First State Depository Review
- 1 First State Depository Review
- 1.1 Company Background
- 1.2 Services
- 1.3 Storage options
- 1.4 Insurance Coverage
- 1.5 Applied Fees
- 1.6 Accepted Payment Methods
- 1.7 Deposit and withdrawal process
- 1.8 Final Verdict
First State Depository is located in Wilmington, Delaware, and was founded back in 1979. The company offers services to both retail investors as well as institutional clients by offering precious metals shipping, custody, and accounting services.
The depository has made it easy for their clients to store precious metals with them. They provide insurance coverage and make the process simple.
401K Custody Accounts
First State Depository helps investors looking to invest from their 401k plan to precious metals. It has experienced staff that can guide customers through the whole process.
They also support segregated storage services. Under the plan, you will store bullion bars and rare coins in your account. The company will keep the same gold bars in custody.
If you would like to withdraw them alter, you will receive the exact precious metals.
They take necessary measures to ensure they guarantee the best services. Many people offer good reviews after they have stored precious metals with them for a long. Their costs are affordable when compared to the rest of the industry.
You may like to store precious metals safely. The depository allows people to apply for safe storage of precious metals such as silver, gold, platinum, and other precious metals.
Customers have assured the best services because, upon receipt of depositing precious metals, they are offered full coverage insurance. Many people looking for safe places where they can keep their precious metals prefer the company.
First State Depository offers a wide range of storage options. You can choose from a wide range of storage plans available on their platform.
They have taken several measures to ensure they avail the necessary services that will benefit different types of people.
Here are some of the storage options available at the company:
Individual Custody-Plus Account
Under the plan, an individual can sign a contract to store certain types of precious metals. The metals are inspected then stored as per the agreement. You can store the metals at any given time.
People who would like to keep their precious metals safely prefer the plan. It also offers segregated storage where you can have certain pieces kept the same way they are.
You will get the exact precious metals back in case you will need them back.
Corporate Custody-Plus Account
Some companies would like to get exact precious metals storage and inspection reports from time to time.
The company allows corporates that deal in assets holding to store their precious metals under the plan. For example, a company can get precious metals from a given mint then store them.
The bars will have details such as mint year, metal type, and product description. All details about given precious metals are recorded then kept in the custody of the company.
The company then keeps all the information safely so that it can be verified upon request by the corporate entities.
Foundation – Charitable Trust – LLC Custody-Plus Account
Some charitable organizations would like to store value in precious metals. They can decide to do so via segregated accounts where the exact metals are kept in safe custody till they withdraw them.
All the precious metals stored under the plan have all details that will identify them. The setup process is easy. The experts at the company are readily available to offer the necessary guidance when they would like to store the metals safely.
Collateral Custody Account
You can use your precious metals in the custody of the First State Depository as collateral for loans. People take loans to accomplish different urgent needs in life. They can decide to take loans and start businesses or pay for urgent debts.
Under the arrangement, you will agree with a bank to accept the precious metals as collateral. The lender will visit the accounts of the First State Depository and inspect the precious metals.
The metals will be then held in a safe account where you will get the loan on their behalf as security then repay the loan over the period you will agree with the lender.
After you have paid all the amount offered in the loan, you can then ask the representatives at First State Depository to transfer the full ownership to your name. It is an arrangement that can simplify the way people take loans.
IRA Custody Account
First State Depository is an IRS-approved depository. This means you can set up a self-directed gold IRA account then contact First State Depository. There are many companies that help in running self-directed IRA accounts.
The IRS regulations do not allow them to keep possession of precious metals. You can work with them to sign up for the self-directed IRA account and the First State Depository Company will act as a depository.
There are several rules set to regulate the type of metals you can have in your IRA account. For instance, they should achieve certain purity values. Your IRA Company will guide you in the process.
They will even organize for you to buy the precious metals then contract the depository to take them to their safe storage facilities. Many people keep their wealth in a self-directed IRA because of the several benefits associated with it.
401K Custody Account
If you are an owner of a self-directed individual 401k savings plan, then you can work with First State Depository to set up a custody account.
Under the arrangement, the company will help in ensuring the precious metals stay safe for a given period. Several regulations govern the inclusion of precious metals in the IRA accounts.
They adhere to all regulations so that you can comfortably set up the account and start securing your future. There are several precious metals allowed under the plan.
You need to adhere to the regulations of the IRS so that you can have safe custody of precious metals that are aimed at securing your future.
First State Depository offers insurance coverage for their services. People looking forward to keeping their metals safe can do so with confidence. They handle several accounts that are backed with precious metals.
Each account has full-value insurance. You will have the perfect place to keep your precious metals. There are several security measures involved in safeguarding the metals.
People who are interested in storing precious metals prefer the company because it has taken measures to ensure the highest safety standards are adhered to in the storage of the metals.
The company charges fair fees for the storage of metals. It will depend on the type of account you will set up with them. Generally, they charge the lowest fees in the industry.
All services come with complete reporting so that you can know the fees and other related charges.
When it comes to transparency, the company is among the best. They are known to break down the costs so that you can know exactly what they are doing with your precious metals.
People who opt for segregated storage can access the services at no extra cost. For the years they have been in operation, they have attracted the attention of many people across the country who are interested in precious metals storage.
Accepted Payment Methods
The company acts as a depository of precious metals. You will have to arrange for payment of precious metals in reputable organizations such as the mint then ship them to their storage facilities.
All the shipping process and account handling processes are done under the highest safety standards. You will move the precious metals when they are fully insured.
There are fees you will have to incur from time to time due to the processing of their precious metals.
You can use a bank transfer to pay the fees. You should not worry about the safety of your transaction or precious metals, they are known to employ the state of the art technology in their precious metals handling.
Deposit and withdrawal process
It is easy to deposit and withdraw precious metals. All the services are handled by their in-house experts.
You will have to fill a form to open an account. There are different types of storage accounts you can open as per your given needs.
After you open the account, they will contact the IRS for approval. After the approval process, they will organize for you to have the physical metals delivered to your account and they will start the storage.
When it comes to withdrawal, you will have to sign a form indicating you wish to withdraw your precious metals.
They will let you know how you can visit the facility and inspect the metals before you can proceed to withdraw. You can carry physical metals to your preferred destination.
First State Depository is a viable option to store precious metal assets. This depository is good to store cash-purchased physical metals, as well as metals acquired through an IRA rollover as a part of a retirement investment plan.
In both cases, it is a depository you can work with safely. They fully insure all stored assets of investors as long as those assets are kept in their vaults.