How Do You Get a Gold Medallion Stamp?
Most financial institutions do not offer medallion stamps to non-customers; those that do may charge a nominal fee for the service and require current, valid government issued identification as well as documentation such as power of attorney forms, trust agreements or death certificates.
Signature guarantees are similar to notary stamps in that they confirm that people signing legal documents are who they claim they are. Signature guarantees are completed by trained banking and financial institution personnel and provide additional verification that legal documents were signed correctly.
Banks, credit unions and brokerage firms all provide medallion signature guarantees as part of their services to their clients. These guarantees are backed by assets held by each financial institution to help verify who you say you are as well as your ownership of certain types of securities required for certain transfers.
To do so, they will require that you present current, non-expired government identification as well as verify the details of any forms that you are filling out.
Given the risks involved, many institutions limit medallion stamps to people with whom they have an established relationship – this could include deposit accounts, securities trading accounts or banking relationships that span years. Furthermore, some banks only guarantee signatures from authorized signatories on accounts which is typically the case when transferring shares to beneficiaries such as children, charities or even divorce decrees or court-approved domestic relations orders.
If you are dealing with stock exchange transactions, obtaining a medallion signature guarantee may be mandatory. This statutory requirement overseen by the Securities and Exchange Commission prevents unauthorised transfers using special security ink and features the medallion symbol. You can obtain one from numerous banks or financial institutions provided you meet their verification requirements.
The most typical requirement is an in-person visit to the bank in order to confirm your identity, signature and legal capacity to transfer. You should bring photo identification as well as recent statement from your account holding the securities you wish to transfer along with any necessary proof such as death certificate or domestic relations order for transfers resulting from divorce or death.
Keep this in mind: A financial institution has no incentive to extend a medallion signature guarantee if you’re not an existing customer; that exposes them to financial liability that they don’t wish to assume.
Other Financial Institutions
Some institutions require the personal representative or administrator of a probate to secure a gold medallion signature guarantee when dealing with securities and investments, typically banks, investment firms or corporations involved in this field. They need this guarantee in order to verify both signature and identity of those involved with transferring securities and investments.
Financial institutions who provide this form of signature guarantee assume considerable liabilities; as a result, they do not readily offer it; rather they only issue it to those who have been established customers of theirs and must also prepare specific documents that feature a stamp with the name and prefix of the institution on them.
If a bank, credit union or other financial institution refuses to issue a signature guarantee to one of its clients, obtaining one from overseas branches may be possible. There are various websites and directories which list signature guarantor providers; searching “gold medallion signature” often yields results on these sites.
Medallion Signature Guarantees (MSGs) are special stamps that certify that signatures on transfer documents are genuine and authentic. Usually required when transferring physical certificates for stocks and bonds, such as stocks and bonds held as physical certificates by financial institutions that participate in the Medallion Signature Guarantee Program, MSG stamps typically issued from those financial institutions are members.
Banks, credit unions and broker dealers that participate in the program can offer customers medallion signature guarantees at an additional charge. A stamp will be placed on the signature area of a transfer document before being signed by an employee from their bank.
Medallion signature guarantees can only be provided by institutions with whom you already have an account, due to their risky and potentially liable nature. MSG Lookup can provide a list of providers or you can search the Internet for “medallion signature guarantee.” Notaries who specialize in notarization may also provide one – though these typically charge higher fees than regular notaries publics.
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