Medallion Signature Guarantee Program
WHAT IS A MEDALLION SIGNATURE GUARANTEE?
The Medallion Signature Guarantee is used for selling, redeeming or transferring securities, such as stocks, bonds, or mutual funds and is only available at the main branch of the credit union.
The Medallion Signature Guarantee procedure is more complex than a notarized signature procedure. Since Soo Co-op Credit Union accepts liability for any forgery, we are required to verify more information than is needed for a signature to be notarized. All owner(s) of the security involved, requesting a Medallion Signature Guarantee, must be an established member of Soo Co-op Credit Union.
WHY DO I NEED MEDALLION SIGNATURE GUARANTEE’S?
One of the main purposes of the Signature Guarantee is to protect the securities owner by preventing fraudulent transfers. When Soo Co-op Credit Union processes a Signature Guarantee, we are not only verifying that your signature is genuine, but that you are the appropriate person to sign the request, and that you are acting within your legal capacity to sign the transaction request form.
IS THERE A FEE TO OBTAIN A MEDALLION SIGNATURE GUARANTEE STAMP?
Yes. Soo Co-op Credit Union has a $25 fee to obtain a Medallion Signature Guarantee Stamp.
WHAT DO I NEED TO BRING TO THE CREDIT UNION IF I NEED A SIGNATURE GUARANTEE?
In order to expedite the Medallion Signature Guarantee process, please bring the following:
- Your Soo Co-op Credit Union account number
- Your current, non-expired government issued identification. If there is more than one account owner, all owners need to be present at the same time and show current, non-expired government issued identification,
- All document(s) requiring the Medallion Signature Guarantee. Do Not Sign Your Form(s). You Will Sign Your Form(s) When You Are Getting the Medallion Imprint.
- A document proving your ownership of the security you wish to sell, redeem, or transfer, such as a recent account statement,
- Verification of the approximate value of the securities involved,
- Proof that you are the appropriate person – such as Power of Attorney, Trustee, Executor, beneficiary, or on behalf of a club or business – to sign in a capacity other than owner (if you are not the owner of the security). This may include Power of Attorney documents, Trust Agreements, Death Certificate, Letters of Office, Corporate Resolution, and small estate affidavit, etc.
Under the Medallion Signature Guarantee program, Soo Co-op Credit Union may retain copies or documentation of all documents and forms examined and signed.
Soo Co-op Credit Union may ask for additional documentation other than listed above.
Soo Co-op Credit Union also may decline to provide a Signature Guarantee if documentation and/or forms provided are insufficient to determine the appropriate person to sign and/or the owner(s) requesting the signature is not an established Soo Co-op Credit Union member.