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Rick
09-30-2014, 03:03 PM
Anybody read Catch 22?
My father had some stock, which we never found the stock certificates for when he died. The company that issued the stock has been less than no help, so we have hired a recovery company to assist in the recovery so we can sell the stock and move on.
They have sent a packet of paperwork that requires several notarized signatures, plus a Medallion Guaranteed Signature.
Reading on the net, I am told that banks and stockbrokers do this service. I went to my bank (Bank of America) and was told no they no longer do this. I don't have a stock broker, but my boss called his stock broker, and was told that they can only do it for clients.
Great I can't get the stock unless I have a stock broker, and I don't have a stockbroker because I don't own stock. Yossarian would love this.
Where in the hell can I get a Medallion Guaranteed Signature?

dolphinboy
09-30-2014, 03:15 PM
What do you mean you don't have a stockbroker because you don't own stock? If you tell a brokerage agency that you are in the process of acquiring stock and plan to sell it as soon as you get it they should be willing to open an account for you. It may cost you $100, but that may be your only option unless you can find a bank willing to do it for you.

spifflog
09-30-2014, 03:20 PM
I got mine recently from my credit union. Easy Peasy.

LSLGuy
09-30-2014, 03:50 PM
Be advised there are at least 2 different kinds of Medallion signature guarantees.

My broker wanted some transfer form signed that way. My bank did the sig guarantee for me. The broker rejected the form because the medallion guarantee stamp was done with the wrong color of special ink. Of course they couldn't / wouldn't tell me what the right color was.

How very 1910's. I'm surprised they didn't object to my choice of sealing wax.

In any case, make darn sure you know exactly what the brokerage wants so you get it right the first time.

bizerta
09-30-2014, 04:16 PM
... I went to my bank (Bank of America) and was told no they no longer do this. ... Hogwash. BofA is a major bank. They guaranteed my signature about 8 months ago. Only two persons at my branch had the authority to do so. You may have to drive to another branch if your branch is small.

Rick
09-30-2014, 04:59 PM
Hogwash. BofA is a major bank. They guaranteed my signature about 8 months ago. Only two persons at my branch had the authority to do so. You may have to drive to another branch if your branch is small.


FWIW I called a second (larger) branch got the same answer, and was told they discontinued this service about 3 months ago.

Measure for Measure
09-30-2014, 06:36 PM
Did you make it clear to BofA that you are a BofA customer? Because they used to provide this service to non-customers, after some paperwork, which was unusual. Also, I would try a third branch, ask for documentation that they don't provide service, speak to manager, ask them what you should do, etc. Squeeky wheel time.

I'd also consider changing banks if they are serious.

ALOHA HATER
09-30-2014, 08:52 PM
One option is to open an account at a bank that does medallions. Might even end up costing $0 to do this way.

Jonathan Chance
09-30-2014, 10:28 PM
FWIW I called a second (larger) branch got the same answer, and was told they discontinued this service about 3 months ago.

Most branches of my employer have a medallion certified notary. My assistant certainly is. I'll be glad to help if I can.

grude
09-30-2014, 10:35 PM
Is the stock even worth it?

Rick
10-01-2014, 12:14 AM
The value is in the thousands. So yes I consider it worth it.

grude
10-01-2014, 12:29 AM
Ah ok, NM then :)

Jas09
10-01-2014, 09:53 AM
Did you make it clear to BofA that you are a BofA customer? Because they used to provide this service to non-customers, after some paperwork, which was unusual. Also, I would try a third branch, ask for documentation that they don't provide service, speak to manager, ask them what you should do, etc. Squeeky wheel time.

I'd also consider changing banks if they are serious.I can confirm that BoA no longer does this for banking customers, as I attempted it a week or two ago. They now claim they only do it for Merrill customers (the investment arm). Which is obviously quite ridiculous, and self-defeating since this types of in-person service are basically the only reason to use a brick-and-mortar bank any more.

What I did was go to my local credit union where my mother was a member. They were happy to do it if I either (a) opened an account with a nominal initial deposit or (b) added my name as a secondary on my mom's account. Since (b) was a good idea anyway for other reasons, we went with that option.

Considering the relative level of service of the two institutions I am in the process of moving my business at this time.

To add to the Catch-22 comment from the OP, I was moving money from one brokerage house to another, and the current holder required the guarantee. However, they wouldn't provide it at their local branches. Hogwash squared, and only served to confirm my resolve to remove my assets from their clutches.

As to the colors, there are actually a number of them and how high an institution is willing to go varies. I think the first cutoff is $50k.

manson1972
10-01-2014, 04:07 PM
I needed to update my address on a 529 college account, and they wouldn't let me do it without a Medallion Signature Guarantee.

I can also confirm that Bank of America wouldn't do it anymore, but luckily my credit union had the stamp.

Measure for Measure
10-01-2014, 04:30 PM
I can confirm that BoA no longer does this for banking customers, as I attempted it a week or two ago. They now claim they only do it for Merrill customers (the investment arm). Which is obviously quite ridiculous, and self-defeating since this types of in-person service are basically the only reason to use a brick-and-mortar bank any more. Thanks. Maybe they are trying to drum up business for their Merrill unit. If so, wise investors will consider fees and consider visiting Charles Schwab, which has a number of offices around the country. Also credit unions, though the ATM access/network is an issue.

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