What You Should Know About Medallion Signature Guarantees
The Medallion Signature Guarantee is required any time a sale or change of ownership of a security occurs, whether through the issuing entity, mutual fund, securities broker or transfer agent. This special guarantee protects against securities being transferred fraudulently.
Important - a Medallion Signature Guarantee is available ONLY when a sale or ownership change of a security is involved. It does not apply to address changes, account number changes, and similar events that do not result in a sale or ownership change of a security.
Financial institutions that offer Medallion Signature Guarantees are providing a valuable service designed to protect members who are transferring securities. Unlike traditional Notary Public services, the Medallion Signature Guarantee is backed by both financial and insurance requirements.
First Heritage FCU Medallion Signature Guarantee Guidelines:
- Medallion Guarantees are performed for First Heritage FCU accountholders only. There will be no charge for providing this service to our members.
- Your proof that you are the appropriate person to sign in a capacity other than the owner (Power of Attorney, Trustee, Executor, etc.). Proof may include Power of Attorney documents, Marriage Certificate, Trust Documents, Death Certificate, Letters of Office, and Corporate Resolutions.
- The member must bring a valid, unexpired, form of identification with them when they come to have their signature guaranteed. This form of identification should preferably have a picture.
- If the document requires more than one signature all parties should come in together and all must have the required forms of identification.
- Medallion Guarantees at First Heritage FCU may only be provided for securities with a total value of $100,000 or less. Your most recent account statement (no more than 6 months old) showing ownership, account number, and value of the security.
- The member must bring the unsigned document that they wish to have signature guaranteed with them and sign it in the presence of the officer applying the medallion.
Check to see that there is a blank box in proximity to the signature(s) area designated for the Signature Guarantee. When a separate box is not provided, proof of authenticity may be affected and your document(s) could be rejected by the financial institution that requires the Medallion imprint.
Under the Medallion Signature Guarantee program, First Heritage may retain copies or documentation of all documents and forms examined and signed. First Heritage may ask for other documentation in addition to what is listed above, or consult with legal counsel if necessary.
First Heritage FCU may also decline to provide a Signature Guarantee if documentation and/or forms provided are insufficient to determine the appropriate person to sign.
We offer this service at 3 of our locations:
- Painted Post, NY
- Wellsboro, PA
- Elmira Heights, NY
Please contact us at 800-833-3338 if you have any questions concerning the program or to schedule an appointment.