You can get a signature guarantee at a bank, credit union, savings association, or broker-dealer that participates in one of the three approved medallion programs. Most people go to the institution where they already hold an account, because guarantors take on financial liability every time they stamp a document and typically limit the service to established customers. Fees range from nothing at all for premium customers to roughly $100 at a specialized third-party provider.
Start With an Institution You Already Use
Federal securities regulations recognize five categories of institutions that can provide signature guarantees: banks, broker-dealers, credit unions, national securities exchanges, and savings associations.1eCFR. 17 CFR 240.17Ad-15 – Signature Guarantees In practice, the door most people walk through is a local bank branch, credit union, or brokerage office. Your best starting point is wherever you already do business.2U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities
Participating institutions belong to one of three medallion programs:
- Securities Transfer Agents Medallion Program (STAMP), the largest of the three, with more than 7,000 participating U.S. and Canadian financial institutions.
- Stock Exchanges Medallion Program (SEMP), which includes regional stock exchange member firms, clearing companies, and trust companies.
- New York Stock Exchange Medallion Signature Program (MSP), which includes NYSE member firms.
Not every branch of a participating institution has the equipment or a trained medallion officer on-site. Smaller branches may only offer the service on certain days or by appointment. Call ahead before making the trip.2U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities
Why Most Institutions Require a Customer Relationship
A medallion stamp is not just an identity check. The guaranteeing institution accepts financial responsibility for the full value of the transaction if the signature later turns out to be forged, backed by a surety bond.2U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities Because of that liability, most banks and credit unions provide the service only to existing customers. A common requirement is at least six months of active account history.3Bank of America. Medallion Signature Guarantee
Some institutions will still stamp a document for a non-customer, sometimes for a fee, but this depends on individual policy and is not something to count on. If you have accounts at more than one bank or brokerage, call each to ask whether they offer the service and what they require. If none of your current institutions participate, opening an account at one that does is the most reliable path, though you may have to wait out a minimum tenure requirement before you become eligible.
What It Costs
Fees depend on where you go and how the institution knows you.
Many banks and broker-dealers waive the fee entirely for established customers, particularly those with premium or high-balance accounts.3Bank of America. Medallion Signature Guarantee If you are not an existing customer at an institution that agrees to help, expect a flat fee somewhere in the $10 to $50 range, varying by institution and the complexity of the transaction. Third-party providers that specialize in medallion guarantees usually charge more, often $50 to $100 or higher.
Very high-value transfers can trigger a premium or require special arrangements to extend the institution’s coverage. If you use a broker-dealer, the cost may be bundled into standard commissions or service fees rather than billed separately. Confirm the fee before your appointment so there are no surprises.
Match the Stamp Tier to Your Transaction
Where you go also depends on how much your transaction is worth. Every medallion stamp carries a letter prefix that indicates the maximum dollar value the institution’s surety bond will cover for that transaction. If the value of the securities exceeds the stamp’s limit, the transfer agent will reject the document, and you will need to find an institution with a higher-tier stamp. The standard prefix tiers are:4Computershare. What Is a Medallion Guarantee
- Prefix F: up to $100,000, used by most credit unions
- Prefix E: up to $100,000
- Prefix D: up to $250,000
- Prefix C: up to $500,000
- Prefix B: up to $750,000
- Prefix A: up to $1,000,000
- Prefix X: up to $2,000,000
- Prefix Y: up to $5,000,000
- Prefix Z: up to $10,000,000, and up to $14,000,000 for Securities Transfer Association members
Credit unions and smaller banks tend to hold the lower tiers; large national banks and full-service brokerages more often carry the higher ones. Before you book anything, check the current market value of your securities and ask the institution what tier its stamps are certified at.
If You Live Abroad or Cannot Find a Provider
U.S. citizens and residents living overseas may be able to obtain a medallion guarantee from an overseas branch of a U.S. or Canadian bank, broker, or credit union where they already have a relationship. If that is not workable, contact the transfer agent or issuer corporation that requires the guarantee. They may suggest an alternative or make special arrangements.2U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities A small number of online services offer medallion guarantees through encrypted technology, though availability and pricing vary widely.
Some transfer agents and fund companies accept alternatives in limited situations, such as phone verification, electronic identity checks, or signature comparison against documents already on file. These options are more common for lower-value transactions. Calling the transfer agent directly is worthwhile when the traditional route has stalled.
A Notary Is Not a Substitute
A notary confirms your identity. A medallion guarantee confirms your identity and your legal authority to transfer the securities, and it puts the guaranteeing institution on the hook if the signature turns out to be forged.2U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities For stocks, mutual funds, and most other securities, transfer agents will not accept a notarized signature in place of a medallion stamp.
One narrow exception: certain paper Treasury savings bonds can be certified by a notary instead of a medallion officer.5TreasuryDirect. Disposition of Treasury Securities Belonging to a Decedents Estate Being Settled Without Administration
What to Bring So the Trip Is Not Wasted
Guarantors reject appointments that are missing paperwork, so gather everything before you go:
- A current, unexpired government-issued photo ID such as a driver’s license or U.S. passport.
- A recent account statement showing you as the owner of the securities involved.
- The transfer form from the transfer agent or brokerage, with all descriptive fields filled in but the signature line left blank. A document you have already signed will be rejected on sight; the medallion officer must watch you sign.
- Documentation of the current market value of the securities, so the officer can confirm the transaction fits within the stamp’s coverage tier.
If you are signing on behalf of a deceased account holder, you will also need a certified death certificate and court documents appointing you as executor or personal representative. Many institutions require Letters Testamentary dated within 60 calendar days of the appointment, though policies differ by state and institution.6Bank of America. Requesting a Medallion Signature Guarantee Trustees should bring a certified copy of the trust agreement or a trustee certification form. Call ahead to confirm exactly what the guarantor expects, because these requirements are not uniform.