My 401k rollover took 4 months because of one stupid form

I tried to move my old job's 401k from Fidelity to my new Vanguard account back in March and they kept saying there was a missing signature page. Called three times and got three different answers before someone finally told me the plan required a medallion signature guarantee which took me two weeks to find a bank that still does them. Has anyone else dealt with this medallion stamp nonsense or is it just me?

4 comments

4 Comments

rivera.hannah4h ago

Tbh, that medallion stamp is a total nightmare and I feel your pain.

andrew_baker95h ago

Wait, a medallion signature guarantee? I thought those went extinct with Blockbuster video. I had to get one for an inherited IRA last year and the only place I found was a tiny credit union that looked at me like I was asking for a loan in gold doubloons. That's absolutely bonkers they held up a 401k rollover for that, especially when it's literally just moving your own money from one company to another.

ivan4624h ago

My buddy Mike spent damn near two weeks trying to get a medallion signature for his wife's IRA transfer. First bank he went to said they don't even offer them anymore. The second place wanted him to open a $50,000 account first just to qualify. He ended up driving 45 miles to some random credit union in the suburbs and the teller had to call her manager over because nobody there had done one in like 5 years. Took them 20 minutes to find the stamp in a locked drawer under some old forms. The whole thing is a joke for something that's literally just verifying you are who you say you are when you move your own cash.

robin8964h ago

Our whole financial system is stuck in the 80s while we're supposed to bank on our phones.

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