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Lars

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Reply with quote  #1 
Of the thousands of IRA claimants I've seen on the list, I'm wondering if it's possible I'm the only one who ended up here that had ET as their custodian.  I'd certainly appreciate any advice on how to deal with this.

Meanwhile, here's the latest on my dealings with our "friends."  About a week after I replied to their email about their new fee structure, they called me.  Of course, by the time I get home from the job - which does not provide the opportunity to use my phone - their offices are closed.  So on my first day of Christmas break, I returned their call.

I wonder how it's possible that EVERY. SINGLE. TIME. I talk to someone there, they react as though they've never heard that Bullion Direct went under.  They seem genuinely surprised, which is scary.  They had no idea that the claimants (victims) were mailed checks directly.  They also seem stunned when they hear there is NO MONEY left in the accounts.  

Upon hearing that I received my settlement directly from the bankruptcy trustee, the individual I spoke with informed me that I was supposed to have mailed THEM the checks to put back in the account. Of course they wanted me to do that!  That way they could take their outrageous account closing fee (or whatever they call it) out of the account balance.  I told her I DID deposit my wife's settlement in one of her other IRA accounts, and since I'm old enough, I'm going to claim mine as a distribution.  After being put on hold for a LONG time, she came back on the line and began with "What you need to do is..."  I stopped her there, and told her to put it in writing so there is no confusion.  Here is the text of the email I received:

Dear Mr. Lars,

Per our conversation regarding the funds you received from Bullion Direct settlement. The check you receive should have been deposited back into your Equity Institutional IRA and then transferred or distributed out. At this point to have your account closed out a letter of explanation along with documentation of the settlement from Bullion Direct, also a copy of a statement showing the deposit of the funds in your IRA.

The letter and documents can be emailed to metals@equityinstitutional.com or faxed to 440-8152484.

If you have any further question please contact the Precious Metals Team at 800-955-3434 option 2 Monday thru Friday 9:00 am to 6:00 pm EST.

Regards,

 

Equity Institutional
 
 

After I faxed them what they wanted, I received the following auto-generated email for each IRA account:
Dear Lars,
We have received your Distribution request for your account and it is currently being reviewed by our Operations Team. Please allow three to five business days for this request to be processed.  If you need to contact us, blah, blah, blah....

As I said, I hope this helps somebody, and if anyone has any advice or experiences they think might help others (like me), it would be appreciated.
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