Signature Guarantee

As part of a mutual fund transfer, the mutual fund company is requiring a signature guarantee. Notary is not acceptable. Typically one's bank or credit union provides this service. We bank online with USAA and they do not have any local offices. They steered us to the mutual fund company. The mutual fund company is also not local and was no help.

Does anyone know how we can get this done

You need to physically go to one of USAA's offices to obtain a medallion guarantee. Or open an account with a local bank and get it done through them.

Try calling USAA. They may have a solution since this must happen on a regular basis.

If you are a customer of Wells Fargo they will do it for you. I had a mortgage with them, and they did it based on that. If i did not have an account for over 6 months with them, they may not have done it.

BOA wouldn't do it for me, even though i have accounts there for over 10 years.

Thanks all. There are no local offices for USAA. I called them before posting this and they could not help. We are not Wells Fargo customers.

Are you telling me that the only option is to travel up to West Point to the nearest USAA office (a three hour round trip that we'd need to make during weekday banking hours and miss work) or to open a new bank account?

Are there no banks that provide this service without an account? Even for a fee

Your fee might be to open an account at WF or some other local. Beware, though, if you go into WF to get a medallion signature they are going to ask for all kinds of documentation. Better to ask in advance rather than walk out pissed off.

jimmurphy said:
Thanks all. There are no local offices for USAA. I called them before posting this and they could not help. We are not Wells Fargo customers.
Are you telling me that the only option is to travel up to West Point to the nearest USAA office (a three hour round trip that we'd need to make during weekday banking hours and miss work) or to open a new bank account?

Are there no banks that provide this service without an account? Even for a fee

Make sure you bring all the forms of ID they will require, so you don't have to drive it twice. Other banks can't do it for a fee because they don't have your signature on file (for the "signature guarantee").

OK thanks all. Guess it's time for a road trip...

Brokerage firms do as well - but you need to make sure no matter where you go what documentation they require and make an appointment. Very often only one person at a location is authorized to guarantee signatures.

Do you have a scottrade or fidelity account? Don't know if they participate but it may be worth a try...

I needed one a few months ago and I even though I'm a client of both Wells Fargo and Bank of America, neither would do it for me in Maplewood. Wells Fargo gave me the run around and BoA flat out told me the don't do them at that branch.

I was able to get a Medallion guarantee at the Chase bank in Millburn a few years ago, but I was an account holder. Might be worth a call.

OK, what's the cheapest local bank or credit union around to open an account, get a signature guarantee, and promptly close said account?

njguy99 said:
Do you have a scottrade or fidelity account? Don't know if they participate but it may be worth a try...

Neither, only USAA and Vanguard. Thanks though...

sometimes i think they do this to make moving money difficult vs as a security protocol

With a medallion guarantee, the provider of the stamp indicates they know who you are, and in many cases that they have had a business relationship with you for a certain period of time. They guarantee not only your signature, but that you are who you say you are, and ... they accept some level of liability if you are not who you say you are.

If you open an account today with someone, it is unlikely they will provide a medallion guarantee today or tomorrow.

Who do you have relationships with, banks, brokerages, mortgage companies etc. Call them until you find one that will help you. Make sure you have all the paperwork required, if you are missing one thing, they will send you away.

You may be able to argue the requirement, or see if the institution will take something else, I have no experience with that but hey, it might be worth a shot.

If you are headed someplace, do have an appointment, and confirm it on the way if you can. Also I beleive there are different levels of guarantees, dependent on the value of the assets. You need to confirm that the branch can give you the right level and you have the right paperwork.

fall folliage tour?

pcg said:
With a medallion guarantee, the provider of the stamp indicates they know who you are, and in many cases that they have had a business relationship with you for a certain period of time. They guarantee not only your signature, but that you are who you say you are, and ... they accept some level of liability if you are not who you say you are.

The requirement is for a signature guarantee, not a medallion guarantee. Does that change your response?

Not Sure. Computershare, who held certain assets asked for a "medallion signature guarantee". I worked through that issue in the summertime.

Any chance you can avoid this by liquidating the mutual funds and transferring the cash somehow?

No, custodial account and the initial custodian has passed. This is a transfer of custody