What Banks Offer Medallion Signature Guarantees?
Medallion signature guarantees put financial institutions under significant liability, so they cannot issue them to just anyone. They require an established customer relationship as well as documentation to prove ownership of assets being transferred.
Medallion signature guarantees are commonly used to authenticate the transfer of securities; however, they can also be utilized for other purposes.
Wells Fargo
Wells Fargo stands out among banks by offering medallion stamp services. These services allow a bank officer to verify whether the signature on a transfer form is authentic and whether or not its signatory has legal authority to sign it – an essential step when transferring securities or investments.
For a medallion signature guarantee, it is necessary to visit the bank personally and present photo identification as well as proof of your identity such as driver’s license or passport. Furthermore, you should present an up-to-date statement from your brokerage or mutual fund company showing what shares are owned and their current transaction value.
Most financial institutions require you to be an existing customer before they will provide this service, and may charge a fee or limit the value of assets they’ll guarantee due to increased risks associated with Medallion signature guarantees.
HSBC
HSBC Bank USA is an official member of the New York Stock Exchange Medallion Signature Program and can guarantee appropriate endorsements for transactions involving securities, mutual funds, unit investment trusts, bonds and savings bonds, among other assets. They charge a nominal fee for this service but it’s unfortunately unavailable to non-bank customers.
Understand the distinction between a medallion stamp and notary seal is essential. A notary is an official public official while a medallion stamp provides private verification for financial institutions that may be at risk from forgeries of documents. A medallion stamp serves to assure liability should any fraudulent documents arise within their institution.
Banks offering medallion signature guarantees typically require photo identification and proof of legal authority before allowing anyone to transfer securities. They may also ask for copies of share certificates or the latest statement from broker/mutual fund companies showing the value of each security.
Bank of America
When transferring securities or assets, medallion signature guarantees may be necessary. These stamps verify an authorized individual, as well as providing extra liability protection for agents who facilitate transactions. Banks, credit unions and other financial institutions that participate in one of three Medallion signature guarantee programs can provide these certifications.
To obtain a medallion signature from Bank of America, you’ll need to visit one of their branches with all necessary documentation. A bank associate can arrange an appointment and advise which forms and documents will be needed depending on your specific situation. Some branches will process these requests directly while others will refer them for review by an expert.
Banks often only provide medallion signature guarantees to account holders; however, some will provide them to non-customers at an increased fee. If you can’t find any banks offering medallion services near you, search online for other providers who might.
Citibank
Medallion signature guarantees are official stamps that guarantee the legitimacy of financial transactions, making them necessary for anyone wanting to transfer physical certificates of securities. A guarantee ensures that the person signing the transfer is who they claim they are, legally owns their assets being transferred, and legally owns what’s being transferred over. Banks and credit unions typically offer this service, though fees may apply; you will need appropriate documentation such as power of attorney documents or trust agreements to gain this guarantee.
As well as banks, brokerage firms and some trust companies may also provide medallion signature guarantees; however, this service will typically only apply if you hold an account with them; some institutions, like Edward Jones, only provide it after at least six months have passed; they will charge additional fees if a new customer comes onboard.
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