My mom recently passed away, leaving me some MetLife shares. I need to obtain a Medallion Signature Guarantee in order to sell them. However, the Bank of America wants me to open an account to get this signature. I don't understand why I have to open a new account in order to have a document stamped with this signature. Is this the usual practice of banks in general? I already have a bank account with MCU. However, they don't participate in the Medallion Signature Guarantee. I am unemployed at this time, and I cannot open a new bank account. Do you know of a bank that doesn't require me to open an account to obtain this signature?
We don't maintain a list of participating banks. We believe that most banks and some credit unions participate, but the only way to be sure is to contact the institution.
When you find a bank that does offer the service, ask if account ownership is required. When a bank signs a Medallion guarantee, it assumes a liability for the signature it verifies. It's reasonable, we think, to require either a customer relationship or a fee.
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