Unless you're studying to be on a television game show, or work in the finance industry, a Medallion Signature Guarantee is not a term perched on the tip of the tongue. However, after reading this FAQ you'll be able to impress your friends and neighbors with your newfound knowledge (details to follow).
A Medallion Signature Guarantee is:
- A signature authentication method used to ensure that documents related to the ownership of securities are legitimate
- The signature guarantee process makes it harder for someone to take your assets by forging your signature on documents
- A Medallion imprint or stamp indicates that a financial institution is a member of a Medallion Signature Guarantee program and is an acceptable signature guarantor
- They're commonplace at savings & loan associations, commercial banks, and credit unions (most of which don't charge their customers for the service)
Tip: Call ahead of time and ask what forms of identification (birth certificate, driver's license, a well-timed smile, etc.) the savings & loan association, bank, or credit union requires.
For even more exciting information about Medallion Signature Guarantees: http://www.sec.gov/answers/sigguar.htm