How do I obtain a Medallion Signature Guarantee?
A Medallion Signature Guarantee stamp can be obtained at a bank, credit union, broker, or other financial firm. Individuals should contact the bank, credit union, broker, or other financial firm they have an account with and inquire if the institution participates in the Medallion Signature Guarantee program.
What documents are needed for Medallion Signature Guarantee?
Required Documents The documents typically required for a signature guarantee include two forms of identification, one of which must be a photo ID; proof of ownership of the shares you’re selling, such as a recent account statement from your broker; and a document showing the current value of the shares.
Do banks charge for Medallion Signature Guarantee?
Typically, the fee you will pay for a Medallion Signature Guarantee is about $50 for a $100,000 guarantee from a credit union, $75 from a bank, and the cost roughly doubles from there–i.e. if you are transferring $200,000 in stocks, bonds, or other securities, you should expect the Medallion Signature Guarantee to cost …
Why would you need a medallion signature guarantee?
A Medallion Signature Guarantee helps protect people involved in paper-based stock transactions from fraud. A medallion signature guarantee is an important part of buying or selling stocks or bonds if you hold physical certificates instead of keeping them at your broker in street name.
Why is it so hard to get a Medallion Signature Guarantee?
Even physically holding the actual medallion stamp at bank locations is risky. The actual medallion stamp is unique to each institution and uses a special green ink that is difficult to replicate. The guarantee limit of the medallion program participant is shown by a code letter on the stamp.
How much does a medallion guarantee stamp cost?
In conclusion, most banks will offer the Medallion signature stamp for free to their customers, but in the case they do charge, the fees we researched often range anywhere from $10 to $55 per guarantee. First National Bank, for example, charges $40 for each guarantee and is only available to customers of the bank.
What are the requirements for a medallion stamp?
Medallion Stamp Requirements. There must be an ongoing relationship between the member and Magnify Credit Union in order to perform a signature guarantee. Accounts must be in good standing. Most recent statement to verify the balance amounts and account numbers related to the trade or instruction letter.
How do you become a medallion signature guarantee?
To obtain Medallion signature guarantee, become a client of a financial institution that subscribes to one of the Medallion signature guarantee programs, and then request for the guarantee from the institution, according to Investopedia .
Where to obtain a medallion signature guarantee?
To find out more about procuring a Medallion Signature Guarantee or any other type of services, including mobile notary services, contact Superior Notary Services at 877-507-4600, or stop by our offices located at 3990 Lakeway Drive, Suite 109 in St. Paul.