Beneficiary
Thank you for your recent column on keeping up beneficiary designations on investments. Have run into problems with latest requirement of having “Medallion Guarentee Stamp” on form. My bank (BBT/Truist) reluctantly did one when I updated a stock beneficiary; when I returned to do another, the bank person explained she shouldn’t have done it and was almost FIRED for doing it. Went to my other bank (Wells Fargo)and was told NO, we don’t do them. Neither had a suggestion on which way to turn other than calling & battling the company to refuse the requirement which I thought would be going up against a brick wall. How/where do I go about getting a Medallion Guarentee Stamp to change/designate a beneficiary?
Terry Says
Could you write back and explain what type of account you have on which you are trying to change the beneficiary. If it’s an IRA or IRA rollover, who is the custodian? If it’s a life insurance policy, did the insurance company require a signature guarantee? Is it for a pension beneficiary?
It’s hard to give specific advice without knowing which provider asked for this guarantee.
