Medallion Signature Guarantee in NYC?
May 5, 2017 11:42 AM Subscribe
I need to get a Medallion Signature Guarantee in New York City. Everywhere I've found that offers the service provide it only to members of that particular financial institution. Unfortunately, I don't bank at a financial institution with branches in the city, or even in the region.
Alternately, I'll be in Chicago, San Francisco, and Los Angeles in the coming weeks, so if anyone knows of somewhere offering these services to non-members (presumably with a fee) I'd also be open to those locations.
I've seen a lot of people online having a very similar problem, yet I can't really seem to find any sort of solution. Surely I don't have to open an account with Welles Fargo just to get this signature? The notary public services I've found that mention Medallion Signatures specifically note that they do not provide these services. It's the last real thing holding up my dad's estate being closed out, so this is very frustrating.
I've seen a lot of people online having a very similar problem, yet I can't really seem to find any sort of solution. Surely I don't have to open an account with Welles Fargo just to get this signature? The notary public services I've found that mention Medallion Signatures specifically note that they do not provide these services. It's the last real thing holding up my dad's estate being closed out, so this is very frustrating.
The date on this is 2017, so it may be helpful for finding a place.
Skimming through, it's a lot of "current members/account holders only," I saw no walk-ups.
(sorry, I used my local bank when I needed the medallion signature on a ton of stuff.. )
Are you transferring accounts or certificates (held by you or an agent line BNY) ? Those would be one place to start.
If this is settling the estate, are you executing it yourself, or have a lawyer ? (the lawyer should be helping with it if you have one)
posted by k5.user at 12:07 PM on May 5, 2017
Skimming through, it's a lot of "current members/account holders only," I saw no walk-ups.
(sorry, I used my local bank when I needed the medallion signature on a ton of stuff.. )
Are you transferring accounts or certificates (held by you or an agent line BNY) ? Those would be one place to start.
If this is settling the estate, are you executing it yourself, or have a lawyer ? (the lawyer should be helping with it if you have one)
posted by k5.user at 12:07 PM on May 5, 2017
Response by poster: I'm the executor. The estate lawyer is located in my father's hometown which is halfway across the country, and the lawyer simply advised me to locate such a service in NYC. I don't have any pre-established relationships with institutions on which I could lean, such as brokerages. This is all regarding a transfer of common stocks with a company located in Canada.
@k5.user - I used that list originally and called all of the institutions that it said offered services to non-members, but all of them said they did not offer this service at any branch.
posted by gregoryg at 12:20 PM on May 5, 2017
@k5.user - I used that list originally and called all of the institutions that it said offered services to non-members, but all of them said they did not offer this service at any branch.
posted by gregoryg at 12:20 PM on May 5, 2017
When I was looking for a medallion signature service and ran into difficulties, I saw a few online places like https://esignatureguarantee.com/ (they charge $150 and that's less than the other place I saw and can't remember). I ended up opening an account with PNC bank just because they offer Medallion Signatures for customers and got mine that way.
posted by bsdfish at 1:11 PM on May 5, 2017
posted by bsdfish at 1:11 PM on May 5, 2017
Best answer: The Medallion stamp carries a LOT of liability. That is why firms that provide them want you to be a customer, so they know who you are (I work for a broker). If the esignature suggestion the bsdfish provided isn't available to you, you may indeed have to resort to opening an account at a bank. Firms have gotten very careful with those stamps over the past several years. They aren't as easy to get as they once were. The stamp basically means that in the event of some type of fraud, the firm is liable. So you can understand why.
Furthermore, there are I believe, three levels of stamps. Some banks won't stamp for the highest level (of covered dollar transaction) even for a long-time customer. They sometimes will only do the smaller one which covers a 25k transaction. I believe the highest is $500k.
posted by jtexman1 at 4:38 PM on May 5, 2017
Furthermore, there are I believe, three levels of stamps. Some banks won't stamp for the highest level (of covered dollar transaction) even for a long-time customer. They sometimes will only do the smaller one which covers a 25k transaction. I believe the highest is $500k.
posted by jtexman1 at 4:38 PM on May 5, 2017
Best answer: A friend is having this same difficulty getting medallion signature guarantees for estate work. He gave these tips:
* Wells Fargo retail banks have been very helpful. Some branches are fussier than others. Some require that the Estate have a Wells Fargo account for 60+ days. Other branches required only that the executor have a WF account.
* Merrill Lynch and Bank of America do not participate in the Medallion program, so they do not provide the medallion guarantee. Though they do require it for some estate transfers. Thanks BOA! :-(
* Call the institution that requires the signature guarantee. They may allow an alternative. Computershare will allow you to pay $50 for an alternate verification process on smaller accounts. Vanguard allowed voice verification en lieu of medallion, with a 7 day waiting period.
posted by valannc at 2:33 PM on May 6, 2017
* Wells Fargo retail banks have been very helpful. Some branches are fussier than others. Some require that the Estate have a Wells Fargo account for 60+ days. Other branches required only that the executor have a WF account.
* Merrill Lynch and Bank of America do not participate in the Medallion program, so they do not provide the medallion guarantee. Though they do require it for some estate transfers. Thanks BOA! :-(
* Call the institution that requires the signature guarantee. They may allow an alternative. Computershare will allow you to pay $50 for an alternate verification process on smaller accounts. Vanguard allowed voice verification en lieu of medallion, with a 7 day waiting period.
posted by valannc at 2:33 PM on May 6, 2017
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I'm not an expert, but I believe that kind of signature guarantee imposes some liability on the guarantor, so you can see why institutions would be uninterested in doing them for strangers.
posted by praemunire at 11:47 AM on May 5, 2017 [1 favorite]