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I had to get a medallion stamp to do an ACATS transfer from broker A to B. I chose to get it at bank C, where I had my checking account, which also happened to
by icedchai 2y ago
I had to get a medallion stamp to do an ACATS transfer from broker A to B. I chose to get it at bank C, where I had my checking account, which also happened to own broker D.
Of course, the medallions were handled by a sales guy (sorry, financial advisor) working for broker D who then spent an hour trying to convince me I should move my account to them instead. Eventually he finally gave in and sent off the paperwork.
It's annoying the hoops you have to go through to get control of your own money.
- CaliforniaKarl 2y agoReminds me of when I wanted to close my Bank of America account: I didn't know that you needed to make an appointment for that. But indeed, it's my money, I had all the ID-verification paperwork needed, and I was stubborn enough to agree to wait for a clerk to become available. For what it's worth, you may wish to consider a credit union, as it's less likely that a credit union would also own a brokerage.