I read an earlier message where someone could not get a medallion stamp guarantee to transfer stock from a deceased parent. The bank wanted him to open an account. The answer was that bankers understand why a bank would require a relationship. I agree, but Chase, with whom I have had a mortgage in the past and with whom I currently have my savings account and checking account, also require a new trust account, for which I do not see the need. If they have been cashing my checks for years with my signature on them, why would they now say they cannot guarantee my signature?
Stock transactions follow different rules and requirements. The bank is allowed to make the rules they need, to operate as they see fit. You can appeal to a higher officer at the bank, or vote with your wallet and move accounts. Fewer banks are doing signature guarantees and Medallion Stamps because of the work and liability.
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Stock transactions follow different rules and requirements. The bank is allowed to make the rules they need, to operate as they see fit. You can appeal to a higher officer at the bank, or vote with your wallet and move accounts. Fewer banks are doing signature guarantees and Medallion Stamps because of the work and liability.
