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Securities Transfer Agents Medallion Program.

In addition to meeting certain requirements and being bonded, these institutions must be part of one of three Medallion guarantee programs: If a bank is hit with a lawsuit because a transaction is found to be fraudulent, the signature guarantor becomes responsible.Īs you can see this signature Guarantee is serious business, so only a few institutions such as credit unions or banks, transfer agents, or broker-dealers offer the Medallion Signature Guarantee service. This surety bond coverage is insurance in case a signature and related transaction is found to be fraudulent. The institution must also have STAMP Medallion imprinting equipment and get surety bond coverage. This rule says that eligible signature guarantors (most likely, your bank or stock transfer agent) must meet certain Securities Transfer Agents Medallion Program (STAMP) qualifications including submission of a STAMP surety bond as required by the Securities Transfer Association.īecause Medallion guarantors are financially responsible for fraudulent signatures, only entities authorized by the Securities Transfer Association may provide this service. Medallion Signature Guarantees can only be provided by institutions authorized by SEC Rule 17-Ad15.

Providers of Medallion Signature Guarantees

The guarantor institution will be responsible should a signature turn out to be fraudulent.

You have ownership rights to the asset you wish to transfer or sell.

In a nutshell, this signature guarantee verifies: In order to prevent fraud or unauthorized transfer of something as valuable as a security, a guaranteed, verifiable signature must be provided to authorize the transaction. If you are in the position where you want to transfer your ownership of a security to another party, you'll have to verify the transaction with a signature. The most well-known examples of securities include stocks, bonds, mutual funds, and some annuities. When It is RequiredĪ medallion signature Guarantee is normally used to authenticate the transfer, sale assignment or redemption of securities.

There are only a few types institutions that are authorized to provide this type of highly specialized service. If you try to get a document or transaction validated via notary when you really require a Medallion Signature Guarantee, you will find that the transaction cannot be completed or could be deemed invalid.Ī Medallion Signature Guarantee is really only required under specific circumstances. Physically, it looks like an imprint (stamp) with barcodes surrounding a signature printed in green, high-security ink that can only be verified by STAMP2000 Medallion scanners.

#Chase bank near me how to#

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