Posted by LatteLady/NV on 9/1/11 6:35pm
Msg #396032

Medallion stamps

I'm starting my 9th year as a notary. I have never had the need for a medallion stamp until this last month. I've had 3 requests for a medallion stamp in the past 4 weeks, including one today. Funny thing is, I just placed an order the the rubber stamp store for my new notary stamp and I bought a medallion stamp. Bummer thing is, I can't use it until the 22nd of September when it becomes valid.

What are the rules for using medallion stamps? I'm sure it varies from state to state. Is a medallion stamp good on it's own or do you use it along with your ink stamp? I sort of remember something in the notary class about using them. I remember people talking about folding a paper and using the medallion stamp to imprint on half the document and the other half on an acknowledgement?

Is the medallion stamp good for both acknowledements and jurats?

I'd like other people's imput. Not insults because I don't have knowledge about this. Positive reinforcement would be appreciated.

Thanks.

Reply by Sylvia_FL on 9/1/11 6:40pm
Msg #396034

Only a bank employee can use a Medallion stamp. It's for financial institutions.

http://www.bankersonline.com/compliance/guru2004/gurus_cmp080204i.html

Reply by Roger_OH on 9/1/11 6:50pm
Msg #396035

Sylvia's absolutely right - can't use it!!

Medallion stamps are ONLY for use in banks, securities firms, or other financial institutions, used to guarantee payments.

They are NOT for general notary use!!

Hope you can get a refund on the stamp; if not, destroy it completely.

Reply by Linda_H/FL on 9/1/11 6:52pm
Msg #396036

Also see thread beginning with msg #9903

Sorry you wasted your money...surprised anyone is making you a TRUE medallion stamp without some kind of proof of authority..

Reply by Sylvia_FL on 9/1/11 6:53pm
Msg #396037

Do you mean an embosser???

Just re-read your message. Are you sure you don't mean an embosser.
Sometimes notaries will put two pages together and emboss so half the impression is on one page and half on the other.

But they don't usually have dates on them. Just your name and Notary Public etc

Reply by LatteLady/NV on 9/1/11 6:55pm
Msg #396039

Just called the Nevada Secretary of State's office. They informed me that medallion stamps are only used by bankers. So I guess I will be taking my medallion stamp off my order at the rubber stamp company.

Reply by LKT/CA on 9/1/11 7:34pm
Msg #396041

I believe you meant "embosser", not medallian stamp. n/m

Reply by LatteLady/NV on 9/1/11 7:46pm
Msg #396043

Re: I believe you meant "embosser", not medallian stamp.

The customers that have called me today and in the past needed a paper notarized with a medallion stamp. I called my bank and found out that only Branch Managers at a bank can use a medallion stamp. Also, the customer must have an account at that bank. The customer that called me today was in a panic because she does not have a bank account and was looking for a bank that would do this notarization for her, without her being an account holder. I wished her good luck and told her to call bank after bank until she found one.

Reply by SouthernOK on 9/1/11 7:51pm
Msg #396044

That won't happen for her

The Medallion stamp is like a guarantee from the bank on funds/funding.

She won't find a bank that will do it without her being not only an account holder but one in good standing, usually VERY good standing.

This is not something that everyday people have to worry about from my limited understanding. Here's an article to help explain:

Medallion Stamp vs. Notary Public
Answer by John Burnett, BOL Guru
Guru BIOS

Question: Will you explain to me what a Medallion signature guarantee stamp is and how it is different from a notary public?

Answer: 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.

Notaries public are officials of state government who perform certain tasks to facilitate certain types of transactions. Among these is the taking of acknowledgments, which are statements that a person has signed a document as his/her/its free act and deed (not coerced). Part of the process is verifying the identity of the signer.

Many states require that deeds be acknowledged before a notary before they can be recorded. Some require acknowledgments of wills. Notaries public in some states can also administer oaths or affirmations, sign jurats, sign documents at the behest of someone who is unable to do so him- or herself, etc.

Reply by LindaD/NJ on 9/1/11 10:00pm
Msg #396056

I never heard of this before 2 years ago, My Mom was cashing in some stocks and they told her she needed to get them stamped by a "Green Medallion." Okay, I'm thinking is this like a Green super hero, Green goblin kind of person or thing! Never heard of it. I call them and they don't know where to find one. But that is what we need. Husband then tells me I think you might check with the bank, it has something to do with $$ or securities.