Selling Stock (Medallion Signature Guarantee)

Discussion in 'UPS Discussions' started by wildturkey_hunter, Aug 30, 2010.

  1. wildturkey_hunter

    wildturkey_hunter New Member

    I want to sell some of my UPS stock the only problem I have is that since I don't own 100 shares I can't do it on line. The form I downloaded from BNY Mellon requires a Medallion Signature Guarantee. I went to my local bank and they don't do that. I don't think they even knew what I was talking about. :angry: Whats the easiest place for me to get this done. Very frustrating!!!
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    My first thought is that this was the same as a notary public but a quick Wikipedia search showed that I was wrong. Here is the definition as posted on Wikipedia:

    http://en.wikipedia.org/wiki/Medallion_signature_guarantee

    I would call Mellon and ask their advice as to how to handle this.
     
  3. companal2

    companal2 HR Supv

    Wildturkey, you do not ned a Medallion Signature. Since you have less than 100 shares, you have to convert them to Class B Shares by completing a form (you can find it on the Mellon site) and mailing it in. Once mailed, it typically takes about a week for them to convert to Class B share. Once converted, you can go back on-line and sell them.
     
  4. johnoutdoors

    johnoutdoors Member

    Most of the bigger banks can do it, but they require you to have an ongoing relationship to guarantee your signature. My bank didn't do it either. Fortunately a bank on my route helped me out, maybe you can do the same?
     
  5. bumped

    bumped Well-Known Member

    My bank had 1 person that was a Medallion. You could try a different bank.
     
  6. dcdriver

    dcdriver nations capital

    Call your local bank. they have one.
     
  7. cosmictrucker

    cosmictrucker Trucking is I

    I recently sold some of my stock too. I also had less than 100 shares available, and had to convert them from "A" to "B". You will need a Medallion Signature stamp on the Proper Form. I used Bank of America, but I had to run around town to find the one and only person on duty who had the stamp and authority.
    The conversion form # is #2011, which you download the PDF file from Mellon's web site.
    Don't sign your forms UNTIL you're in front of the person with the green Medallion Stamp. They need to witness your signature. This a safety precaution to protect your shares. I wasn't put out with the extra effort since it was for protection of my shares.
    I also found the people who handle our shares at Mellon to be very helpful and nice to deal with. Give them a call if you still have any questions about filling out the form.
    Also, don't waist your money on NDA UPS the forms. Use the Priority mail option. You'll notice it's a different address from the UPS shipping address, but the time involved handling your Sale is the same. A fellow coworker and I tested the system. I shipped my paper work UPS NDA, they used Priority mail. Less than a days difference in receiving our final checks. The whole process took almost two weeks, so the NDA doesn't help.
     
  8. over9five

    over9five Moderator Staff Member

    Yikes no wonder volumes down, our own people won't even use us.

    How 'bout using UPS 1DA to support your company, your co-workers, your union, and your job?
     
  9. wildturkey_hunter

    wildturkey_hunter New Member

    Thanks to all for the help. I'll have to start looking at other Banks to find someone who does this.