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Posted: 3/11/2023 11:55:47 PM EDT
[#1]
It's an older way from someone to assume liability saying they're verifying you are who you say you are.
It's rarer and rarer now but some institutions are retarded about it. Oh fuck you're in Kansas. What part are you in? |
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Posted: 3/12/2023 12:05:01 AM EDT
[#2]
Those can be a real pain to obtain.
Looks like a few Joplin banks offer medallion signature guarantee. https://www.google.com/search?q=medallion+signature+guarantee+joplin+mo Also, call a few local financial investors. Edward Jones usually has offices in smaller cities. Don't open an account with anyone unless you're certain you can get that medallion signature in that specific office. |
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Posted: 3/12/2023 12:07:43 AM EDT
[#3]
Sounds like a clusterfuck. Good luck.
https://www.investopedia.com/terms/m/medallionsignatureguarantee.asp |
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Posted: 3/12/2023 12:10:16 AM EDT
[#4]
Keep calling and maybe ask to speak to the bank manager or supervisor. The biggest city branch of your bank should be able to do it.
You should Google it some more. Maybe there is a bogleheads thread with location advice. |
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Posted: 3/12/2023 12:12:01 AM EDT
[#5]
Quote HistoryQuoted: It's an older way from someone to assume liability saying they're verifying you are who you say you are. It's rarer and rarer now but some institutions are retarded about it. Oh fuck you're in Kansas. What part are you in? |
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Posted: 3/12/2023 12:16:01 AM EDT
[#6]
Quote HistoryQuoted: Southeast KS, close Ok and MO state lines, near Joplin. Pittsburgh? Is Wichita closer? Lord knows every bank here has a notary. If that doesn’t work out, I have a buddy that’s one. Serious, I’ll help how I can. |
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Posted: 3/12/2023 12:16:30 AM EDT
[#7]
Quote HistoryQuoted: Southeast KS, close Ok and MO state lines, near Joplin. Commerce bank might be able to do it if you have an account with them. |
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Posted: 3/12/2023 12:18:45 AM EDT
[#8]
Have you tried the NWA area? With Walmart’s influence there bringing in business and banks…and a bunch of retirees (aka old dying folks) in the area…I’d think you’d find a bank that could do it.
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Posted: 3/12/2023 12:26:01 AM EDT
[#9]
Any large bank chain should be able to give you the medallion signature guarantee. I have gotten one a Chase.
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Posted: 3/12/2023 12:31:29 AM EDT
[#10]
I had to get a medallion guarantee from my bank when i transferred over one of my pops portfolios. My bank offered it as a free service, but they stopped doing it in 2021. I don't know other than to type it into google and search and make some calls. Sorry I was not of more help to you.
My condolences, and good luck. |
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Posted: 3/12/2023 12:36:45 AM EDT
[#11]
Quoted: My father passes away last month and one of the housekeeping items is giving me grief. His Fidelity life insurance policy requires a medallion signature guarantee on the claim form, a notary is not an option. Getting this authentication is becoming a real problem. You can say I'm definitely in a rural area, none of the banks or credit unions in nearby Joplin,MO offer this service or know where I could get one. My federal credit union was a hard no and my bank seemed to consider but declined, his TOD account transferred to me with nearly $90,000 in it but it wasn't enough to move the needle. My next best case is the Fidelity office in Kansas City about 120 miles away. If they shoot me down I don't know what to do. I am transfer on death for his Fidelity wealth management account and his accounts are being transferred inherited IRA accounts so I will try to get my account manager to intercede for me. His stupid ex-wife is also a beneficiary and has to complete her own forms. I think she will never be able to riddle this one out. Is this requirement common for life insurance policies? My father had cancer and had planned his estate well before his passing but I know this would have totally pissed him off. Sorry to hear it. I don't know of any help beyond maybe checking with a lawyer. |
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Posted: 3/12/2023 12:38:09 AM EDT
[#12]
My father passed away this summer. One of his accounts required a Medallion Signature Guarantee to transfer to me as a beneficiary. I spoke with the representative and said I have asked around, none of my banks that I have accounts with will sign this for a different financial institution. I live in a somewhat rural area and simply could not secure a MSG. After a couple of phone calls the rep talked to her manager and they agreed to accept a notarized stamp from a notary public in place of a MSG in my case.
Good luck to you OP. |
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Posted: 3/12/2023 12:45:47 AM EDT
[#13]
I had the exact same situation as canoer, except I’m in Lexington. Not a tiny city. They were a PITA. Finally after 6 months they transferred the money with a notary stamp. No one would do a Medalian. Why would they..I was sending it to Vanguard and not a bank. They kept saying they wouldn’t take a notary. I got really fed up and sent it on the form they asked for a Medallion signature on. I now have the money. I think they got so tired of dealing with my calls that they just gave up.
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Posted: 3/12/2023 1:08:09 AM EDT
[#14]
You most likely will have to go to a Fidelity office to get the Medallion Guaranty stamp as the institution that stamps the form is taking liability that the information is correct and the money is good.
It is similar to writing a check but in this case if something went wrong the institution that stamped the Medallion Guaranty is on the hook. Which is why companies who arnt a part of the transfer or can’t 100% verify the funds will not stamps the form. I’d go ahead and call the fidelity office up in Kansas City and set up a time to go in. |
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Posted: 3/12/2023 1:11:42 AM EDT
[#15]
IM sent
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Posted: 3/12/2023 1:12:35 AM EDT
[#16]
Here's another thought. Cold call some small firm local estate planning lawyers. Ask them who does MSG locally.
They will know. Then send flowers or something to them. |
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Posted: 3/12/2023 1:14:55 AM EDT
[#17]
Quote HistoryQuoted: Any large bank chain should be able to give you the medallion signature guarantee. I have gotten one a Chase. |
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Posted: 3/12/2023 1:39:00 AM EDT
[#18]
What is sad with this, is the medallion is just a little fancier "stamp" than the notary "stamp".
The medallion stamp has to come from a higher level bank employee.............Big deal.... Good Luck OP. |
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Posted: 3/12/2023 1:48:32 AM EDT
[#19]
I’m in the industry and deal with this constantly. Fidelity can 100% absolutely without a shadow of a doubt take care of this for you. No it’s not something you can stroll into an office and have someone “do” while you wait like a notary. Fidelity will have corporate headquarters do it.
All you need is a standard Fidelity brokerage to deposit it into. Open the account if you don’t already have one. Call Fidelity and tell them you want to deposit the life insurance payment into the brokerage and you’ll send them the the paperwork and it needs a MSG. they’ll take care of you. Once it’s in the brokerage you can transfer to your bank or do whatever you want if you have no interest in investing it there. |
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Posted: 3/12/2023 1:52:20 AM EDT
[#20]
Quote HistoryQuoted: I’m in the industry and deal with this constantly. Fidelity can 100% absolutely without a shadow of a doubt take care of this for you. No it’s not something you can stroll into an office and have someone “do” while you wait like a notary. Fidelity will have corporate headquarters do it. All you need is a standard Fidelity brokerage to deposit it into. Open the account if you don’t already have one. Call Fidelity and tell them you want to deposit the life insurance payment into the brokerage and you’ll send them the the paperwork and it needs a MSG. they’ll take care of you. Once it’s in the brokerage you can transfer to your bank or do whatever you want if you have no interest in investing it there. Fidelity life insurance unfortunately. |
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Posted: 3/12/2023 11:58:03 AM EDT
[#21]
I feel your pain. It is difficult to maneuver some of these obstacles financial companies have placed in the way to transfer a person's holdings after they die. I understand they want to ensure the correct person gets the money, however jumping through this medallion stamp thing is a major inconvenience.
When my Dad died I had to go set up an account at a bank with his name and my name on it to get one. Credit Union that he was at could only do up to $10,000. His stocks were over $10,000 so they could not do it. Apparently thee are several checks from stock dividends that he never cashed so I have redo the process despite the company already having me as the beneficiary. |
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Posted: 3/12/2023 11:59:37 AM EDT
[#22]
MSGs are somewhat common in the financial/brokerage world.
You will have to call around and find an institution (probably a bank) that has someone qualified to do so but they typically require you to have an account with them. I opened an account at Chase just for this reason. In the long run, they were very helpful with a host of other financial transactions (notarizing and faxing forms, death certificates, trust work, etc.) associated with my father’s estate and trusts. |
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Posted: 3/12/2023 12:40:24 PM EDT
[#23]
I dealt with this once when I was a power of attorney for a couple with no kids. Holy shit, what a complete PITA!!!!!
BOA wouldn't do it despite both parties banking there. Ended up getting a friend of a friend at a small bank to help me. Never again!!!!! 
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Posted: 3/12/2023 1:02:03 PM EDT
[#24]
I'm in the securities business and occasionally facilitate medallion signature guarantees for my clients through my broker dealer.
The client signs the form and I sign a signature guarantee form guaranteeing to my BD that the client signed. I then send both to the BD and they do the signature guarantee. I'd think Fidelity, as a BD, would have something similar. |
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Posted: 3/24/2023 7:27:10 PM EDT
[#25]
An update for those holding their breath:
I spoke to my father's Fidelity account manager who's handling the transfer of brokerage and IRA accounts and she set up an appointment at their office in the Kansas City metro area. They were very helpful if slightly clueless on the whole signature thing. For me it was a couple hour drive each way and we had some marginal barbeque at Q39 down the road but this is the only office in KS, it would have sucked to drive four or five hours for the same rubber stamp. I'm still waiting on how they will drag this out next but overall I'm happy with Fidelity. They are handling the transfer of the IRA and trading accounts well and sold me on staying on in their managed accounts for now. I was only passively aware of how they were handling this accounts before his death but I agreed to continue on for the time being to see how it goes. |
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Posted: 3/24/2023 7:29:33 PM EDT
[#26]
Quote HistoryQuoted: An update for those holding their breath: I spoke to my father's Fidelity account manager who's handling the transfer of brokerage and IRA accounts and she set up an appointment at their office in the Kansas City metro area. They were very helpful if slightly clueless on the whole signature thing. For me it was a couple hour drive each way and we had some marginal barbeque at Q39 down the road but this is the only office in KS, it would have sucked to drive four or five hours for the same rubber stamp. I'm still waiting on how they will drag this out next but overall I'm happy with Fidelity. They are handling the transfer of the IRA and trading accounts well and sold me on staying on in their managed accounts for now. I was only passively aware of how they were handling this accounts before his death but I agreed to continue on for the time being to see how it goes. That's awesome brother. Thanks for the update. 
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