Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Medallion Stamps

Tuesday, December 20, 2011 - 10:10 AM
My grandmother past away on 11/13/11 and she had several t-bills with the Legacy Treasury Direct. On 11/21/11 me and my uncle went to her bank to liquid date the account at Citibank, where we got the run around, but were finally able to close out her account there. But they were unwilling to using the “Medallion Stamp” on the Treasury form 1455 since “WE” did not have an account there. So, we went to Wells Fargo where my uncle had an account, the tellers was more than willing to help us out….

Now 12/16/11 I went back to that same Wells Fargo and teller and he was not going to stamp form 5178 for me, since “I” did not have an account there, and even if I did open an account it would be “6-months” I was told until they could do that for me…

Since I have an account with HSBC, I thought I would go there… As soon as they found out I have an online account with them, they wanted nothing to do with me…. The branch manager claimed it was in the “terms and conditions” of the account they I would need to be serviced by bank mail or phone team… I went home ****ed off so I checked the website as if I was going to open a new account there, and looked it over and I didn’t see ANYTHING saying that I could not use the local branch…

I called them up and the same old thing, I told them point blank were does that say it- she was unable to answer my question but pointed me to a FAQ!!!! FAQ is not a binding agreement, and if HSBC wants online customers not to use the branch, then they should state that in the terms and conditions of the account instead of lie and bs people. I went ahead and submitted bank email and complained about this. At first I thought they were going to do something about this, but did a follow up bank email and was told in the email that branch didn’t do “Medallion Stamps”

Back to 12/16/11, since HSBC was no help I went to Charles Schwab as I have banking and brokers account there. They would do it for me, but they wanted the money to come to them and they couldn’t do the “Medallion Stamp” at the branch office so they would send it over to some other place…. Was told I would get a phone call 12/19/11 never happened….

Since I also had an account with Ally bank I figured what hell. They were willing to do this for me, but I would need to either fax or mail the form in to them, presigned.

A “Medallion Stamp” is something that needs to be done face to face, as it validates your identification.

I went to Back of America 12/19/11 and they were more than willing to do this for me! I showed them my former Schwab Visa card now Bank of America Rewards card along with my passport. I was shocked.

But this continues, my uncle called me up wanting me to fax over the trust and my grandmothers dead certificate to his Wells Fargo to have the same form I had Bank of America fill out for me, without these papers. He would not let me talk to the person there and wanted me to fax it over. I told him to go to another branch as it not needed. But he said she needed it, so I fax one page letter telling her I did it at Bank of America without those papers and I was not going to fax over 20+ papers so should could have this on file. There might be something more to this, but I don’t know and don’t care!

So don’t forget about having a local branch that is willing to assist you!
7
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
1. Tuesday, December 20, 2011 - 11:58 AM
I assume that a "medallion stamp" is also known as a NOTARY STAMP?
2
pdxmalepdxmale91 posts since
Jul 11, 2010
Rep Points: 270
2. Tuesday, December 20, 2011 - 6:48 PM
http://www.sec.gov/answers/sigguar.htm
1
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
3. Wednesday, January 4, 2012 - 8:28 PM
Update 1/4/12

I received a phone call from Ally yesterday basically saying sorry for the delay and we our unable to do bank medallion stamps for verification.

I wish this was told to me before hand. Luckily B of A was nice enough to do this for me, otherwise I would not be able to get direct deposit from the Treasury.
2
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
Reply