Medallion signature guarantees are special stamps designed to guarantee that both your name and signature are authentic, often required when transferring securities. As opposed to notary stamps, however, medallion signature guarantees can provide added liability protection in case of forgery by accepting liability should someone attempt to forge it themselves.
Banks, credit unions and brokerage firms all provide this service; typically they require that you become an ongoing customer of theirs.
Bank of America
Bank of America is among the many banks offering medallion stamps, used to verify signatures when transferring securities and investments. This service does not involve notaries but instead provided by specially assigned employees at Bank of America, and is free for customers.
Medallion signature guarantees are required when transferring physical certificates or changing beneficiaries on life insurance policies, or when moving them between brokerage accounts and banks or credit unions.
As medallion signature guarantees expose financial institutions to significant liability, they are typically not issued freely or to everyone. Most often they are only provided to bank customers; some credit unions also provide this service – though for a fee. It is essential that before making deposits you confirm whether your bank offers this option.
Chase
A medallion signature guarantee is an official document that verifies an individual’s identity, signature and legal authority to transfer securities. This service is often required when moving stocks or investments between accounts; or when giving gifts of securities after death of their original owner. To acquire one you will need to visit one of the banks or credit unions participating in medallion programs.
Many banks only provide this service to existing customers as they assume liability if someone else’s signature is used fraudulently. Therefore, your request may be denied or you may need to present additional documentation than is necessary.
Numerous banks in the US offer medallion services, including Bank of America, Fifth Third, Chase, Navy Federal Credit Union, Ameriprise Financial and Edward Jones. Some banks may even stamp documents electronically. Please be aware that most medallion services require in-person visits where current photo identification must be presented for identification purposes.
Wells Fargo
Banks and financial institutions may be asked to offer Medallion Signature Guarantees when clients want to transfer securities. Unlike notary certificates, this type of signature guarantee requires specific documentation verifying a client’s identity and authority for signing documents at your bank; typically this process includes coming directly into the branch office itself.
Medallion signature guarantees can expose banks to significant liabilities and risks, so they should only be issued to clients with longstanding relationships with the bank and provide all of the required paperwork. Furthermore, your bank must also be part of the STAMP program administered by Kemark Financial Services as well as utilize a special document reader in order to verify its stamp.
Wells Fargo customers can take advantage of the Medallion Signature Guarantee service for domestic stock transfers and mutual fund shares. In order to be eligible, they must maintain an open deposit or loan relationship with them as well as providing photo identification documents such as their stock certificate or current statement from brokerage firm or mutual fund company.
Capital One
Verifying signatures is essential when conducting financial transactions, and the Medallion Signature Guarantee service adds another level of protection against forgery and fraud – saving both individuals and businesses significant sums of money in the process.
The Medallion Signature Guarantee is an imprint used to verify the identity of those transferring securities or investments, such as when gifting assets or passing down securities posthumously. Banks, savings and loan associations, credit unions or brokerage firms that participate in an established Signature Guarantee Program issue this Stamp.
For applicants to qualify for a Medallion Signature Guarantee, they must present current, non-expired government ID documents. In addition, copies of trust agreements, power of attorney documents, death certificates or corporate resolutions must also be provided in order to get their stamp from Kemark Financial Services as the STAMP Program administrator – using green high security ink with document reader authentication required to authenticate it.
