Under the (mistaken) impression that a recent transaction would need a medallion
signature guarantee, I inquired about the latest requirements. Thought it worth sharing. The small area bank I consulted (and where I maintain an account) has requirements similar to what BOA has published; however it required only a statement from the “outgoing” institution.
From the late 90s and until sometime after 2000 my recollection is that obtaining the medallion signature, even from a bank you weren’t affiliated with, was a relatively simple matter requiring only a valid DL or other proof of identity. Sometime after 2000 banks began photo-copying the paperwork for their records - a somewhat intrusive practice. More lately, however, many banks are requiring copies of statements from both account(s) involved.
* Seems to me that calling this a “signature guarantee” is a bit misleading. It often involves much more. Perhaps related to federal money laundering guidelines .., ? I wonder too if there’s a “sour grapes” element involved - with the institution wishing your funds were on deposit with them instead of elsewhere? BOA LINK From linked source: “If you’re transferring securities held in accounts outside Bank of America or Merrill with no changes in title or ownership … Documents you need to get your medallion:
(1) Document(s) requiring the stamp
(2) Government-issued photo IDs for all asset owners
(3) Statement for the account holding the securities (dated within one year)
(4) Statement for the account receiving the securities (dated within one year)”