Harbor Funds | Frequently Asked Questions - Re-Registrations

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Re-Registrations
When will I need a Letter of Instruction with a Medallion Signature Guarantee? Show

Certifying written shareholder requests with a Medallion Signature Guarantee is common with financial transactions. The Medallion Signature Guarantee is used to verify that your documentation is complete and that you are legally entitled to request changes to an account. There are several situations in which this type of certification is required.

  1. In general, any situation in which the assets in one account are being moved to another account which does not have the same owner will require a Medallion Signature Guarantee.
  2. In case the owner of an account is not able to act for him or herself, whoever signs the request will need to indicate clear authorization to act on the account, as well as obtain a Medallion Signature Guarantee.

For more information about completing a Letter of Instruction, or whether a Medallion Signature Guarantee is required, please contact a Shareholder Services Representative at 800-422-1050, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time.
How do I re-register an Individual Retirement Account (IRA)? Show

In order to re-register an Individual Retirement Account (IRA), you will need the following documents:

  • A clear and complete Letter of Instruction, with a Medallion Signature Guarantee, signed by the new shareholder. The Letter of Instruction should include the registered account name, account number and a description of the request. This letter must contain all required signatures and must also indicate whether the signer is the Harbor Funds shareholder or shareholder's authorized legal representative
  • A completed IRA Account Application signed by the new shareholder in Step 10
  • State Inheritance Tax Waiver (if applicable)
How do I re-register a regular (not IRA) account? Show

The following documents are required to change the registration on a taxable (individual, joint or trust) account:

  • A clear and complete Letter of Instruction, Medallion Signature Guaranteed, signed by the shareholder or the shareholder's authorized legal representative. The letter of instruction should include the registered account name, account number and a description of the request. This letter must contain all required signatures and must also describe the role of the signer(s) – shareholder, legal representative, etc.
  • A completed New Account Application signed by the new shareholder or the shareholder's legal representative in Step 13
  • A State Inheritance Tax Waiver (if applicable)
What should I include in a Letter of Instruction (LOI)? Show

A Letter of Instruction should include the registered account name, account number, and a description of the request. You can use our Letter of Instruction form or draft your own letter of instruction. The letter must also be signed by someone who is authorized to make this request. In the event that shares are being transferred to another account, please include the percentage or number of shares to be transferred.

Please note: Your signature on the Letter of Instruction may need to be Medallion Signature Guaranteed. For a list of circumstances which require a Medallion Signature Guarantee, click here, or refer to the Prospectus.
How do I obtain a Medallion Signature Guarantee? Show
To obtain a Medallion Signature Guarantee, take the unsigned letter of instruction or form to the guaranteeing institution. Most institutions will not guarantee your signature unless you sign in their presence. Be sure to bring the kind of personal identification the guaranteeing institution requires.

Harbor will accept a Medallion Signature Guarantee from eligible guarantor institutions including banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations.

Please keep in mind the following important information regarding Medallion Signature Guarantees:
  • The Medallion guarantee should not be dated or limited.
  • Photocopies of a Medallion guarantee are not acceptable.
  • A notary public is not an acceptable substitute for a Medallion guarantee.
  • A witnessed, verified, or certified signature is not an acceptable substitute for a Medallion guarantee.
Harbor Funds may waive or require a Medallion Signature Guarantee under certain circumstances at Harbor Funds' sole discretion.

A Medallion Signature Guarantee may be refused if any of the following is applicable:
  • It does not appear valid or in good form.
  • The transaction amount exceeds the surety bond limit of the Medallion guarantee.
  • The guarantee stamp has been reported as stolen, missing or counterfeit.
Please note, a Medallion Signature Guarantee will not take place of required documentation, which must be provided to Harbor Funds depending on the situation.

Example of a Medallion Signature Guarantee Stamp
Is it sufficient to submit the Last Will and Testament in place of the Letters Testamentary? Show
No. The Letters Testamentary or Letters of Administration are court-issued documents designating an executor or administrator to administer the estate of the deceased. If this document is required in order to re-register your account, Harbor Funds cannot accept the Last Will and Testament in its place. (NOTE: Letters of Administration are issued either when the decedent had no will or when the personal representative appointed is not named in the will, in which case it would be Letters of Administration with Will Annexed.) However, if an estate does not go through probate, a small estate affidavit may be issued to take the place of Letters Testamentary or Letters of Administration.
If I am a beneficiary on an account, but I do not live in the U.S. and/or do not have a SSN, how do I re-register an account? Show
When the beneficiary who is listed on the account is residing outside of the United States and will not be returning within a reasonable amount of time, Harbor will re-register the account to the beneficiary and immediately liquidate the proceeds. This is provided that the beneficiary has a Social Security Number.

If the beneficiary does not have a Social Security Number, before re-registering the account, the beneficiary must apply for a temporary Social Security Number and upon receipt of the number must complete a form W-8BEN, certifying their foreign status. After providing Harbor with the required information, the account will be re-registered to the beneficiary and liquidated immediately.
If I am a secondary beneficiary on an IRA and the IRA shareholder is deceased , what is required to re-register the account if the primary beneficiary has pre-deceased or disclaimed their rights? Show
If you are the secondary beneficiary listed on an account and the primary beneficiary is deceased, you must provide:
  • A clear and complete Letter of Instruction, with a Medallion Signature Guarantee, signed by the new shareholder. The Letter of Instruction should include the registered account name, account number and a description stating the situation. This letter must contain all required signatures and must also indicate whether the signer is the Harbor Funds shareholder or shareholder's authorized legal representative
  • A completed IRA Account Application signed by the new shareholder in Step 10
  • State Inheritance Tax Waiver (if applicable)
If the primary beneficiary is disclaiming his/her rights, he/she must provide a valid disclaimer tyo Harbor Funds. A valid disclaimer must be:
  • The disclaimant's written, irrevocable refusal to accept interest in the IRA, and
  • Delivered to Harbor Funds within nine months of the date of the IRA owner's death (or, if later, within nine months of the disclaimant attaining age 21)
The disclaimant may not receive any part of the disclaimed share before the disclaimer is effective. A beneficiary, however, may disclaim a partial interest in the IRA and accept the portion, and the income attributable, not disclaimed. As a result of the disclaimer, the interest passes without any direction on the part of the person making the disclaimer and passes either (1) to the spouse of the decedent or (2) to a person other than the person making the disclaimer.