What Banks Offer Medallion Stamps?
Medallion stamps provide financial institutions with assurance that your signature on a securities certificate is genuine, verifying both that it belongs to you and that they own the shares being transferred.
Most financial institutions provide this service at no or a nominal fee for existing customers, usually as part of a Medallion program that assumes liability in case of forgery.
Notary stamps don’t need to be verified and authenticated by banks like medallion signature guarantees; instead, these require bank verification of identity as well as proof that assets you want to transfer legally belong to you – therefore making them perfect for securities and investments transfers. If you require such an assurance for any reason, check your local branch office; some banks only offer this service at certain locations with specific limit values attached to each medallion signature guarantee they offer.
Banks, credit unions, and other financial institutions that participate in one of three select medallion programs can issue you a medallion signature guarantee – required before selling or transferring financial assets – which covers up to the associated coverage limit in case of fraud. A small fee covers administrative costs as well as officer time when issuing such an assurance.
HSBC boasts a global presence and is one of the world’s largest banks, having first been founded in Hong Kong with branches spanning Europe, Asia and North America. They also are active participants in international trade activities.
Medallion Stamp ensures an individual is legitimate and the owner of securities or investments being transferred, providing investors with peace of mind when transferring assets for various reasons – transferring 401(k) after changing jobs, gifting securities to someone close, or passing ownership after death of an original owner. This service can help make asset transfers smoother.
Financial institutions that offer medallion stamps include banks, credit unions and brokerage firms; however it should be noted that they will only offer guarantees if the individual holds an account with them or meets certain requirements. Each medallion stamp also comes equipped with its own coded prefix that indicates how much monetary value it can be insured against.
Bank of America
Bank of America customers can take advantage of medallion signature guarantees when making transactions involving securities or investments. This special stamp verifies identity when transferring securities or investments; notarization certifies identity for document execution only. Medallion signature guarantees are typically provided by banks, credit unions, and brokers and often required when selling or transferring shares held physically in certificate form.
Financial institutions tend to avoid providing medallion signature guarantees for anyone off the street due to potential liabilities; instead they usually only provide this service at an additional fee to existing customers.
If your financial institution provides on-site medallion specialist, your document(s) can usually be stamped within one hour. Otherwise, they must be sent off for review – which typically lasts five days. Check ahead with each branch to verify the process and availability.
A medallion signature guarantee differs from notary stamps in that it verifies the identity of those signing documents containing securities or financial instruments owned by that individual. Only institutions belonging to recognized medallion signature guarantee programs can issue medallion stamps, such as banks, credit unions or brokerage firms.
Typically, stamps in bright green color verify the identity of those signing and ensures that assets being transferred belong to those signing as well as that the institution assumes liability in case of forgery.
Chase offers medallion stamp services free of charge to its account holders at select branches with Private Client banking services. To schedule an appointment or find out more, call the branch directly or visit their website; alternatively you could reach out to other banks or credit unions and inquire whether they provide this service as well.