I know that these signature guarantees are NOT done by a Notary. But does one have to work at a financial institution to be a certified Medallion signature? Is it even a thing?
If you have someone looking for a Medallion signature they need to go to their bank. Have them check the banks website first as they will probably need to make an appointment for this service and it might not be at their local office.
I am glad you asked isgllc4 as I have heard the term but forgot what it was all about. Thank you to rwp987654321 for his response.
Banks, credit unions, broker-dealers, and other financial firms that are members of a medallion program can provide one. A bank officer stamps it on the transfer form near the owner’s signature and signs his or her own name over the stamp.
Yes, these are done by bank officials only, they are not notarial acts. The purpose of the Medallion Certification is the bank certifies the signature of the account holder and assumes responsibility if that signature leads to fraud/forgery loss to the institution requiring the Medallion Certification.
I guess I wasn’t clear. I know what one is. Can anybody be one or does one have to be an employee of a financial institution?
You have to be a high officer of the bank or investment company with ( If my memory serves me correct) with a securities license and a high Bond liming and high E and O limit.
Not only do you need to be an employee of a financial institution, you must be an officer (typically AVP or above). Most banks limit the number of employees who can do a medallion to 1 or 2 per branch and in smaller cities, some banks require their customers to go to a specific branch to get a medallion.
At my Chase branch, the Assistant Vice President (which really isn’t that high of a position) can do the Medallion.
I ran a Compliance department at Bank of America and the officer needed to be at least an AVP, which is typically the second highest position in a large bank branch.
Well that goes to prove that every bank is different I guess. In the one where I worked that was the standard
That is correct. Usually any of the Branch Managers are/have the Medallion Stamp.
I was a branch Manager and did not have one… so I guess it would be bank specific