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Signature Guarantee?

Discussion in 'Off Topic Threads' started by savageo1, Mar 25, 2012.

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  1. savageo1

    savageo1 Member

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    Anyone familiar with this? My mother recently passed away and left a small life insurance policy for the surviving siblings. I wanted my check direct deposited into my bank account. I recieved my paperwork back and said that I needed a signature guarantee. So I went to my bank and was told by the bank manager that I needed to produce a copy of my mothers death certificate and a copy of the life insurance policy as well as an exact dollar amount. I told him to go pound sand!!! He is not getting any of that to guarantee my signature! Anyone have any similar problems like this? Jimmy
     
  2. hmb

    hmb Well-Known Member

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    Go to your local stock broker. He should be able to handle it for you. HMB
     
  3. mikeinmich

    mikeinmich Member

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    All you need is a Notary Public to verify your signature. My insurance company; State Farm, took care of mine for free...............
     
  4. John Galt

    John Galt TS Member

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    If a signature guarantee from a bank is required, as it is for many mutual funds and other things, then a notarization or guarantee from a stock broker, savings and loan, or Uncle Goober won't do the trick.

    In reality, a "signature guarantee" is far more than it sounds like and exposed the bank to no small amount of liability. It's a pain to produce the documentation needed, but all banks will require it to protect themselves from fraud. I would think that the documents you listed would be very easy for you to come up with. Of course if you don't want the money then telling the bank officer to "pound sand" is the best way to accomplish that.
     
  5. John 53

    John 53 Member

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    What insurance company are you dealing with? Their agent should be able to take care of any claims you have. Yeah, you may have to take the check he delivers to the bank to be deposited, but the agent should handle things for you. You may be creating your own hitch by wanting to have it direct deposited.

    At least that is the way we did it when I sold insurance. Good luck.

    John
     
  6. Fast Oil

    Fast Oil TS Member

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    Medallion Signature Guarantee

    A financial institution provides many services for its customers and members. Some, like IRA (Individual Retirement Plans), 401K plans, and cash management services can also be done by other financial corporations. There are some, though, that are unique to our industry. Medallion signature guarantee is one of them.

    Purpose
    The most common use for the Medallion signature guarantee is for transferring or selling securities. If you hold securities in physical certificate form and want to transfer or sell them, you will need to sign the certificates or securities powers. You'll probably need to get your signature "guaranteed" before a transfer agent will accept the transaction. This process protects the person who owns the stock or certificate by making it harder for someone to forge your signature. Transfer agents insist on signature guarantees because they limit their liability and losses if a signature turns out to be forged. That liability is on the financial institution that accepted the signature and put the Medallion stamp on the certificate.

    There are now more than 7000 financial services companies that participate in the Medallion signature program. These signature guarantee programs are recognized by all major financial services associations throughout the United States and Canada, and are endorsed by the Securities Transfer Association (STA), which represents the major transfer agents in both those countries. An eligible financial services company can be a commercial bank, trust company, security broker or dealer, credit union or a savings association.

    In order to be an eligible guarantor institution that is a participant in a signature guarantee program, the application must be approved by the Securities Exchange Commission (SEC), STA, and STC. This program includes: STAMP (Securities Transfer Agents Medallion Program}; SEMP (Stock Exchanges Medallion Program); or MSP (New York Stock Exchange Medallion Signature Program).

    NOT a Notary Public
    The Medallion Signature Guarantee should not ever be confused with a notary public. The big difference is in the liability. The organization that guarantees the authenticity of the signature is liable for the financial value of the transaction. As this could be certificates worth millions of dollars, the financial institution must be very careful to establish the identity of the person whose signature they are guaranteeing.
     
  7. Seitz Shooter

    Seitz Shooter Member

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    Cy-Kick is correct.

    Went through it when my Mom passed.

    There is no other option.

    Adios, Dirk
     
  8. g7777777

    g7777777 TS Supporters TS Supporters

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    The bank is doing you a favor and you are telling him/them/it to go pound sand?

    Regards from Iowa

    Gene
     
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