If you need a medallion signature guarantee, Bank of America may work for you. Bank of America (the second largest bank in the United States by assets) hasn’t always participated in the Securities Transfer Agents Medallion Program (STAMP) program, but it now offers the service to account holders, with no fee — though some restrictions apply.
What Is a Medallion Signature Guarantee?
A medallion signature guarantee certifies the identity of an individual who is executing documents. It also provides extra protection against liability for agents who facilitate transactions.
Don’t confuse a medallion signature guarantee with a notary. According to the Securities and Exchange Commission, only those who are members of a recognized Medallion Signature Guarantee Program can properly certify signatures so that they will be recognized by members of the securities industry.
Most of the 7,000 locations that participate in the program only provide the service to account holders — and some charge a fee. To learn more about the program, check out our article: Medallion Signature Guarantee Locations: Convenient Places to Get Them.
Does Bank of America Offer Medallion Signature Guarantee Services?
Yes, Bank of America offers medallion signature guarantees at its Financial Centers. There are restrictions, though. In order to get a medallion signature guarantee, each signer must have an account with Bank of America or Merrill Edge and that account must be at least six months old.
You will also need to present a valid government-issued ID along with the documents that need a signature guarantee. Some requests might need further documentation, such as a death certificate or an account statement from a receiving institution.
We called Bank of America locations in Michigan, Tennessee, and Texas to confirm the availability of medallion signature guarantees, and all of the locations we called said that they do offer the service. Still it’s best to call your local branch before visiting; a bank associate can set an appointment for you and tell you what documentation you’ll need to bring based on your case.
While Bank of America does not charge a fee for medallion signature guarantee services, don’t expect to get your medallion signature guarantee on the spot. Receiving your medallion stamp requires visiting a local branch and giving your various documents to a specialist. The request cannot be processed on-site; the bank will send your documents to be processed, a Bank of America branch associate said. The specialist will follow up with you via email and overnight the document to you at a later date. Most Bank of America medallion signature guarantee requests are processed within 48 hours, although some may require as long as five business days.
Okay with paying a fee? See our article on What It Costs to Get a Medallion Signature Guarantee at the Most Convenient Places
And those are the details of the Bank of America medallion signature policy. If you need a medallion signature guarantee, Bank of America can do it for you. Bank of America offers medallion signature guarantees with no additional fees for account holders. Given the relative complexity of getting a signature guarantee, though, it’s worth making a call to your local branch and gathering all of your documents before showing up in-person.