E Trade Securities review: Transferring account out

E Trade Securities insists on a Medallion signature guarantee befoe they will allow a brokerage account to be transferred away from the firm even when going to an identically registered accoutn at another firm. I UNDERSTAND THAT THIS IS NOT COMMON INDUSTRY PRACTICE AND I THEREFORE VIEW IT AS OBSTRUCTIONIST AND UNREASONABLE. Medallion signature guarantess ae difficult to obtain. If I want one from my local bank, they are being asked to incur the risk of considerable liability for a transaction they are not a party to. My bank, PNC, will not provide one which leaves me in a real bind. This requirement is not necessary since the brokerage firm receiving the transfer initiates the paperwork. They can verify who I am and have strong legal obligations to have done so. Further, the assets are transferred to an account owned by the same person at the other firm.

Bkokerage firms have a long prior history of making outgoing accout transfers difficult but regulations have banned most of the foot dragging. This requirement is particularly onerous. It's like a roach motel. You can put assets in but you can't get them out reasonably. It would be a good reason not to do business with E-trade.