Brokerage accounts have special rules for your attorney-in-fact. If your attorney-in-fact needs to buy or sell stocks held in physical form or held in a brokerage account, your attorney-in-fact will need to add a medallion signature “guarantee” to your power of attorney form.
The Medallion Signature is a stamp provided by a financial institution guaranteeing to a transfer agent that the signature of your attorney-in-fact signature is actually his or her signature. Requests to buy or sell stocks are reviewed by someone referred to as a Transfer Agent. The Transfer Agent cannot authorize transactions requested by your attorney-in-fact without the Medallion Signature guarantee evident on the power of attorney form.
Your attorney-in-fact may need to locate a bank participating in the Medallion Signature program. The bank should be one the attorney-in-fact does business with that is willing to guarantee their signature. The bank will place the medallion stamp on the power of attorney form.
I have been to three different banks trying to get a medallion stamp on my power of attorney. Each medallion person has said it is illegal for them to stamp a POA. I then contacted a lawyer who said the same thing. Any suggestions?