Chase Bank Medallion Signature Guarantee: Chase offers Medallion Signature Guarantee Services for its esteemed and renowned customers for free. The service for the time being is available with selected outlets only.
Requirement for obtaining Medallion Signature Guarantee:- Chase requires the individual to either have a bank account with them or an active Chase credit card. In legal matters, the security and paper work related formalities have to be done in the perfect manner, so as not to pave the way for any loopholes. Thus it ends malpractices of forgery by giving relief to the owners that they have taken the highest form of required legal assistance to make the deal secure.
Quite like Medallion Guarantee which being a special stamp creates an increasing sense of security for the signer while selling or transferring US securities. Medallion Guarantee gives you complete peace of mind by authentication that the signature authorizes the transaction (be it a sale or transfer) is genuine. The signer is his/her legal rights and capacity has gained authority towards signing the document.
Chase Bank Medallion Signature Guarantee
A medallion signature guarantee being a legal paperwork requires the individual to complete the formalities in person as there are few basic information it requires such as the following:-
- Legal status
There is a Medallion Guarantee only for the specific transaction based on the request made or initiated. Nowhere, that it has any legal rights to either do the following:-
- It can’t make efforts to know or ascertain the information related to accounts
- It can’t authorize transactions in future
Where can I obtain Medallion Signature Guarantee stamp?
One can get a Medallion Signature Guarantee stamp at financial institutions in the form of a bank, financial firm, credit union, etc
How to involve in the Medallion Signature Guarantee program?
Individuals can consult the bank where they have an account and enquire if they can participate in the same.
The need of medallion signature guarantee:-
- At the time of switching jobs, there is a need to move securities to a new account under transferring a 401(k)
- If the ownership of a security has met with an untimely death and there is an urgency of transferring the ownership to the representative which the court declares in its judgment
- At the time of gifting securities such as transferring shares to either a child or doing a noble act of donating to a non- profit entity
Chase Bank may deny Medallion Signature Guarantee under certain conditions. So, before you head to the bank, it is important to contact the qualified employee and discuss the whole situation in detail. This will surely save your time.
Chase Bank doesn’t normally need your appointment, but you know what? It always helps to get an appointment, considering the limited staff they have.
In short, Medallion signature guarantee authenticates the following:-
- You are the same person as you rightly claim yourself to be
- You have complete ownership rights so, transferring or selling can be done based on the same
- It is the sole responsibility of the guarantor institution in case the signature turns out to be forged
Therefore, there is an enormous onus on the Medallion guarantors who have the utmost responsibility for ensuring safe and smooth transactions. In the event of any malpractice, they are totally responsible, therefore only those which have got the authority by the Securities Transfer Association are entitled to provide the service.
Existing Client Relationship
So, when you are already the customer and you have requested for the Medallion signature guarantee that actually helps to prevent fraudulent signatures. Thanks to the existing relationship, where the bank representatives already know the individual through their verified documents. So, the chance of any fraud doesn’t arise altogether.
Acting on someone’s behalf
In case you are representing a deceased relative you need to present a power of attorney. Of if you are the executor, then similar documents to authenticate the authority for completing the action. Besides power of attorney, it can also be in the form of a death certificate, a trust agreement, letter of office etc.
Institutions are able to provide the service for free to their existing customers. It is for the same reasons, that mostly, non customers are not allowed to get the similar service.
For a layman, Chase bank Medallion Signature Guarantee offers an authenticity to your identity, “as you actually hold and possess”. In other words, it stops the identity abuse so your quest of completing the formalities happens with complete peace of mind. Even though, it may seem to be a herculean task to obtain medallion signature guarantee, yet it pays to be safeguarded against the malpractices. Since, nothing matters more than ensuring the complete peace of mind derived through valid transactions at the time of selling or transfer of fond, mutual fund or assets.