HSBC Medallion Stamp
Medallion stamps are provided by financial institutions to authenticate transfers, sales or assignments of securities. They serve as proof that you own these assets legally before being sent out for transfer or sale.
Due to liability concerns, most banks only offer this service if you’re an existing customer; some do offer it to non-customers at a fee.
Wells Fargo
Medallion guarantees are an essential tool used to verify signatures when dealing with securities transactions. They require that you present documentation such as your government-issued identification card and financial institution letter as proof of ownership or entitlement of securities being bought/sold; in addition, the document must be signed by you in person – similar to how notaries public certify documents.
You may obtain a medallion signature guarantee from any bank or savings and loan participating in the Medallion program, such as commercial banks, credit unions, savings and loans or U.S. brokerages. In order to do so, photo identification will be necessary as well as proof that the securities being transferred belong to you.
Call ahead and determine if the institution can offer medallion signature guarantees for the value you intend to purchase, their minimum value limit for stamping and whether existing customers qualify as well as any fees that might apply – most financial institutions charge fees for this service.
HSBC
HSBC is an international banking and financial services company established in Hong Kong and China in 1865 to facilitate trade. Today it is one of the world’s premier banks with worldwide operations that include investment banking, retail banking and commercial banking as well as asset management – its headquarters are in London.
A medallion stamp is a special imprint designed to verify a signer’s identity, signature, and legal authority to transfer securities. It features a barcode printed in green high security ink that can only be read by specialized scanners; furthermore it guarantees membership in the Medallion Signature Guarantee program and ensures they maintain an account at a participating bank.
Stamps expose banks to substantial risks and liabilities, so they do not hand them out easily or to just anyone; typically only bank customers pay a nominal fee for stamps. A reader recently complained in an online forum that his local branches of Wells Fargo, Citibank and HSBC refused to issue him medallion stamps even though these banks were his preferred banks of choice.
Bank of America
Medallion stamps are special imprints that verify the signatures of those transferring securities or investments, typically through banks, credit unions, and brokerage firms. Since this process may require much more effort than a simple notarization would allow, it’s wise to check with each institution beforehand to see if they provide signature guarantees.
Financial institutions offering medallion signature guarantees must belong to one of three recognized Medallion Signature Guarantee programs, such as commercial banks, savings and loan associations, credit unions or broker-dealers. Furthermore, they must be able to verify the identity of their signatories – for this to occur successfully an individual must present at a bank or financial institution with current government identification documentation in order to receive one of these guarantees.
Note that signature guarantees can carry considerable liability. Therefore, many firms are wary about providing them; therefore, it’s wise to research each firm carefully before asking for one.
Citibank
A medallion stamp is a green high-security document that verifies and guarantees signatures when transferring securities or investments, and ensures the institution which affixes it will accept liability in case of forgery. You can obtain this stamp from many institutions such as commercial banks, savings banks, credit unions and broker dealers that participate in one of three medallion guarantee programs; each institution may offer certain guarantees up to certain values so please check before requesting one.
Notary services also provide medallion signature guarantees; they may charge a fee that covers paperwork and agent time. Notary stamps can be used by lawyers, accountants, town or county clerks and parcel shipping stores alike.
Financial institutions rarely extend medallion signature guarantees to people who aren’t existing customers, though there may be exceptions, such as when acting on behalf of someone deceased or incapacitated; in these instances, you must present documentation such as power of attorney documents, trust agreements, death certificates and letters of office as proof.
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