Re: IRA Checkbook Control - Posted by Verve
Posted by Verve on July 01, 2004 at 09:26:28:
I use Equity Trust Company to process all my transactions and frankly have been really pleased.
They don’t charge fees for every transaction, although if you need a check overnighted or processed the next day there is an additional charge for that.
For the most part, there is a yearly fee based on the size of your account, and small miscellaneous fees (like when you have funds wired into your account)
It’s all peanuts, as far as I’m concerned. Once I understood the process, running my transactions through my Self Directed Roth IRA through ETC has been a breeze.
It’s nice to be able to write checks on the fly, but I have found it to be just as easy when ETC disburses the check. There is a check request form that you use…you fill out the vendor who the check is written to, the amount, and fax off the form to ETC. Takes 15 seconds. There isn’t any review they go through…they merely send it off and 6 days later the check is the mailbox. Most of my projects don’t require a lot of check requests.
I have my contractor purchase materials and provide receipts. If I figure I have a project that’s gonna require 30K, I’ll request several small denomination checks (I’ll request a few $1,000.00 dollar checks, a few $2,000.00 checks, and a few $4,000.00 checks) and disburse them along the way.
It’s all worked pretty flawlessly so far.
If you go with Guidant and their service, please share your experience here. I’d love to hear more about it.
Best of luck…