April 21, 2020
Over the past six weeks we have been able to keep up with the demand for distributions, funding new investments and answering questions related to everything else. A pattern of questions has emerged is worth exploring. The major items that come up are:
Precious metals- the largest number of calls and email communications are regarding distribution and sale of precious metals. So many, in fact, that we have a separate announcement for those whose IRAs invested in precious metals. It is on the front page of our website and may address most of your questions and concerns.
Real estate – real estate professionals and title companies are considered essential businesses. State real estate commissions have provided guidelines on showing properties safely, and, although many have pulled properties off the market there is still inventory, mainly properties that are vacant. Title companies have established safe distancing closings that range from completely virtual to in person with some precautions. It varies from company to company, however.
Everything else – private investments are currently at normal levels. Our staff, with the use of DocuSign, can seamlessly fund these investments and the requirement that we sign on all investment documents has transitioned to the account holder being delegated this authority, as long as the investment advisor approves.
Our office is still closed to the public, but we have added a drop box outside the office for leaving checks and other paperwork. It is inside the building and the front doors are unlocked between 7:00 am and 5:00 pm Monday through Friday.
UNDIRECTED CASH SECURITY, FDIC INSURED. Per our custodial agreement with customers, NDTCO deposits and holds all undirected cash in FDIC insured accounts. As is often the case in times of uncertainty, there may be unscrupulous actors who attempt to take advantage of individuals by spreading false or misleading information. As always, NDTCO encourages all of its customers to continue to perform their own due diligence and remain vigilant with any and all potential investments. For those seeking additional information and guidance from the FDIC regarding the safety and security of their undirected cash please review the following link: https://www.fdic.gov/coronavirus/faq-customer.pdf
Stay well, wash your hands often, and (now) consider wearing a mask.
Bill and Catherine, Co-Founders, New Direction Trust Company