Jim,Which bank do you deal with? Each has their own procedures and often a beginner ends up with the wrong guarantee because:a. they communicate incorrectly to the teller what they want, andb. this is such a rare request most tellers have no experience and just give the "general every day guarantee" which will be rejected when you send the certificate inI'm going to lead you through this and suggest you copy this post off and take it to the bank with you. (Note these procedures are for the person sending or transferring a certificate not for the receiver. However, you'll need this when you start transferring or trading with others.)1. You do not want the everyday signature guarantee stamp that every teller has at their kiosk.2. Specifically, you want the:Signature Guarantee Stamp for Securities TransfersIf the teller doesn't know what this is get them to go to a more senior branch person. This is so rare many branches keep this stamp locked up and tellers never know about it.3. There are 2 types of these garantees: Medallion (easiest) and a stamp that can be cross-referenced by the transfer agent, e.g. BMO used to produce a book with examples of signing officers' signatures and send it to the transfer agent. When you went to the bank the signing officer printed the page number that referenced their signature in the book. When the certificate arrived the TA cross referenced the signature on the certificate with the example in the book. If "page number" did not appear on the guarantee the TA rejected it.BMO now uses "Medallion" and even the receptionist can sig it. The other banks use "cross-referencing" of some sort at the moment. RBC appears to be switching to Medallion so there are some cross over problems at the moment."Cross-referenced" signature will require a signing officer rather than a teller.4. So if not using Medallion make sure you get a guarantee that can be cross-referenced. Make sure:a. Signing officer prints name under signature (still a good idea with Medallion)b. "page number" is printed if necessaryc. get the business card of the person guaranteeing your signature and attach it to the certificate next to the guarantee stamp for added safety5. You do not need to fill in the Power of Attorney on the back of the certificate. By default it's the transfer agent.OB (the one credited by Foster in the DRIPs chapter)
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