Where to Get a Signature Guarantee: Medallion Programs and Costs

To get a signature guarantee, go to a bank, credit union, or broker-dealer where you already have an account and that participates in one of the three recognized medallion programs. Because the institution accepts financial liability for the transfer if your signature turns out to be forged, almost all limit the service to established customers and require you to bring specific documents to the appointment.¹

Start With Your Own Bank, Credit Union, or Brokerage

Your best starting point is the institution where you already do business. Federal rules make five categories of institutions eligible to provide signature guarantees: banks, broker-dealers, credit unions, national securities exchanges, and savings associations.² In practice, the places most people walk into are a local bank branch, credit union, or brokerage office.

Because the guaranteeing institution takes on financial risk every time it applies the stamp, most banks and credit unions restrict the service to existing customers. A common requirement is that you must have maintained an active account for at least six months.³ Some institutions will still provide the service to non-customers for a fee, but this depends on individual policy and is never guaranteed.

Call before you go. Not every branch has a trained medallion officer on site, and smaller branches may only offer the service on certain days or by appointment.¹

The Three Medallion Programs

To be accepted by a transfer agent, the stamp has to come from an institution that belongs to one of three programs. When you ask whether a branch offers the service, you’re really asking whether it participates in one of these:

Securities Transfer Agents Medallion Program (STAMP): the largest program, with more than 7,000 participating U.S. and Canadian financial institutions.
Stock Exchanges Medallion Program (SEMP): regional stock exchange member firms, clearing companies, and trust companies.
New York Stock Exchange Medallion Signature Program (MSP): NYSE member firms.

Check That the Stamp Covers Your Transaction Value

Every medallion stamp carries a letter prefix indicating the maximum dollar value the institution’s surety bond will cover. If the market value of your transfer exceeds that limit, the transfer agent will reject the paperwork and you’ll need to find an institution with a higher-tier stamp. Most credit unions sit at the lowest tier, so a large transfer may send you to a bank or brokerage instead. The standard tiers are:⁴

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 (up to $14,000,000 for Securities Transfer Association members)

Before you book an appointment, look up the current market value of the securities and confirm with the institution that their stamp level is sufficient.

If You Live Abroad or Your Bank Doesn’t Participate

If you’re a U.S. citizen or resident living overseas, you may be able to get a guarantee from a foreign branch of a U.S. or Canadian bank, broker, or credit union where you already have a relationship. If that isn’t an option, contact the transfer agent or the issuer that is requiring the guarantee; they may be able to suggest an alternative or make a special arrangement.¹ A small number of online services also offer medallion guarantees through encrypted technology, though availability and fees vary.

If your current bank or credit union doesn’t participate at all, the most straightforward fix is opening an account at one that does. Expect to wait several months before you meet the minimum tenure for the service. When time is short, call the transfer agent directly. Some fund companies and transfer agents accept alternatives in limited circumstances, such as phone verification, electronic identity checks, or signature comparison against documents already on file. These workarounds are more common for lower-value transactions and are never guaranteed.

What to Bring So You Aren’t Turned Away

Showing up with complete paperwork is what prevents a second trip. Bring the following:

Valid government-issued photo ID. A current driver’s license or U.S. passport. An expired ID is grounds for immediate rejection.
Proof of account ownership. A recent statement showing the account holder’s name and the securities involved.
The unsigned transfer form. Fill in share counts, account numbers, and recipient information in advance, but leave the signature line blank. The medallion officer must watch you sign; a pre-signed form will be rejected.
Evidence of current market value. The officer has to confirm your transaction falls within the stamp’s coverage limit.

If you’re signing on behalf of a deceased account holder, you’ll also need a certified death certificate and the court documents appointing you as personal representative or executor. Many institutions require Letters Testamentary dated within 60 calendar days of the appointment, though some, including certain New York institutions, allow letters dated within six months.⁵ Trustees should bring a certified copy of the trust agreement or a trustee certification form. Call ahead to confirm the exact list, because requirements differ from one institution to the next.

What It Costs

Many banks and broker-dealers waive the fee for established customers, especially those with premium or high-balance accounts.³ If you’re not an existing customer and the institution agrees to help you anyway, expect a flat fee somewhere between $10 and $50 depending on policy and complexity. Third-party providers that specialize in medallion guarantees charge more, often $50 to $100 or above. Very high-value transfers may trigger a premium or require a special arrangement to extend coverage. Confirm the exact fee when you call to book, and if you’re going through a broker-dealer, ask whether the cost is bundled into standard commissions or billed separately.

Why a Notary Won’t Work

A notary verifies that you are who you say you are and watches you sign. That’s the end of the notary’s role. A medallion guarantee goes further: the institution confirms both your identity and your legal authority to transfer the securities, and it accepts financial responsibility for the full value of the transaction if the signature later turns out to be forged.¹ That indemnity, backed by a surety bond, is why transfer agents require a medallion stamp rather than a notarized signature for stocks, mutual funds, and other securities. The one narrow exception is certain paper U.S. Treasury savings bonds, where a notary may be able to certify the signature instead.⁶

1
U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities
2
eCFR. 17 CFR 240.17Ad-15 – Signature Guarantees
3
Bank of America. Medallion Signature Guarantee
4
Computershare. What Is a Medallion Guarantee
5
Bank of America. Requesting a Medallion Signature Guarantee
6
TreasuryDirect. Disposition of Treasury Securities Belonging to a Decedents Estate Being Settled Without Administration