Post by mainelyfoolish on Oct 14, 2013 15:10:40 GMT -5
I bank with USAA and I had to open an account at a local bank and then wait 60 days to get a medallion guarantee stamp. I keep the account active with small deposits (usually rebate checks) and occasional withdrawals because it is handy to have a place to go for a notary or a medallion guarantee, if I should ever need one again.
It is difficult to get a bank to do one if you don't have an account there. I had to get one also but the attorney working with my parents trust was able to get a bank to do it because she does work for them.
Post by MixedBerryJam on Oct 14, 2013 17:12:36 GMT -5
I recall getting one at a bank I did not have an account at, but I brought a letter of introduction with me to the bank manager. I'm trying to recall the details; I think my bank (I was overseas at the time and my bank was a very local, tiny branch of Bank of Guam who did not have a medallion service) manager knew the bank manager where I went, and the letter of introduction vouched for me. Could you do something like that?
@bluesky, a medallion stamp is kind of like a notarization on steroids; plus there is a financial indemnity on the issuer, so they want to know who you are and that you are a good financial risk. I forget why we needed it, tbh, but it got me a 4-day trip to Hawaii so I didn't really care!