Medallion Signature Guarantee - Getting Harder to Get

[Alan]

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.

Welcome back.

I am leaving the forum. So long, farewell.

 

[COcheesehead]

Welcome back.

Nothing to see here. Move along.

 

[SJhawkins]

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.

I was thinking it was more like notary, to make sure to you are who are, the signature matches the person.

I stand corrected, did not know about the insurance coverage.

That makes more sense why it's more challenging to get a MSG compared to 10-15 years ago, at least from my experience. I do wonder what the landscape will look like in another 10-15 years, time will tell.

 

[COcheesehead]

Banks buy coverage for medallion signatures. So banks will buy for their market. If you have a lot, a mid market bank probably can’t cover it. We had to drive to Aspen to get the coverage we needed when rolling a 401k into an IRA. Kudos to the Aspen bank who did it for free and we had an opportunity for a nice lunch as well.

 

[Texas Proud]

I was thinking it was more like notary, to make sure to you are who are, the signature matches the person.

I stand corrected, did not know about the insurance coverage.

That makes more sense why it's more challenging to get a MSG compared to 10-15 years ago, at least from my experience. I do wonder what the landscape will look like in another 10-15 years, time will tell.

It has always been the same... the bank is the guarantor... and they are more strict than a notary who does not have money at stake...

 

[FedRetired50]

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.

So what's the story now that it's Wednesday?

 

[bigcmagor]

Fifth Third couldn't tell me what happened to cause the fraud alert and account lockdown. Not a very good new customer onboarding experience. My deposit is intact, but not available. There are two debit cards enroute and I am to call them to make sure the correct one gets activated.

 

[FedRetired50]

Fifth Third couldn't tell me what happened to cause the fraud alert and account lockdown. Not a very good new customer onboarding experience. My deposit is intact, but not available. There are two debit cards enroute and I am to call them to make sure the correct one gets activated.

wow!

 

[Sunset]

Fifth Third couldn't tell me what happened to cause the fraud alert and account lockdown. Not a very good new customer onboarding experience. My deposit is intact, but not available. There are two debit cards enroute and I am to call them to make sure the correct one gets activated.

Our experiences with Fifth Third, means we will never have an account with them again. They literally cheat their customers. If you know any older person with accounts there that have CD's , double check the rate on the renewed CD's, not what they offer on new CD's.