Apply for a Customer Escrow Account
Contact Us: 504-858-GOLD (4653)
Apply for a Customer Escrow Account
Contact Us: 504.858.GOLD (4653)
FAQ about Customer Escrow Accounts?
A customer escrow account is a special escrow bank account that is separate from our traditional business account in which funds are placed on hold for the sole purpose of purchasing precious metal bullion coins or bars by the customer who deposited those funds. All funds deposited in these accounts are NEVER CO-MINGLED with any other company funds and remain the exclusive property of the customer who deposits them until such time they elect to use these funds to purchase bullion.
Customers fill out the Customer Escrow Account Application Form (above) and make an initial deposit of funds in the account of $10,000 or greater via personal check, business check, cashers check, or bank wire. Once those funds clear from their banking source and become available for use, the customer may use said funds to purchase any precious metal bullion product in minutes with a simple phone call, email, or text message. Those who qualify for our customer escrow account must make an initial deposit of $10,000 or greater to enjoy this privilege. Any subsequent deposits do not have a minimum dollar amount requirement; however, a customer must maintain a balance of $1,000 or greater to continue use of the program. Once a customer’s balance falls below $1,000, they will be notified and offered the option to add funds or withdraw the remaining balance.
Customers wishing to lock in gold, silver, platinum, or palladium bullion coins or bars using their segregated customer account may do so in three ways:
• Recorded Telephone Conversation
• Text Message
• Email
Once a client decides he or she wants to lock in a bullion product for purchase, they simply call, text, or email us for clarification and conformation of the price of said product.
The broker responds, “Ok you are purchasing #30 One ounce American Gold Eagles @ $x,xxx.xx per for a total of $xx,xxx.xx please confirm and provide your special identifier (a word/phrase/or number you designate when establishing the segregated account, for identity and security purposes) and respond confirmed.”
The customer responds, “xxxx xxxx (special identifier) confirmed,” and the trade is executed.
After the trade, the Customer will receive an email or text message within 24hr indicating the status of their order and balance remaining in their account.
-The majority of your orders will be available for physical pickup at our downtown headquarters within 1-2 business days after purchase. If this is the case you will receive an email, text message, or phone call from one of our brokers indicating the time your purchase will be ready for pick up along with an appointment availability request. Then you simply schedule an appointment to pick up your products. In the event that you would like your items shipped, simply request a shipping quote and the items will be shipped to you. Any excess funds remaining in your account will be debited for shipping.
-If you receive an email following your purchase indicating that your order is being processed and we will inform you as soon as the products arrive, simply hang tight until your order arrives. Once your order comes in you will receive an email, text message, or phone call from one of our brokers indicating the time your purchase will be ready for pick up along with an appointment availability request. Then you simply schedule an appointment to pick up your products. In the event that you would like your items shipped, simply request a shipping quote and the items will be shipped to you. Any excess funds remaining in your account will be debited for shipping.
After executing a trade, you will receive an email, text message, or phone call from one of our brokers within 24hr indicating the status of their order and balance remaining in their account.
If you have a balance of over $1,000 in your segregated customer account, the account will remain active and the funds will remain untouched until requested for withdrawal. Any funds left in the account after 1 year without activity will be mailed to your address on file ($5 fee will be assessed for shipping and handling) or made available for pick up at our office. In the event that a check is not cashed within 60 days of being issued the check will be void.
All funds deposited in your customer escrow account are accessible to you at any time during normal business hours Monday- Friday. We do not restrict your funds for any reason whatsoever. If you decide that you would like to withdraw your funds at any moment simply call, text, or email us and we will make sure you receive a check for your funds within 24hrs with no associated fees. The only time you will be charged any fees for removing your money is in the event that you request that we mail your funds to you. For this we will debit your account $5 for shipping and handling.
Exclusive opportunities to buy gold at the lowest possible premium
For those savoy investors who are patient and want to get the best possible deal on physical precious metals, having a customer escrow account affords unique opportunities to buy bullion at the lowest market premium. As precious metal brokers we are buying and selling bullion on a daily basis and are consistency selling bullion wholesale to balance our books at the end of the day, week, or month.
Unlike what many retail investors believe, brokers are not exempt from market forces and must trade based on bid and ask spreads. What does this mean? When bullion products are purchased from the open market outside of the brokers client base, they must pay a higher price above what the dealer would achieve when selling the product. For example, assume the spot price is $100 for 1 ounce of gold. When a dealer purchases that 1 ounce of gold for their client, they will pay $103 and then charge their client $105. Furthermore, when a dealer buys the same ounce of gold that day from the client, they may pay $98 or $99 and later lay that ounce off for $101. When a client has a customer escrow account with money in escrow to buy that ounce of gold instantly, the broker can sell that ounce to the client at $102 or $103, therefore saving the client $2 or $3 dollars on that same ounce of gold while simultaneously earning an additional $1 to 2$ more than he could sell it for. This is what we call a WIN-WIN situation for both the broker and the client.
A customer escrow account is a special escrow bank account that is separate from our traditional business account in which funds are placed on hold for the sole purpose of purchasing precious metal bullion coins or bars by the customer who deposited those funds. All funds deposited in customer escrow accounts are NEVER CO-MINGLED with any other company funds and remain the exclusive property of the customer who deposits them until such time they elect to use these funds to purchase bullion.
Purchasing physical precious metals is unlike most conventional investments. It is portable, liquid, physical money and unique to any other asset on the planet. Clients who seek physical precious metals are traditionally interested in long term preservation of capital in a portable fashion that can be converted into their choice of currency at a later date in time. Most clients seek to preserve their purchasing power in gold, silver, platinum, or palladium bullion coins or bars. The price of any of these bullion products depends on the current live spot price of that particular precious metal and product during the time of purchase. The live spot price changes everyday minute to minute during traditional market hours. This can sometimes create challenges for investors who are looking to time the market and purchase physical precious metals during the dips in price. The slow pace of money transfers between banks and financial institutions exasperates this problem for medium to large investors who seek to invest in bullion.
For example, if a client wants to purchase $50,000 in gold and silver bullion, he or she will write a check for $50,000, yet they are unable to lock in the price of their bullion until those funds are released from their banking institution after being deposited. Since brokers in our industry operate on razor thin margins, we are unable to run the risk of ordering products at the time of initially receiving payment without bank clearance due to the possibility of a check “bouncing” back because of insufficient funds. These unfortunate occurrences cause significant financial loss and make doing business impossible. With today’s regulatory environment it can take up to 7-10 business days for a check to clear. This often causes investors to miss great opportunities to buy physical bullion during market lows. At New Orleans Silver and Gold our segregated customer account program offers a solution to this problem for both the customer and broker.
Now clients who are purchasing over $10,000 in gold, silver, platinum, or palladium bullion coins may participate in our customer escrow account program. The program allows clients to place deposits of capital in our customer escrow account to be used to buy precious metals by locking in prices at their discretion during normal trading hours. This is an intelligent “win-win” solution for all parties involved in physical precious metal bullion transactions.
We hope that after learning about New Orleans Silver And Gold’s Customer Escrow Account program, you will consider taking advantage of this wonderful service. If you are still unclear about how the program works please feel free to contact email us at neworleanssilverandgold@gmail.com or call one of our brokers at 504-858-GOLD(4653).
Apply Now
This account functions as an escrow customer account similar to a special escrow bank account that is separate from our traditional business account in which funds are placed on hold for the sole purpose of purchasing precious metal bullion coins or bars by the customer who deposited those funds. All funds deposited in customer escrow accounts are NEVER COMINGLED with any other company funds and remain the exclusive property of the customer who deposits such funds until the time that customer elects to use these funds to purchase precious metal bullion products.
To be eligible to participate in the customer escrow account program, a customer must make an initial deposit of $10,000 or more. All accounts must maintain a balance of $1,000 or greater. If the account falls below $1,000, the customer must add funds to the account to achieve a balance of greater that $1,000 within 90 days of falling below $1,000. In the event that a customer does not add funds to the account to achieve a balance greater that $1,000 within 90 days of falling below that amount, the customer will be notified via email, phone call, or text message to pick up their funds. Subsequently, a check will be issued to the customer to pick up at our downtown headquarters of 935 Gravier Suite 1020, New Orleans, Louisiana, 70112. In the event that the customer elects to get their funds mailed to them, we will charge a $5 fee to send the check out into the mail.
In the customer does not execute a trade with their customer account in 1 years’ time, the account may be deemed inactive. If an account becomes inactive, the customer will be notified via text message, phone call, or email regarding the status of their account. Furthermore, the customer’s account will be closed, and a check will be issued for them to pick up at our downtown headquarters of 935 Gravier Suite 1020, New Orleans, Louisiana, 70112. If the customer elects to have a check mailed to them, they will be debited $5 from their balance. If the customer elects to have their funds wired to them, they will be charged a $35 wire fee. Any customer who does not claim their funds within 90 days of being notified of the closing of their account, the balance of their account will be forfeited.
Executing trades through the customer escrow account can be done in three ways: via telephone (which may be recorded for verification), via text message, and via email. All trades must be confirmed with the account holder’s password. In the event that the account holder cannot provide the necessary password, they will be asked the two security questions they provided when establishing the account. If the account holder cannot answer both security questions, they must come into our downtown location with a government issued identification to reset their account password.
Fees: There are $0 fees for having a customer escrow account. The only fees associated with this account are as follows: $5 fee for any check being mailed to an address when closing the account, $35 wire fee for sending monies via bank wire to close the account.
Privacy protection: Louisiana Precious Metals Exchange prides ourselves on maintaining the highest industry standard when it comes to protecting our customer’s sensitive information. To ensure that all trades are executed by the individual that owns each customer escrow account, we have ensured that each account is protected with a password only known by the account holder and us. Furthermore, in the event that we are suspicious that someone other than yourself is trying to impersonate you to use your customer account to execute a trade, we have implemented 2 security questions as a second level safeguard for your protection.
LOCATION
935 Gravier St., Suite 1020
New Orleans, LA 70112
CALL US
504.858.GOLD (4653)
HOURS – By Appointment