Little Known Service at Your Local Bank: Medallion Stamp

Comments

102 Comments.

Anonymous | Dec 21, 2011 | Comment #1

Signature guarantees have historically been required by securities firms to transfer securities from one person to another, and by mutual funds to redeem shares. In many cases, they are only requested where the transaction exceeds a certain amount, such as $250K. In the banking area, I've needed them to transfer IRA funds from a mutual fund to a bank. It's the fund that has required the guarantee on the transfer documents, even though I'm a "customer" of both institutions.

nothlit | Dec 21, 2011 | Comment #2

I remember a few years ago I had to get a medallion signature guarantee to link my credit union account to TreasuryDirect. They seem to have gone to the complete extreme recently, however, as a couple of months ago when I linked a different account there was no verification whatsoever (not even the usual trial deposit method).

nothlit | Dec 21, 2011 | Comment #3

*the complete opposite extreme, I meant to say.

me1004 | Dec 21, 2011 | Comment #4

Medallion signature guarantee is the premier one, will be accepted across the board. But many or most banks will also offer their own signature guarantee or another brand, and some places will accept that instead of the Medallion signature guarantee. Ask. Not all banks will offer Medallion, but they very likely will offer their own instead, and that might be acceptable in any particular circumstance. Medallion is basically just a brand.

I also note, while I haven't used one in some years, at least some of them limit their liability, typically to $25,000. Maybe that is not what Medallion does, don't remember -- I have used both Medallion and bank signature guarantees. The liability mentioned here is, at least in effect, an insurance policy, unlike a notary. As somewhat of an insurance policy (I'm saying "somewhat" and "in effect" because I don't know that it actually is classified as that) the liability would be paid out readily. I believe a notary also would be liable, but you would have to file a lawsuit and spend years in litigation -- and securities firms don't feel like doing that.

If your bank doesn't offer Medallion, it most likely will offer another signature guarantee. Ask the securities place whether it will take other than Medallion. I note, normally banks offer signature guarantee free, but I have found at least one of that offered both Medallion and its own, and it charged for Medallion -- so I used the free one, because my mutual fund said that one was acceptable.

I also warn: don't let the bank decide whether you need notary or signature guarantee. Like too many other things, the people at the banks have no idea what they are talking about. Don't even let them decide whether you need Medallion or their own brand -- ask the place you will be presenting it to.

Anonymous | Apr 1, 2014 | Comment #35

For the most part yes is was informative, however I need to know what the difference is between a red and gold medallion stamp.

SteveIAm | Dec 21, 2011 | Comment #5

I had an issue with a bank where I have been a customer for about 10 years that refused to give me a medallion stamp. I had inherited a TIAA annuity and TIAA wanted a medallion stamp on the transfer forms. The bank employee said that their bank only gave medallion stamps on stock transfers and not annuities (or mutual fund transfers, etc), and gave me an 8.5X11 inch piece of paper with a lot of 8 point font on it explaining that banks position. They claimed that the medallion stamp was only intended for stock transfers, and suggested I ask TIAA if a notary seal was enough. Fortunately, I had not closed some accounts I had inherited at a second bank and they were happy to give me the medallion stamp on the TIAA paperwork.

Anonymous | Dec 21, 2011 | Comment #6

About 3 years ago was the first time I needed a medallion signature guarantee. While looking for an institution that would give it, I was told by one bank manager that there are different "colors" or levels of medallion guarantees with different dollar limits: $50,000, $100,000, $250,000, $500,000, $1,000,000. A bank branch might offer only the lowest level; the main bank might offer a higher level; and maybe neither one offers the highest level. Presumably the institution must pay a higher fee for a higher level of guarantee; so maybe the customer will be charged more for a higher level of guarantee.

me1004 | Dec 21, 2011 | Comment #7

StevedIAm: exactly! As I said, "Like too many other things, the people at the banks have no idea what they are talking about. Don't even let them decide whether you need Medallion or their own brand ..." Or whether it is only for stock transfers. (I often have to use it just to give any new instructions to a mutual fund.)

Anonymous #6: thanks for filling that out. That's what I was referring to. The $25,000 level I mentioned might have been a bank brand rather than the Medallion brand. But I thought Medallion also had limits.

Ken, your story is saying the bank giving the stamp would be liable for any transaction based on it. I think that not quite true. They would be liable to the amount specified, as per anonymous #6. You might want to clarify that in the story.

Anonymous | Dec 21, 2011 | Comment #8

deju vu:

http://www.depositaccounts.com/blog/2010/10/choosing-a-new-bank-why-you-want-at-least-two-banks-or-credit-unions.html#41334

Anonymous | Dec 22, 2011 | Comment #11

Personally, I dont blame the banks. The stamp is meant for individual money transfers. A lot of places like treasurydirect are using it for ID checks. Thats the job of a notary. But because notarys can be easily forged, they want something more secure, and banks are not willing to stick their neck out.

RJM | Dec 22, 2011 | Comment #12

I needed one a few months ago. The branch manager at my little small town wells fargo balked.

Refused to do it.

He ended up notarizing it and the other party accepted it but he couldnt grasp that ALL he was guaranteeing was my signature. It was a document saying I sold some stock months prior and he was talking about checking the market price on the date of sale. (Which is totally irrelevant but I didnt bother arguing with him)

tightwad | Dec 22, 2011 | Comment #13

Good article and info posters! I learned something today. Nice to see intelligent info shared.

Anonymous | Dec 22, 2011 | Comment #14

RJM- I've gotten the Medallion Signature Guarantee from several different banks and credit unions. Some do check the value of what they are stamping. One of the bankers told me he had to check because their stamp was only good for $25,000 (as #6 stated, there are various limits) so he could only stamp documents for transacations under $25K

rjm | Dec 24, 2011 | Comment #15

All the $25 limit means is that IF i ended up somehow faking who I was, the banks max liability would be $25k.

Doesnt matter if its a $500k transaction, he is still ONLY guaranteeing my signature. Nothing else.

Its supposed to be like a notary only better. But, in backwoods alabama, I doubt the guy sees them more than a few times a year if that.

Thanks for your comments though.

Anonymous | Jul 22, 2015 | Comment #45

Banks do not just guarantee signatures, that would be a notary. The medallion guarantee program is a lot more involved, and there is a certain amount of liability involved, yes. As a bank employee myself I would not do a medallion signature guarantee for a customer just because they think they know more about it than I do. I am not losing my job because a customer thinks that they are right when they are not.

Private Investor | Aug 23, 2017 | Comment #81

When dealing with Security Certificates, Negotiable instrument documents. Most Transfer agents like to see Medallion Signature Guarantees. All you have to do is read and understand what a Medallion signature guarantee is for. What is the point of having or being apart of the Securities Transfer agents Medallion Program and don't want to use the stamp and want to turn people away because the bank managers is not use to seeing the document. When all they are doing is guaranteeing the signature so the security instrument can be traded transferred and wasn't forged. There are many types of Securities.

So its not about the customer knowing more then you. Its about you knowing your job and the law that governs the STAMP that customers are requesting. To be nosey and ask a bunch of questions about the securities and how it being used is irrelevant and non the Bank Managers business. They are only guaranteeing the signature is genuine and authorized to indorse so it can be transferred without any issue. You can only lose your job when you don't know what you are doing. And if thats the case, and is the case with alot of employees and the employees of banks, you should not be working there. Because they are only working for a pay check and not to serve the people according to their needs and the law. Without the people a.k.a customers, you will not have a job. So there is no thinking about being right by the customer. It is stated in the U.C.C. and U.S. Securities Exchange Commission. The U.C.C governs all international commercial transactions.

Its always someone else ignorance that prevents people from handling their private affairs.

I bet if Wells Fargo needed a Medallion Stamp to open all the fraudulent accounts in peoples name, they would had no problem getting it.

Ellen F | Jan 10, 2020 | Comment #102

I concur with private investor. I had a go around at my Indianapolis area PNC bank today, because I needed a medallion stamp for a US government form to redeem savings bonds in my deceased husband's name: a redemption value of approximately $1k. An estate was never opened at his passing because all real and personal property was jointly titled. Now I am told that PNC needs a copy of his death certificate, copies of the savings bonds [all two of them] and a Small Estate Affidavit. This is ridiculous and frankly, none of their business. They are simply guaranteeing that I 'am who I am' and I have provided authentic ID documentation. It is up to the Department of Treasury whether the bonds are redeemed; PNC has nothing to do with it. I am retired attorney and I do not like being treated as stupid by banking employees who do not know what they are doing. I attempted to call the legal department at PNC corporate, but they would not put me through. Terrible service for a customer who has so much in liquid deposit balances.

Nothing | Jan 11, 2020 | Comment #103

Go to a fed res bank

Anonymous | Jul 22, 2015 | Comment #46

And it is not like a notary only better

Chyvan | Dec 25, 2011 | Comment #16

I would encourage anyone doing business with an entity that requires Medallion Guarantees to quit doing business there and tell them why. The program is being seriously abused by many mutual fund companies. I was doing business with Chase's One Group Funds. They wanted a Medallion Guarantee on an automatic $250/mo invest form. The amount of work on my part to protect them from a miniscule loss caused me to rethink that relationship.

Anonymous #1 | Feb 9, 2012 | Comment #17

Very interesting info, but I can tell you as an executor to an estate that has over $500,000 in stock, it is a major pain the butt. Some institutions will go as high as $100,000. The limit that they choose is based on what amount they have on their Surety Bond. Unless the institutions are very lax especially if they are dealing with a known customer I would imigine the risk factor is very low. However the stock transfer companies ALL require the stamp when transferring stock. I just started looking and I am finding out that it is difficult to find someone to provide the service.

Anonymous | Sep 25, 2012 | Comment #19

The medallion stamp is for the transfer of securities. It not only verifies the signer is who they say they are, but also verifies that person is entitled to actually make the tranfer.

Anonymous | Oct 17, 2012 | Comment #20

#19 - that is likely not correct, the bank employee stamping your transfer form has no idea if you're "entitled" to make the transfer or not. All he's doing is verifying that you are who you say you are, and by stamping it is providing the bank's guarantee up to $X amount.

I have used this service at several banks and credit unions. Some ask for the value, some don't. One actually required me to prove the value by bringing in a current account statement, before they would do it. So, it's definitely a YMMV situation.

Anonymous | Apr 21, 2016 | Comment #54

That is not correct. By placing a Medallion stamp on a transaction the bank/financial institution is guaranteeing: The signature is genuine; The signer had the legal capacity to sign; and, The signer was the appropriate person to endorse it. If the financial institution employee does not receive this proof then the stamp can't be used. There is a great deal of misinformation in the comments and I now understand why a lot of financial institution opt out of offering Medallion guarantees.

Anonymous | Apr 21, 2016 | Comment #55

Any stamp is only that which is defined/conveyed in the contractual/guarantee document...nothing more or less

Banker Joe | Feb 7, 2013 | Comment #21

Interesting discussion. Our community bank does not have a brokerage company but we do have people, some customer and some non-customers, ask us about getting documents stamped with Medallion Signature Guarentee. They have normally been told by their brokerage customer to come to their local bank. 100% of the transactions do not involve our bank what so ever. The brokerage firms attempt to "indemnfiy" themselves from this transaction and are asking us, a uninvolved third party to take this risk. I have no idea what any financial institution would accept this risk. It seems like it should be the brokerage firms (that is telling their customer that they need this) responsibility to find a local resource for their customer to obtain this service. Rather than some of the comments that the bank does not know what they are talking about, a bigger question might be why banks would take on a significant risk for the benefit of an unrelated Brokerage Firm.

rjm | Feb 7, 2013 | Comment #22

banker joe. You are not taking "significant risk". You verify the person signing is who they say they are just like a notary.

If thats too much risk you need to shut your doors because every & any loan you make is more risky than that.

Anonymous | Jul 22, 2015 | Comment #47

Dear rjm, you obviously know nothing about the medallion signature guarantee program

Private Investor | Aug 23, 2017 | Comment #82

The people that hold the Medallion Stamp obviously don't know what signature guarantee means.

And also people signing all these documents in their everyday life don't know the power of a signature.

When dealing with Securities. S.E.C. says, Signature Guarantees: Preventing the Unauthorized transfer of Securities.
Its real simple and broad as day. These Banks and Managers need to be reported to S.E.C for not using the STAMP correctly if it doesn't say the Bank can only use it for Stock transfers.

Edshiltie | Feb 3, 2022 | Comment #123

Well i would just like to know why, if the stamp is to verify ones identity and said person had provided all required forms of ID then why would there be any dollar amount risk attached to it? (meaning the stamp) confused. is that not what a notary does? To me the medallion stamp would then do more than just guarantee i am who i say i am but it ALSO takes on a risk of $xxx amount which has different color medallions for different dollar amounts attached to my signature. In short the stamp is for MORE than just verification, its verification with a dollar amount attached to it. If its just to verify identity then a notary would enough.

rjm | Feb 7, 2013 | Comment #23

And the benefit is for your customer, not the brokerage firm.

Anonymous | Feb 15, 2013 | Comment #24

rjm, I think you understate the problem. You have this part right: "You verify the person signing is who they say they are...", but the liability is different than that of a notary.

If the bank messes up, and the assets are transfered to a party that is not who they say they are, then the bank offering the signature guarantee is on the hook for the entire amount.

Example: Some con-man goes in to a bank with forged IDs and gets a signature guarantee on a form that authorizes transfer of, say, $500,000 from someone else's account to an account he controls. He sifted through trash, or hacked into some database to get account numbers and other identifying information. He isn't who he says he is, but he has all the right documentation and the bank is duped. The transfer is made, he immediately empties that account, and he disappears. The bank providing the guarantee pays $500,000 to restore the lost funds to the legitimate owner. They are insured for this, of course, but identity theft is becoming pretty sophisticated, and I suspect that they do run some risk of being on the hook if they veer even slightly from established procedure. And when it comes right down to it, how does one truly know someone is who they say they are short of fingerprinting, or DNA, or iris-scanning? Document forgery is quite sophisticated. I can see why a bank might be leery.

On the other hand, it's a necessary service so there should be a better way. We shouldn't be required to run around begging banks to do this until we find one that will, nor should we be required to open useless accounts, so we can be "customers", just to get this done. Perhaps every bank should be required to do this as a cost of doing business - for customers and non-customers - with some safety net in place to protect them so they aren't so reluctant to do it. If I can conduct million dollar transactions online with institutions that have never laid eyes on me, this shouldn't be so difficult. It just seems like a very archaic way of dealing with personal identification. I don't have a solution because I'm not in this line of work, but surely there are smart people in this field who can come up with a better way.

Private Investor | Aug 23, 2017 | Comment #83

Tell that to Wells Fargo. They wasn't leery when opening up those fraudulent accounts.

RJM | Feb 16, 2013 | Comment #25

I just the other day needed a signature guarantee again.

Fidelity wouldnt link my brokerage account with my new credit union account. It kept rejecting it presumably because its not a checking account.

So they sent this form asking for a signature guarantee. Went to the credit union and the manager was a bit evasive and finally ended up saying his stamp only guarantees up to $100,000 transactions and that if I tried one larger it wouldnt go through. Something about the coding.

I had no problem linking my Ally savings & ING savings with my brokerage account. But apparently their way wouldnt work so I had to send in paper forms.

Im still waiting for fidelity to confirm it.

Anonymous | Mar 21, 2013 | Comment #26

When my wife and I got married, she changed her last name by hyphenating mine on to the end. She is now trying to change her name on her her IRA, but they require a Medallion Signature Guarantee. Our credit union doen't offer the stamp. She isn't transferring or withdrawing the money. We are able to add funds monthly using a check with her new hyphenated last name, but they won't update the last name on the account without the stamp. Its very frustrating and we are probably going to "roll" the funds into a different company because of this. Ironically, the company requiring the stamp can offer no help on where to obtain the stamp that they require. Any suggestions?

Anonymous | Mar 26, 2013 | Comment #27

I, too, am having a similar problem. My mother died last year and I am the executor of her estate. Several years ago, her insurance company demutualized and she was given a nominal number of shares worth less than $3,000. I was told that I had to get a gold medallion signature to have the shares transferred from her name to her estate. I went to the bank where she did (and I do) business and met with the bank's financial officer. I was basically told that if I were to set up a brokerage account, they could do it but otherwise they couldn't. I in no way want a brokerage account with this bank. I don't see why, since the bank is holding her money, which would certainly cover what the stock is worth, the bank refuses to provide this service.

Anonymous | Apr 24, 2013 | Comment #28

Kemark is the organization that issues the Medallion stamps. Here is what its website says:

http://www.kemarkfinancial.com/stamp.html

:: STAMP & SEMP PROGRAMS ::

The Securities Transfer Agents Medallion Program (STAMP) and the Stock Exchanges Medallion Program (SEMP) are signature guarantee programs endorsed by the Securities Transfer Association (STA) and recognized by securities industry participants in the United States and Canada. The combined membership of these Programs exceeds 7000 Guarantors.

For over one hundred years, Issuers of Securities and Transfer Agents have relied upon the signature guarantee process for the transfer of securities. This process, codified in the Uniform Commercial Code (UCC), makes the Transfer Agent liable for improper securities registration. To register or re-register a security, the Transfer Agent or Issuer relies upon the warranties made by a Medallion Guarantor when placing a Medallion Guarantee Stamp on a security, namely, that the signature is genuine, the signer is an appropriate person to endorse, and the signer had the legal capacity to sign.

SEC Rule 17ad-15 requires that Transfer Agents adopt an equitable methodology for acceptance of signature guarantees from eligible Guarantor institutions. To comply with the SEC Rule, Transfer Agents approved three Medallion Signature Guarantee Programs, STAMP, SEMP, and MSP (Medallion Signature Program).

For investors living abroad, if a Medallion cannot be secured from a branch of a US or Canadian Medallion Program member, the investor would contact the Issuer or Transfer Agent for information on alternative processing.

Anonymous | Jun 22, 2013 | Comment #29

My parents passed away and I am their admin. for their will. I have to get medallions on certain certificates to transfer out of their name.

I just came from 2 BANk OF AMERICAS in Boston and they won't do it unless my parents (from Florida) had an account with them. It doesn't matter that I have thousands of dollars with them and have had an account for 30 years.

Where can I go to get a medallion on these stock transfers?

Help!!

Anonymous | Feb 18, 2014 | Comment #34

My mother died 2 years ago, and The bank of america has been denying everything, They have done 12-16 Medallions so far, and I have not signed any of them, The V/P of bank of america Michael C Thomas first said he did not anything with a check for $41,043.55 having only signature , even after it was returned , then redoposited without My signature,, aLSO A $50,027.00 Check with my Mother's AND my signature forged and lastely a $25,027.00 Check that the V/P Senior Global Fraud Investagor to me i\he was trying to get me 1/2 of the $50,027.00 Check and sent it to his other half , he said she said no, I said I do not believe it was for th1/2 of the $50,027.00 Check , he imformed me that it definately was, I have it recorded. HE SAID THAT IS ALL i CAN TELL YOU AND GAVE HE THE OTHER PERSON THAT HAD SAID NO TO THE $25,0278.. CHECK. I waited a day and then called her , talked to someone else and they looked the file up and said it was there and was for 1/2 of the $50,027.00 check , I said are you sure it is , the reply was definately, them I gave her the following Imformation: The $41,035.00 check with only 1 signature that had to have mine is no good, I have the Real stock Certificate in a safe and let her know Compotor Share Fraud Department has escalated the case for the 2nd time, Next The $50,027.00 Check was 3 year old not but I imformed her it it 3 years or 30 days after you are notifyed and you signed 35-40 pages of forged paperwork, Then lastly It took over 2 years to get verifaction the $25,027.00 Check has a stock certificate reported lost , again they Dummied a madellion to get Another check sent, And lastely I've uncovered 9 more of my stock certificates that were cashed in after My mother death in a several day peroid, I now have the transfer paperwork comming so I can link it to the BAnk of America since everything else was cashed there , the transfer paperwork will name the instution that did the madellion and the agent that signed it alos they are to check 2 photo ID's and make a copy of them for their records to prove it was the person stated on the Madellion and or the stock certificate or check or any other security. 1 more note all securities have a cusip 9 digit Number or it can have letters or both which will identify the issurer. I have now cought the V/P Senior Fraud Invesgatator in his own scheme to defraud me , and his other half at corporate office The v/p said That's All I can tell you , I let him Know I've have met with a congress member and will gey Congressal supenas if I do not get the paperwork you are holding to misinform me . So watch these people at the bank of america , I see a mininum of 50 Federal charges comming to them, DO not trust them

Alskar | Jul 11, 2013 | Comment #30

I've gotten Medallion Signature guarantees from my local Fidelity office about a half dozen times. They ask a bunch of questions to "prove" my identity and then they stamp the forms. No fuss, no muss. I'm a "Premium Services" client at Fidelity, but I don't think that mattered to them.

I also get paperwork notarized (as in Notary Public) by them.

I find Fidelity to be easier to work with than any bank or credit union for this type of thing.

Anonymous | Sep 5, 2013 | Comment #31

Our nineteen year old grandson needs to have a Medallion stamp to have his recently deceased mother's name removed from shares of stock initially putchased when he was born by my deceased sister. His bank indicates that they only have the Medallion stamp at another bank branch in a smaller town nearly fifty miles away. That branch requires an appointment and cannot guarantee that the person with the stamp would be there. We have gone to B of A where his father banks and they will not authorize the stamp as my grandson is not a customer. I have gone to our branch of B o A (in another city) and they cannot authorize the stamp. I called our credit union where we have an account for our grandson. They do not have the Medallion stamp. These shares of stock are minimal totaling less than $1,000. The American Transfer & Trust rules require this stamp simply to delete my daughter's name as custodian for the account. This has become a problem for the family when we have so many other issues to manage after the recent unexpected death of my daughter, the mother of my grandson. Any suggestions?

Anonymous | Oct 7, 2013 | Comment #32

Me and my friend went into a bank last week to open a new account. Not only did she have a $2 million medallion stamp, the green one, we went into a bank of America and she got full faith and credit. The bank was ecstatic bout opening up an account WITH an out of town id. She even has an unlimited one. She wanted to open a trust account but needed her trust documents. they tried to keep her on the public side by opening bank account. she knew her status when she saw the paperwork stamped and signed by the treasury department. thought she didn't know what she was talking about when we were trying to establish the trust account the girl at the bank tried to keep us on the private side. then she had the nerve to ask her what took you so long...we try later on to make a auto purchase with the medallion stamp they acted like they didn't know what it was. then said..."this is a bank draft"... thats what your suppose to use to make auto or home purchases. What's up with that?

Anonymous | Oct 9, 2013 | Comment #33

This is actually the ONLY reason I keep a checking account with a bank these days. Whenever I need a signature guarantee, it's easy and free. I do all my banking elsewhere.

Anonymous | Jul 7, 2014 | Comment #36

Bank of America has discontinued this service unless you have a brokerage account with Merrill Lynch,

Anonymous | Jul 22, 2014 | Comment #37

Bank of America will no longer give medallion guarantees to their account holders. They require you to have investments in Merrill Lynch before they will provide this service. And they have NO alternate way for you to get the required guarantee. Wells Fargo still provides the service to account holders, but only the bank manager can do it, and he/she also fills out a very intrusive form about the nature of your investment.

Charlie | Jul 31, 2014 | Comment #38

Bank of America no longer provides Medallion Signature guarantees for its account holders

Anonymous | Dec 29, 2014 | Comment #39

DiD the Bank give you a reason why they no longer provide Medallion Signature guarantees?

lgc in NJ | Feb 4, 2015 | Comment #40

I just went into my local Bank of America and was told they no longer offer Medallion signature service.

Anonymous | May 21, 2015 | Comment #41

Me too!. BoA no Longer offers this and we have no idea what to do! We don't have an account with any other bank except John Hancock retirement accounts. This is ridiculous! We absolutely have to get our stock certificates stamped!!! Any help or suggestions?

Anonymous | Oct 21, 2016 | Comment #66

Looking myself, no one will do it without an account there.

I hate Ally Bank | May 22, 2015 | Comment #42

Ally bank requires this stamp in order to transfer out my IRA to another bank! This IRA contains only cash, no securities! Clearly another abuse by Ally!

Anonymous | Jul 2, 2015 | Comment #43

Bank of American will not do a Medallion signature guarantee.

Anonymous | Jul 3, 2015 | Comment #44

Not many banks do, but I recently got one at Capital One Bank. It does not surprise me that Bank Of Amerca does not provide this service. They are better at giving their customers a colonoscopy.

Anonymous | Oct 27, 2015 | Comment #48

I was told by Bank of America customer service that they no longer offer medallion guarantees.. )ct 2015 Check with your bank before you go!!!! Also I was told Santander bank may do for non customers,

Anon456 | Dec 10, 2015 | Comment #49

Bank of America told me yesterday (12/09/15) that they no longer provide the Medallion (signature) Stamp. I hope readers will comment on where they are still getting this service. I am not aware of any credit unions that provide the Medallion Stamp.

Anonymous | Dec 10, 2015 | Comment #50

Check with Capital One Bank and delete the no good Bank Of America account.

Anonymous | Mar 25, 2016 | Comment #52

Some of the information in the preceding comments is out of date and or incorrect. I visited 3 Bank of America branch banks in Encinitas, California yesterday including the one I bank at on a regular basis. All three told me the bank had discontinued the service (Medallion Signature Guarantee). Finally, the third branch manager informed me that B of A had discontinued the service a year ago. It was not just the individual branch. I tried Wells Fargo and United Banks. Both required I have an account at their banks in order to get the service. I informed the last branch manager that I was discontinuing all banking activities with B of A after nearly 40 years of banking with them. I suggested she pass that information on to her superiors in BofA. She said nothing. I noted to her that she was just informed that I was closing all my accounts with B of A and that she did not even ask my name! I am off to USAA Bank this morning to get the job done and to transfer all my banking from B of A to USAA Bank where I recently opened accounts due to previous unsatisfactory actions by B of A on unrelated matters.

a

ROBERT R BOTTON

Anonymous | Mar 25, 2016 | Comment #53

I see that BOA gave you their standard procedure. The standard procedure that was described in comment #44.

Anonymous | Jul 13, 2016 | Comment #57

I am having the same issue with B of A. All my money has been in their bank for years and now they cannot assist me with one thing.

Anonymous | Jul 13, 2016 | Comment #58

Wait until "they" call a loan...even if you are current in payments...that is when "they" really need the money and an easy way to get additional capital (quick, in most cases) by calling in loans and not publicize it!

Lee Taylor | Jun 13, 2016 | Comment #56

Bank of America no longer (June, 2016) provides Medallion signature guarantee service even to their best customers.

Disappointed! | Jul 24, 2016 | Comment #59

Beware! Following my husband's death, nightmares were further provided by banking personnel who did not know or understand that when a document requires a Medallion Guarantee, it MEANS EXACTLY THAT! Do NOT let anyone tell you that just because a lower dollar amount is involved, you do not need the Medallion stamp! YOU PROBABLY DO! It cost me extraordinary time and impositions on people who nicely drove me to these locations, but their and my time was wasted without the Medallion stamp! DEMAND IT!

Anonymous | Mar 1, 2017 | Comment #69

Even if you DEMAND a Medallion stamp, no one is required to give it to you, especially if they don't feel comfortable doing it.

Anonymous | Aug 15, 2016 | Comment #60

You list Bank of America as one to go to for the medallion stamp. I was told that they do not offer this service. I am a member of their bank in Bethlehem, Pennsylvania!!!

Anonymous | Aug 15, 2016 | Comment #61

Should be a good enough reason to quit Bank Of America. Poor service and ultra low savings rates keeps me away from BOA.

Anonymous | Oct 21, 2016 | Comment #65

Correct Bank of America will not do them anymore. Also if you don't have an account where they do them they won't do them for you even if you pay them to do it!

Anonymous | Sep 1, 2016 | Comment #63

For an good example of why Signature Guarantees may be harder to get today. Go to youtube dot com and search using "Attempted stolen inheritance? Or just plan old beneficiary discovery with a touch of mail fraud?"

Surviving spouses can use Disclaimer of Interest forms to embezzle money from named child beneficiary's.

Charlie Blackbird | Oct 17, 2016 | Comment #64

My understanding is that if the securities are held through a broker, a Medallion is not required. A Medallion is required only when you hold the security certificates in a physical certificate form. Do you agree?

Bill | Mar 8, 2017 | Comment #70

Better update your comments regarding BofA. I have been a customer at BofA for 35+ years. Went in to get the medallion signature guarantee for an 401K roll over, but they say they don't do it any longer. Better yet, the guy in the bank told me it was a change in federal law and banks don't issue the guarantee any longer. Went to Wells and US Bank, both issue the guarantee, but only if you are a customer. Thanks BofA

DOA | Mar 8, 2017 | Comment #71

I have been a customer at BofA for 35+ years? Have not understood yet why anyone would do business with this bank.

LuvCD | Mar 9, 2017 | Comment #72

DOA. Which one is "this" bank? BofA?

none | Mar 22, 2017 | Comment #73

Be prepared to waste a lot of forms trying to get a gold medallion stamp. Trying to get the gold medallion stamps on W9 forms. First bank could only approve up to $250,000, after we signed the form. Next bank wanted to see the actual certificates after we signed the form. Third group wants to mail the forms to corporate office. What a royal pain. Why don'T we go back to notaries. Lot easier. Soe insurance companies bright idea to make a lot of money, but then place so many rules on the user that it is not practical.

P falls | May 5, 2017 | Comment #74

My mother passed away in 2005 ,and I just found out about this acct she had.For me to get the funds I need a medallion stamp or a signature stamp guarantee.The problem is everyone I've talked to says I have to have an acct with them.And my credit union seems to be stuck on stupid when it comes to this.Is there any way I can get this signature without an acct

John | May 6, 2017 | Comment #75

Trying to transfer stocks from deceased father to my mother. Form requires Gold Medallion Stamp. Local bank first asked for current valuation statement on securities (about 40 shares at 50 bucks a share). I had given them an account statement that was 4 months old and they first requested an updated statement - would not stamp the form without; they commented that they would not do for any amount over $100,000. When I pressed that there was no way the value of share my mom wants to transfer is over a 100K (MetLife shares) and that they could check valuation online they backed down from demanding a more current statement.

Next, our bank said they could not transfer as they had no way of knowing my mom was Executor of my deceased father's estate. I provided them notarized copy of my dad's will that lists my mom as Executor, as well as a death certificate. They then said that the will could have been amended, subsequently, and perhaps my mom was not really Executor - they will not stamp the transfer of assets form that my mom is trying to execute.

Any feedback regarding above? I was dealing with local branch manager who was talking to their "financial advisers" in a branch some miles away. We live in a small town and there are no real options for other, local banks. Not sure how I will get these shares tranfered and need the money for my mom.

Bogey | May 6, 2017 | Comment #76

Can't help you with your problem. Banks are notorious devils to deal with and some branch managers are asinine.

The bank my parents dealt with didn't even know how to handle a Revocable Trust Account that they voluntarily set up with the help of a lawyer. I was on the verge of having to higher a lawyer to get a court order before the bank would release the remaining funds in that trust account to me as last remaining survivor named in the trust. I had to send a copy of the Trust Account to their main office and finally got the funds released to me.

That same branch bank had had a copy of the original Trust Account on file at one time when the trust was first established, but couldn't find it.

Help | Aug 29, 2019 | Comment #99

The estate must go though probate. Probate will finalize the legal aspects of the will.

Suzy1 | Aug 13, 2017 | Comment #79

I am trying to get the medallion guarantee stamp at my credit union, where I have had an account for 35 yrs. They will not give it to me until I provide proof that there is no other beneficiaries, provide current statements and proof I am allowed to have the transfer in my name. This is for a combined total of $1200. (3 separate accounts my mom had.)

Dunmovin | Aug 14, 2017 | Comment #80

Why are you entitled to funds? How is the account held?

Terra | Nov 28, 2017 | Comment #84

make sure you really do need a medallion stamp before you go any further because I inherited some stock and on the death certificate it says Tod so I went to Wells Fargo cuz it said I needed a medallion stamp had the person that is The Medallion stamp holder at that bank and had it not been a Wells Fargo Bank would have told me I did not need one since it had Tod time of death it automatically transfers to the beneficiary Wells Fargo instead had me open up an account keep the money there for six months before they were allowed to give me a medallion stamp when the 6 months were up I went in showed the lady the papers the same ones I had the day I went in and said oops sorry we can't take a photocopy and I said but it has Tod right after my father's name and she goes I don't know what that means and that she proceeded to call another branch to find out what that meant I told her it's time of death then she said she couldn't stamp it because it was only a copy of the death certificate my brother had been in there the month before to have his stamped she said it would be in system it wasn't ! After finding out what Tod meant she was too embarrassed to realize and to tell me I did not need a medallion stamp so she made me out to be the one at fault and again I had to leave my money in Wells Fargo I proceeded to call Wells Fargo stock and they said no you do not need a medallion stamp if it says Tod after the name so I went pulled my money out of Wells Fargo which I did not want an account there to begin with and 7 months later I was able to transfer and did not need to have a medallion stamp after finding out what TV meant she was too embarrassed to realize and to tell me I did not need a medallions **** so she made me out to be the one at fault and again I had to leave my money in Wells Fargo I proceeded to call Wells Fargo stock and they said no you do not need a medallion stamp if it says TOD after the name so I went pulled my money out of Wells Fargo which I did not want an account there to begin with and 7 months later I was able to transfer and did not need to have a medallion stamp and if you do need a medallion stamp definitely do not go to Wells Fargo

Marie | Jan 19, 2019 | Comment #93

If it says Tod u don't need medallion stamp to transfer the stock

Anonymously | Oct 10, 2019 | Comment #101

TOD means "Transfer on Death"

probate1 | Jan 25, 2018 | Comment #85

As Administrator of an estate I went to BOA, where the estate account was held, to get a medallion stamp in mid-2017. I was told they had just recently started providing that service at the branch that I was working through and made an appointment with the authorized person at that branch. When I arrived for the appointment I learned that person had actually never done the medallion stamp before, she had just attended a training. She contacted "corporate" to lead her through it. I provided my letter of administration and other court provided estate documents, ID, and the papers needing the stamp. I was then told that my letter of administration was not acceptable because it's date stamp was more than 6 months old - even though the letter was provided by the court when I was appointed Administrator and does not expire until the estate is closed. Though I believed BOA had some clue-less employees, I got another letter from the court with a more current date stamp. The branch manager then told me that the letter was not acceptable because it did not use the language that BOA wanted to see. Of course I have no input whatsoever on what language the court uses on it's pronouncements! But BOA did not care about that fact. I could not believe it. Incredibly irritating, unprofessional, and a big waste of my time. If BOA didn't know how or didn't want to provide the service, they should have just said so and not have pretended to be a full service bank. While they were at it they could have just admitted that they didn't care about customer service and, as became clear, also didn't know anything about handling estate accounts. Worst bank I've ever dealt with. Go to your credit union for a medallion stamp and don't deal with BOA if you can help it.

Fran | Sep 14, 2018 | Comment #88

can I put a medallion stamp on a power of attorney?

Anon | Jan 9, 2019 | Comment #91

esignatureguarantee.com might help many of you.................good luck!

Marie | Jan 19, 2019 | Comment #92

My father had Tod so I didn't need medallion stamp but wells Fargo made me open account then they opened account without my consent then. Because they lost my brothers copy of death cert I had to have new one sent hat when I found out if it has tod after the name it mean time of death it automatically for a to me so they lied just to have me open account

Andrew S | Jun 18, 2019 | Comment #96

"TOD" is actually the "stock" equivalent for "POD" with a regular bank account. POD means "payable on death". TOD means "transfer on death"

Anonymous #2 | Jan 24, 2019 | Comment #95

Does anyone know where I can get a "One And The Same" form for a Medallion signature guarantee?
My bank is willing to do the guarantee if I can give them the form.
Anonymous #2

frustrated | Aug 5, 2019 | Comment #98

I was looking for a medallion stamp guarantee from Wells Fargo bank to remove my stock from my trust and remove my deceased husband's name from the stock. The bank refused to issue the stamp unless my bank account was in the trust. Even if I moved the account into the trust it had to be there for 6 months before I would be eligible for the stamp. I've had an account there for probably 30 years!! Needless to say, I don't have very nice things to say about Wells Fargo.

Carol | Sep 9, 2019 | Comment #100

I just tried to get a medallion guarantee signature at Chase Bank where I have an account in order to have funds from my late Mother's account. After getting verbal confirmation from the issuing bank that I was indeed a beneficiary, the employee signed 2 of the forms. On the third form that CLEARLY stated this was a non probate case. The employee demanded something in WRITING showing I was a beneficiary(even though I showed them a copy of the will with my name on it) and then proceeded to cross her signature off the 2 forms she had already signed because the executrix of the will would not jump through her hoops.

FCPuck | May 29, 2020 | Comment #107

I am trying to get a medallion cert for replacing lost savings bonds. And Im having a heck of a time finding a bank in my mediocre size town to provide the service for me. Anyone have any suggestions?

111 | May 30, 2020 | Comment #108

Not sure if this helps, but I've done this locally at PNC, and at Chase. I have accounts at both. (I think it's pretty much universal that you have to have an account at the bank where you get a medallion guarantee, but I could be wrong). You may have to try more than one - although PNC did one for me, on a somewhat different matter they could not on a technicality, but Chase did. Neither were concerning savings bonds.

FCPuck | May 30, 2020 | Comment #109

Ok, thanks, I don't have a PNC here and the Chase that is here, the lobby is closed for the virus. So I guess Ill hafta wait for that to open. I don't have accounts at either so it kinda sucks. My credit union doesn't do them.
Thanks 111

Choice | May 30, 2020 | Comment #110

Ask for a waiver and/or ask treasury (by phone) where is there a local FI that provides what they want...If none, ask them why no waiver or alternative (notary or they compare sign which was on last tax return) except to preclude redemption...and then escalate. Remember that everything is negotiable...some harder/easier than others! Good luck!

FCPuck | Jun 1, 2020 | Comment #111

Thats what Im going to do today. Try to call them. In all honesty Im not sure why two witnesses at my credit union and the institutions stamp and information wouldnt suffice for this situation
Thanks. Ill post updates

FCPuck | Jun 3, 2020 | Comment #112

Well heres the response from the Treasury. This is what i was trying to explain to the notary at my credit union. I dont need a “notary”. I just need the action of you, as the institution, verifying who i am. I will print this email out and bring it to them today.

Hello Nick,
A signature certification is only to verify your identity. The certifying officer is not certifying anything regarding the bonds and does not need information regarding the bonds. They only need to verify your identity.

It is possible that if your bank is unwilling to use one type of stamp they may be willing to use a different acceptable stamp.

Your signature(s) must be certified by an authorized certifying officer, available at most financial institutions. An authorized certifying officer is someone who has access to an authorized certification stamp, which includes the bank's signature guarantee stamp, endorsement guaranteed stamp, medallion stamp, corporate seal, or issuing/paying agent validation stamp. The certifying officer must sign and date, include his/her title, and affix the institution's official stamp or seal in the space provided.

If the certifying officer has any questions regarding their responsibility regarding signature certification they should contact the servicing Treasury Retail Securities site at 844-284-2676, and select Menu Option 2, then Option 1, to speak to a customer service representative for assistance.

Our hours are between 7:00 AM and 6:00 PM Eastern Time, Monday through Friday, but the best time to reach us is in the morning when call volumes are lower.

Sincerely,
N.G.
Treasury Services

blazer9 | Jun 3, 2020 | Comment #113

Thank You for sharing this letter from Treasury Services.
I am taking a screen shot for my files.

Choice | Jun 3, 2020 | Comment #114

Don’t know why a notary would not work with some language Treasury would like to see...did Treasury say “no”? From what is copied above...I don’t see what EXACT language Treasury wants before a FI signature. Did you call the 844number for an answer?

FCPuck | Jun 4, 2020 | Comment #116

The Treasury form FS Form 1048 specifically says “Certification by a notary isn’t acceptable”. So my credit union is taking that as they can not do it. I think my credit union is looking at it too deeply. As the Treasury email says, all they need to do is verify that I am who I say I am. And since I have accounts with them, they do in fact know who I am and know my signature. They arent asking for any specific language. Al lthey want is an institution to verify my signature as who I say I am. And what better instiution than the one that has my savings, checking, and past vehicle loans and where I have been a customer for over 20 years to verify who I am. Im going to print out the enail and go today and see what happens

blazer9 | Jun 3, 2020 | Comment #115

As Simple as it seems this source is, it helped find a Medallion Officer for the first FI I entered into it for my area.
Hope it helps you as well

Medallion Signature Guarantee Website

http://www.msglookup.com/search.html

FCPuck | Jun 4, 2020 | Comment #117

The problems is, while there were places that have medallion certifications, the banks that do have it require you to be a customer of that institution. They will not do it for just anyone walking in off the street. The only place here that would do it is Bank of America and i am NOT, nor will I EVER be a customer there. So according to my translation of the Treasury email, its not so much the medallion seal that they need. Its just an authorized person at an established insitution saying yes this guyis the guy the request and he is who he says he is. Least thats my simplistic view of what the email says

Choice | Jun 4, 2020 | Comment #118

Thus, you have an identity crisis...i provided my best recommendation earlier...bot if Treasury pulled a credit report to prove identity and you are using address, etc that is in that report..tell them you’ll indemnify them and ask them to move on!.Good luck

Arbie53 | Nov 20, 2021 | Comment #122

Wells Fargo discontinued the Gold Medallion stamp in Sept 2021. I had one of their stamped documents rejected for authentication by their own corporate office during the transition, thus causing the brokerage transaction I needed as acting Power of Attorney to be rejected. My friend has banked with Wells Fargo close to 40 years. Wells Fargo did not notify their account holders about the discontinuation of this service. Online companies who provide the Medallion do not provide the service to a Power of Attorney, as stated in the small print on their website.

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