The Fidelity rep noted they have seen this in the past, they are thinking it will be April when it transfers!!!!

We hold everything at Vanguard currently but the experience with Fidelity has been positive thus far, also nice to have local office. Not sure if will move all the assets yet, going to test drive Fidelity for bit first then decide.

 

[bbqcoder]

I got a Medallion Signature Guarantee from BofA about 20 months ago. It was a royal pain and took 2 days. Once I had provided every document they required, scanned copies were sent up the BofA food chain for approval by someone in a remote location. That's why it took 2 days. I was the Successor Trustee for a Revocable Living Trust and some assets in the trust were in a mutual fund which has no offices open to clients anymore. The mutual fund required the Medallion Signature.

We looked into this about three years ago when we were trying to transfer my father’s computer share account to my mother. The individual BofA location does not do them. You have to gather different papers and send them to a remote location. We then went to the Fidelity branch and they took care of it. Easy peasy.

 

[swakyaby]

My brother was trustee of my mother’s estate and ran into this problem of getting Medallion signature guarantees in order to distribute the assets to the beneficiaries. Many institutions said they required the MSG. One bank located in the midwest even said the trustee had to appear in person at the bank in leiu of a MSG (he’s in California) to change registration of the owners. Both Wells Fargo and Chase Manhattan banks where we had accounts refused. Fidelity refused unless the assets were sent to them. So he found that if you specifically request the waiver of liability form, the institution sending the assets will allow you to change the registration without the MSG. But they don’t volunteer this information. You must ask for it.

 

[sengsational]

I've had two done by my credit union in the last few years. No big deal. But I've had the account open for a while.

I remember trying with BofA and having to go to a specific office for it, sign-in and wait, and, as usual at BofA, the employee wasn't able to work the computer. After calling in another employee and calling their help desk, still was stuck, so had to come back another day. Same story with fiddling around with the computer, but some external department had to do the approval, and, although they were supposed to be able to do it "real time", we waited 20 minutes, doing nothing. Finally I left and came back a third day. That was the last time I was at BofA. I closed my account.

 

[SJhawkins]

My brother was trustee of my mother’s estate and ran into this problem of getting Medallion signature guarantees in order to distribute the assets to the beneficiaries. Many institutions said they required the MSG. One bank located in the midwest even said the trustee had to appear in person at the bank in leiu of a MSG (he’s in California) to change registration of the owners. Both Wells Fargo and Chase Manhattan banks where we had accounts refused. Fidelity refused unless the assets were sent to them. So he found that if you specifically request the waiver of liability form, the institution sending the assets will allow you to change the registration without the MSG. But they don’t volunteer this information. You must ask for it.

This is very interesting, not sure I fully understand how another piece of paper would stop whatever they are trying prevent from happening but I'm going to remember this for future reference, thanks.

 

[COcheesehead]

This is very interesting, not sure I fully understand how another piece of paper would stop whatever they are trying prevent from happening but I'm going to remember this for future reference, thanks.

The entity providing the guarantee is providing insurance on the transfer. They are certified up to certain amount and pay an annual premium to provide that service. They are in essence are backing the transaction. It’s not just a piece of paper.