What is a Medallion Signature Guarantee?
The Medallion Signature Guarantee is used for selling, redeeming or transferring securities, such as stocks or mutual funds. The transfer agent requires the signature of the owner(s) of the securities to be “guaranteed” by a financial institution before they will act upon the transaction request. The Medallion Signature Guarantee procedure is more complex than a notarized signature procedure.
Since Advantage One Credit Union accepts liability for any forgery, we are required to verify more information than is needed for a signature to be notarized.
Why do I need Medallion Signature Guarantees?
One of the main purposes of the Signature Guarantee is to protect the securities owner by preventing fraudulent transfers. When Advantage One Credit Union processes a Signature Guarantee, we are not only verifying that your signature is genuine, but that you are the appropriate person to sign the request, and that you are acting within your legal capacity to sign the transaction request form.
What do I need to bring to the credit union?
In order to expedite the Medallion Signature Guarantee process, please bring the following:
- Two forms of identification, one must be a valid photo identification such as a drivers license or state issued ID card
- A document proving your ownership of the security you wish to sell, redeem, or transfer, such as a recent account statement
- Verification of the approximate value of the securities involved In special cases, we may need other documents that demonstrate your legal capacity to act on the account (for example a will, power of attorney documents, trust documents, death certificate, small estate affidavit, etc.)
- All joint owners of the security, as they will also need to sign. The joint owners will also need to present two forms of identification.