Posted by Donna_CA on 10/15/04 6:24pm
Msg #9903

Medallion notary?????

I just received a call from a man who said he was told he needed a medallion notary. He stated it related to documents regarding securities left by his father who passed away that he wants to avoid probate on. I'm a fairly new notary and although I have notarized documents, this is one I'm not familiar with.

Does anyone have any information or experience with this type of notarization and whether it requires any special handling? He's going to call me back on Monday afternoon and I'd appreciate any advice. I searched the messages and couldn't find any matching topics.

Reply by PAW Notary Services on 10/15/04 6:40pm
Msg #9904

Medallion notaries are indeed very special. You will only find them in banks and securities offices since their job is to guarantee the financial security transaction. The signature guarantee program involves securities and securities accounts. Transfers and securities instructions requiring owners' signatures must have those signatures guaranteed by a bank or broker. The guarantee is backed up by an insurance policy. The program protects issuers and others from losses as a result of fraudulent securities transfers. This is not something a normal notary public can or should do.

Reply by Donna_CA on 10/15/04 7:09pm
Msg #9907

Thank you for your prompt response and clear explanation. Now I can advise him where to seek assistance and know for future reference what this involves.

Reply by Bobbi in CT on 10/16/04 10:24am
Msg #9936

Also Medallion Signature Guarantee ...

This can ONLY be done at a "financial institution" where the signer has an existing account and a signature card on file. The insitution is guaranteeing that the signature on the document exactly matches the signature on the Existing signature card on file.

This could be a bank or credit union that the signer uses (checking or saving account where signature card is on file) or investment firm (stock trading, investment, IRA or mutual fund account).
Signer may be able to have guarantee done at any branch, rather than just where original card is on file.

Next time to get a request for one, recommend that the signer also call first to make sure a) it can be done at the branch and b) the person who can do the guarantee is available.

Have this come up all the time in the day job. One good reason to always have a Local bank account.