Medallion Signature Guarantee a Pain!

[gregshuman52]

Does anyone know of a FMO that has the capability to do the medallion signature guarantee in-house? I've had to get the medallion signatures on a couple of transfer forms this year, and it is hard to find a bank in my area that will do it. Is it even possible for the FMO to do that?

My latest medallion signature guarantee request is for a 1035 exchange where I'm moving $37,000 from a FA into a new FIA. Really?

 

[DHK]

The medallion signature guarantee isn't about the amount... but WHAT is being transferred, sold, or liquidated.

Medallion signature guarantee - Wikipedia, the free encyclopedia

Unless your FMO is a B/D... they probably cannot help you do a medallion signature guarantee.

Requesting a medallion signature guarantee to move assets from a FA (Fixed Annuity) to a FIA (Fixed Indexed Annuity) should not have been required... except they wanted the INSTITUTION of the medallion stamp guarantee to take liability for the transfer of assets. I don't see that as having been necessary, so I think someone messed up in requiring that from you.

In my experience, the ONLY time I've ever had to deal with Medallion Signature Guarantees, was in negotiating or transferring stock certificates.

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In fact, the stamp itself says: "Securities Transfer Agents Medallion Program".

 

[scagnt83]

Does anyone know of a FMO that has the capability to do the medallion signature guarantee in-house? I've had to get the medallion signatures on a couple of transfer forms this year, and it is hard to find a bank in my area that will do it. Is it even possible for the FMO to do that?

My latest medallion signature guarantee request is for a 1035 exchange where I'm moving $37,000 from a FA into a new FIA. Really?

This is something that is usually required by the company holding the existing funds. Ally bank required this for their IRA accounts.

I always ask if they will accept a standard notarization instead and I have never been told no yet.

 

[gregshuman52]

Thanks for the info. I agree with what both of you are saying, that's why I question it.

Also, the existing annuity is a non-qualified fixed annuity. The company I'm moving the annuity from is Security Benefit. On their "Outgoing Funds Request" form, it states,"If the transfer amount is over $25,000 obtain a Signature Guarantee". Customer Service told me the same thing.

Has either one of you replaced Security Benefit recently?

Scagnt83 - I will try the notary line on my next case.