Posted by Sylvia_FL on 3/10/10 8:45am
Msg #326204

Bank notaries

Yesterday I had a frustating couple of hours!
To go back a little bit, I had some savings bonds stolen. I filled out the form for the US Treasury to replace them. I took it to my local bank to get the medallion notary to notarize it for me.
I sent it in to the US Treasury. They sent another form for my husband to fill out - saying he never had possession of the bonds etc and he had to have his signature certified.
So, he fills out the form and takes it to the bank to sign it in front of the notary. Notary tells him that as I am the owner of the bonds I needed to be there as well - which I didn't understand as Bruce is the only one on the form and he is the one filling it out and signing it.
However, yesterday, I accompanied Bruce to the bank. Notary asks to see our ID's. We hand them over. Then he looks at the form and asks me where is the authorization for Bruce to be on the bonds. (HUH???) I explain to him that the US Treasury want Bruce to fill out the form, sign it and have his signature certified. I even handed him the letter that came with the form.
He then tells me we only need a regular notary, I tell him we need a medallion notary and he needs to use his medallion notary stamp. So, then, he proceeds to look over the form again and the letter. He then tells me I need to sign the form too. I tell him only Bruce has to sign the form. If I signed it I was swearing I never had possession of the bonds. We went "round and round" on this. Finally I just went ahead and signed it, and he used his medallion stamp to certify both our signatures. Now he never administered the oath, which was required for this form. He omitted filling out the venue (in this case, city and state), and he didn't print his name under his signature.
I called the Treasury dept this morning and they are sending out another form so I can get it redone at a different branch.
After we left the bank we stopped at the jewelry store to pick up a couple of pieces I had appraised. Decided to pay the appraisal fee with my Wells Fargo credit card instead of my bank debit card. Assistant ran the card through and said she was sorry but my card was declined. I said "That's impossible". I know I am nowhere near my credit limit especially as they just raised my limit. So, I used my bank debit card.
I got home and called Wells Fargo. They had declined my card as I hadn't activated my new card. I asked "what new card?" - they mailed me a new card out on Monday and it hasn't been activated. Of course it hadn't as I haven't received it yet. Guy was apologetic and said he would reactivate the card I had. Why they would deactivate a current card before a new card is received is beyond me. I didn't even know I was getting a new card. But because I had requested Bruce be added to my card as a joint cardholder they decided to issue us both cards with the same expiration date. (the one I have doesn't expire until 2011)

Reply by Linda Juenger on 3/10/10 8:50am
Msg #326205

As my hubby says, 'You just can't fix stupid".

Hope you relaxed last night with a glass of wine.

Reply by Sylvia_FL on 3/10/10 8:56am
Msg #326207

"Hope you relaxed last night with a glass of wine"

Certainly not! I had two!!!

Reply by PAW on 3/10/10 9:27am
Msg #326215

And I'm sure a bit stronger than wine!

Reply by Notarysigner on 3/10/10 9:12am
Msg #326210

Every once in a while we all have "one" of those days, sorry it was your turn. It's just a test, that's all. I have learned to recognize when that's about to happen to me. When it does, I turn around and go back home and start all over again. Glad you made it through it!

Reply by Robert/FL on 3/10/10 9:22am
Msg #326212

If all you were getting was the medallion signature guarantee (NOT called a "medallion notary", then the person didn't need to administer an oath, and in fact has no authority to administer an oath. The medallion stamp only certifies the authenticity of the signature. The only thing they have the right to ask is the nature of the security and its value; their stamp is proof itself of the entire act unlike a notary stamp which requires a certificate to mean anything.

Reply by PAW on 3/10/10 9:36am
Msg #326217

They most certainly are called "Medallion Notaries" even though the title is a misnomer. I encourage you to read up on what a Medallion Signature Guarantee entails, starting with information provided by Bankers Online.
http://www.pawnotary.com/documents/Medallion%20Signature%20Guarantee.pdf

You are correct in that the Medallion Notary is not authorized to administer the oath, however, that does not preclude from a person signing under oath if the oath is clearly and precisely printed on the document. (I don't have the case handy, but I'm sure you can research it and find it.)

Reply by Robert/FL on 3/10/10 9:44am
Msg #326219

They may be called "Medallion Notaries" by members of the public but that title is certainly not government-authorized and not an official title.

Reply by PAW on 3/10/10 9:55am
Msg #326222

They are called Medallion Notaries by the security firms, banks and STAMP and Kemark, the authorizing agencies. They can call them anything they want. Since the program is not a government program, they don't have a governmental official title, but they do have an official title non-the-less within the boundaries of the program. The program is required under SEC Rule 17Ad-15.

Reply by Sylvia_FL on 3/10/10 10:00am
Msg #326224

I know the Treasury Dept calls them Medallion Notaries.

Reply by MonicaFL on 3/10/10 9:38am
Msg #326218

I had a similar experience with a notary at my bank. My brother died and I needed an affidavit for something and needed a witness so I took my brother-in-law with me to the bank. I told the lady that I needed something notarized and she said, okay, I can do that. Well, the venue on the form was WRONG - it read Broward County - I am in Sumter County. I told her she needed to change that and initial it and she said, no, I can't do that. I asked her why not and she said - I just can't. I then asked her about notary training and she said, oh the bank gets us all notary commissions and our seals. (No mention of training). I then proceeded to tell her that I too was a notary and have been for over 30 years and this is the proper way to do that. And, if she couldn't abide by the law then she had no business being a notary. She then did everything I asked her to do (including printing her name under her signature) - but didn't want to do it. What a crock! These banks don't have a clue as to what a notary's duties and responsibilities are.

Reply by cawest/PA on 3/10/10 10:01am
Msg #326226

Re: would be interesting

to see them going out on signings ... wonder how many times they would have to go back to the borrower to correct a doc

Reply by Linda_H/FL on 3/10/10 10:05am
Msg #326230

Re: would be interesting

Most of them don't do notary work outside the bank...in fact, most don't notarize within the bank for non-customers (which is why the local banks have my business cards....) Some aren't *allowed* to notarize anything that's not generated by their particular bank (a/k/a employer)

Reply by DD/OR on 3/10/10 10:56am
Msg #326250

Was the bank in the venue stated on the document? As you know, the bank notary has to be in the venue as stated on the document or else must change it.

Reply by Linda_H/FL on 3/10/10 11:00am
Msg #326253

Umm...what DD? n/m

Reply by JulieD/KS on 3/10/10 10:43am
Msg #326246

I had a similar experience at my bank recently. Not with a medallion guarantee...just a regular notarization. He didn't change the venue and didn't SIGN it!
I am accustomed to "counting off" the items on a notarization to verify I'm not left anything out (1. Venue, 2. Date 3. Person's name being notarized 4. my signature 5. my name printed below my signature 6. notary stamp 7. exp. date)
That's how I keep from sending back incomplete notarizations when I am in the middle of a big loan package.
So...I counted off his notarization and he left out 2 items. So...I told him that I'm a notary, too, and that he needs to complete the notarization.
KS notaries are not required to have any education or display competancy or knowledge of notarial law before becoming a notary.
I'm considering petitioning the SOS to require education and testing of notaries.

Reply by Charles_Ca on 3/10/10 12:28pm
Msg #326279

Re: Bank notaries~It's a Brave New World out there n/m