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.