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Author: Foolferlove Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121189  
Subject: Re: 401k withdrawal taxes at retiremtent Date: 7/11/2013 8:34 AM
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I went to my bank for a medallion signature guarantee, and none of the tellers knew what it was. They had to call the manager, who searched but couldn't find the medallion stamp. They had to send me to another branch.

The whole purpose of the medallion signature guarantee is that the bank employees are supposed to know you by sight. Therefore, it's supposed to be even more secure than a notarized signature*. By (A) losing the stamp and (B) sending me to a branch that I'd never been to, they completely blew the extra security.


Well ONE reason for the signature guarantee is for the extra security, yes. But even if the bank doesn't know you, they are still legally responsible for reimbursement up to a specific amount if you commit fraud and misrepresent yourself.

That is, the company which is requesting you to get the guarantee wants to be sure it's you, yes, but more importantly, they want to limit their liability in case it's NOT you. So they outsource the job of identity verification, and in doing so they shift some of the liability of error onto the bank providing the guarantee.
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