EverBank health

[Mr Vacuum]

The vast majority of my savings is tied up in tax-protected accounts. Gold holdings are diversified across a few of the usual ETFs and I'm working on adding gold bullion outside, but the fact of the situation is that the portfolio will be heavily weighted to tax-protected accounts for the foreseeable future.

So I keep coming back around to EverBank as an option to rollover an IRA into a metals account. Searching the forum turns up a bunch of questions and not a lot of answers.

The most concrete point was made a couple years ago when MachineGhost pasted in their Weiss rating of D+, a big thumbs down to the overall health of the bank:
http://gyroscopicinvesting.com/forum/ca ... /#msg61568

I also came across this blog post in which a commenter mentioned the rating to Chuck Butler, EverBank's President:
http://www.dailypfennig.com/2014/01/10/ ... -friday-4/

What do you think of his explanation about classification of non-performing assets?

[Libertarian666]

The vast majority of my savings is tied up in tax-protected accounts. Gold holdings are diversified across a few of the usual ETFs and I'm working on adding gold bullion outside, but the fact of the situation is that the portfolio will be heavily weighted to tax-protected accounts for the foreseeable future.

So I keep coming back around to EverBank as an option to rollover an IRA into a metals account. Searching the forum turns up a bunch of questions and not a lot of answers.

The most concrete point was made a couple years ago when MachineGhost pasted in their Weiss rating of D+, a big thumbs down to the overall health of the bank:
http://gyroscopicinvesting.com/forum/ca ... /#msg61568

I also came across this blog post in which a commenter mentioned the rating to Chuck Butler, EverBank's President:
http://www.dailypfennig.com/2014/01/10/ ... -friday-4/

What do you think of his explanation about classification of non-performing assets?

I believe if you have a corporate profit sharing plan, you can roll IRA assets into it and buy metals with those assets.

You might want to check into this possibility.

Note: I'm not a lawyer, do your own research, etc.

[Mr Vacuum]

I believe if you have a corporate profit sharing plan, you can roll IRA assets into it and buy metals with those assets.

You might want to check into this possibility.

Note: I'm not a lawyer, do your own research, etc.

Thanks for the suggestion. I have a Keogh Profit Sharing, but I think that's different. It's set up like a Fidelity brokerage account and does not allow gold bullion.

I also look at the Fidelity precious metals desk occasionally as another IRA option. Their relationship with FideliTrade seems straightforward and FideliTrade has good info available, but the transaction fees through Fidelity are high (2-2.9% to buy, 2% to sell).

[Mr Vacuum]

I called the EverBank trade desk and asked about the insurance of the metals accounts with respect to the business. As the rep explained it, the metals accounts not being deposits of the bank means that it is separate and subject to the insurance of their custodians. He said if EverBank went insolvent, you could take delivery of allocated metals or keep the unallocated account with the custodian.

It seems like a reasonable way to further diversify if you're mainly in ETFs, though the discerning investor may wish to press further into their custodian relationships, which I did not do.

Where you pay with EverBank is on the storage of allocated accounts: 1.5%. This is higher than the Perth Mint's storage fees, for example.