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Weirdly, on [0] it says the following: "We do not provide medallion signature guarantees for assets you're transferring out of a Bank of America or Merrill acc
by mizzao 2y ago
Weirdly, on [0] it says the following:
"We do not provide medallion signature guarantees for assets you're transferring out of a Bank of America or Merrill account (guarantees are typically provided by a third party not involved in the transfer or by the firm receiving the assets)."
This seems to differ from the article and seems to be a way to make it harder to withdraw assets (why would a third party provide a medallion to insure someone else's assets?)
- FeepingCreature 2y agoThis is already noted and explained in the article. Search for "totally uninvolved".
- mizzao 2y agoSays "can in principle be totally uninvolved", not "customarily is totally uninvolved. The article seemed to imply that the institution transferring the securities would also be in the best position to vouch for the identity of the owner who it had been the custodian for.
- matthewdgreen 2y agoBut that sending institution may not be incentivized to do so, for the reasons identified earlier in the piece.
- icedchai 2y agoFrom my own experience getting a medallion stamp, the losing institution doesn't want to make it easier for you to transfer out. The paperwork is often annoying enough as it is. Certain things "can't be done" online so you have to send in forms and wait. (Always use registered mail, just in case!) If you put enough blockers in place, the customer may just decide to leave the account where it is.