Signature Guarantor

[Tingting]

Does anyone know if there is a U.S. signature guarantor locally? I assume the consulate has one, but it would be a lot easier if there's one here. A friend has to use one for the transfer of funds from her late husband and the company was very specific that a notary wasn't sufficient.

 

Thanks so much!

[El Cartero]

my understanding of a signature guarantee is that it originates from the financial institution from wherein the funds lie.  They must guarantee that the signature moving the funds is valid and assume financial responsibility if its not.  There is, I thought, no third party guarantor ergo a notary is invalid.   I for one would like to know more about this situation and how its resolved as I can see much revelance in post life planning from here.

[Tingting]

El Cartero:  You have it spot on. Hopefully, if there's not one lakeside, then there'll be one at the consulate. She does go back to the U.S. every six months, but it would be nice to get this resolved before the next trip. I'll keep you updated.

Meanwhile, does anyone know if one's available?

[Ellie]

There is no signature guarantor available locally.  You must use the U.S consulate.  From my past experience with three

different financial institutions - the following:

Buying a house lakeside while living in the Middle East - the U.S. consulate was the only guarantor that Vanguard would

accept to transfer funds for the purchase. For the second transfer of funds before moving here but while briefly in the U.S.,

Vanguard accepted a signature guarantee from Fidelity who had a nearby local office.

 

Like the OP's friend, I also needed a signature guarantee to transfer funds after my husband's death and was going to be in

Houston for a very brief period of time.  Only Chase of the local downtown banks could perform the service but I didn't have an

account there - so Gabelli accepted a signature guarantee from Fidelity.

Note:  I did have accounts at these companies.  From my experience, the investment companies can perform this service

and generally only one individual in the office is qualified -

[Tingting]

Thanks, Ellie. I called the consulate and there is no s.g. there, just a notary. Since my friend does go up north, I'll have her contact the financial institution and take it from there.

[RVGRINGO]

I guess the question should be: Why is a NoB agency asking for a procedure that is not available in another country?  You should be able to use a Notario, which is definitely not the same as a notary public in the USA.  Since most in the north are ignorant of that fact, they may even refuse to accept it, but it is their obligation to accept it by treaty agreement between the two countries, as well as others, over 50 years ago.  You may have to educate them.

[Bisbee Gal]

Signature guarantees are also known as Medallion Signature Guarantees or (mistakenly) as Medallion Notaries.  Not at all the same as a notary public and probably not a Mexican notario either (though I don't know enough about a notario's authority and/or their willingness to assume financial risk).  Medallion Signature Guarantees assume the financial risk of the value of the funds (usually stocks).  We had to do this in the US in the course of handling a family member's trust and estate and they were hard to come by unless the person (or trust or estate) had assets in the bank at or near the value of the securities for which the guaruantee was sought.  

Read all about it here from the National Notary Association's website:

'Medallion Signatures' Explained

By NNA Staff on April 21, 2011 in Financial and Corporate Services

Notaries working in banks or financial institutions may be asked to provide customers with a “Medallion Signature Guarantee.” Often mistakenly refereed to as a “Medallion Notary” or “Medallion Stamp”, this request is not a notarial act. It’s a special type of signature guarantee provided within the banking industry.

A Medallion Signature Guarantee is used primarily when a customer transfers or sells securities, and it represents an assurance by the financial institution that the signature on the transaction is genuine and the financial institution accepts liability for any forgery. These guarantees are performed by specially assigned bank employees.

If you are asked to provide any “Medallion” related services by a customer, explain that Medallion Signature Guarantees are not notarial acts and can only be performed by specially authorized bank personnel.

If a financial institution is not a member of a recognized Medallion Signature Guarantee Program, it would not be able to provide signature guarantees. Also, if a signer is not a customer of a participating financial institution, it is likely the financial institution will not guarantee the signature.

More information about Signature Guarantees is available on the U.S. Securities and Exchange Commission (SEC) website. Anyone who needs a signature guarantor should be directed to a commercial bank, savings bank, credit union, or broker dealer that participates in one of the Medallion Signature Guarantee programs.

[Cronopio]

Tingting - last time we had to get a signature guarantee they also said a notary was insufficient. When we explained that we were out of the country and our choices were a notario (I explained the notary/notario difference) or having the consulate notarize it, they ended up saying that the latter was fine. So ask, it may be OK.

[Ellie]

Depending on the values involved, I'd rather be safe than sorry.  What is said initially about acceptance of a notario could very well be not the case at a later date.

[lcscats]

15 hours ago, RVGRINGO said:

I guess the question should be: Why is a NoB agency asking for a procedure that is not available in another country?  You should be able to use a Notario, which is definitely not the same as a notary public in the USA.  Since most in the north are ignorant of that fact, they may even refuse to accept it, but it is their obligation to accept it by treaty agreement between the two countries, as well as others, over 50 years ago.  You may have to educate them.

It doesn't matter what International law is to US institutions even governments violate these rules in the US.  A Mexican Notario is useless most of the time in US.  We have been forced over and over to use the services of the Consulate even when we show them international law.  Educating governments/ big banks/corporations is useless.  We have been told in an insulting manner we don't care about anything in Mexico, we want a US notary and that was a County in California with a heavy Latino population.   

[Tingting]

Cronopio:  We already spoke with the financial institution and they know this. Fortunately, she has options, but I agree that they should honor a US notary; however, as money is involved, it's understandable that they want more than just a routine "yeah, it's her" signature notarization. Bisbee Gal had a lot of great info...tks!