The best part of working at Miles Franklin – at which, last week marked my fifth anniversary as Marketing Director – is the dedication and creativity of employees who, on average, have been with the Schectmans for more than two decades. In a business where pricing is commoditized, we have found numerous ways to differentiate ourselves – first and foremost, maintaining an A+ Better Business Bureau rating for 27 years, with not a single registered complaint. Moreover, for the past two years, our home state of Minnesota has been the only state to actively regulate bullion dealers; and generally speaking, the firms mission statement is to provide top rate service; competitive pricing; unique service offerings; and of course, the Miles Franklin Blog. To that end, I cannot emphasize more that “Precious Metal bullion dealers are NOT commodities.”
Joel Kravitz, who has been a friend of President and Co-Founder Andy Schectman since childhood, took it upon himself five years ago to establish the industry’s most valued-added Precious Metal storage program. The program, with Brink’s Canada – initially in Montreal, and now Vancouver and Toronto as well – has been a rousing success, with hundreds of satisfied clients, residing on multiple continents. The reason being, as discussed in this podcast, that not only is it entirely outside the banking system, but unlike the industry standard of charging as a percentage of bullion value, we charge a fixed fee, per ounce. Furthermore, not only is your fully segregated bullion audited by one of the industry’s top third-party auditors, Inspectorate, but Miles Franklin’s senior management as well. Believe me I know, as I’ve personally witnessed my metal audited.
That said, our team continues to seek new ways to improve our industry-leading storage product. Thus, in light of the rapidly evolving issues – and dangers – facing the financial world, we have striven to craft new service offerings, enabling clients to enjoy greater degrees of cost efficiency, practicality, and most importantly, peace of mind. Which is why it is my great pleasure to announce the launch of Miles Franklin’s one-of-a-kind Private Safe Deposit Box Program, at Brink’s Canada’s Toronto and Vancouver vaults.
Through the program, new clients – and existing clients of our Brink’s Montreal and Vancouver segregated storage programs – will have their own, fully insured safety deposit boxes. Of which, only Brink’s and Miles Franklin will be aware of the contents, and only you will have the key. Plus, clients will have the ability to personally visit their boxes, to either view the contents, make new deposits, or take withdrawals. Or alternatively, clients may choose to mail one of their two keys to Brink’s, with instructions to receive a new deposit or make a withdrawal – after which, the key is mailed back. In other words, no one – aside from Brink’s, with your express written permission, and the key you personally mail them – can ever open your box.
The details of the program are outlined at our Private Safe Deposit Box website, as well as in this FAQ statement. However, I’d like to go over some of the key points here, including clients’ ability to not only store gold and platinum in the boxes, but hard cash, in the form of U.S. dollar, Canadian dollar, or Swiss Franc notes.
- There are four box sizes, with the largest costing just $39/month to maintain – atop standard storage fees; and the smallest, $25/month. That said, the smallest box can hold up to 500 ounces of gold or platinum; or 1,500 bank notes, of denominations as high as US$100, CAD$100, or CHK100.
- As is the case with our existing Precious Metal Segregated Storage programs in Montreal and Vancouver, Private Safe Deposit Box gold and platinum storage fees are very competitive. Cash storage fees will be supplied upon request.
- The contents of all Private Safe Deposit Boxes, like our existing Precious Metal Segregated Storage programs, are fully insured through Brink’s.
- Inventory statements are emailed quarterly
- Clients have numerous alternatives regarding the addition or withdrawal of cash and/or metals to their boxes – either personally, or via express written consent. There is no additional cost to depositing one’s own metals, and Miles Franklin can assist with the transport of metals from your home or another storage facility.
- To our knowledge, the Private Safe Deposit Box program is compliant with IRS Form 8938 and U.S. FBAR and FATCA reporting requirements. However, we advise you to seek additional counsel for verification.
In a nutshell, Miles Franklin’s Canadian Private Safe Deposit Box service is the first of it’s kind – with services provided by Brink’s, offering essentially the best available amenities in the global Precious Metal and cash vaulting industry. If you are interested in learning more, simply call us Toll-Free from the U.S. or Canada at 877-685-4705, or internationally at 952-582-6316. Or alternatively, email us at [email protected]
Moreover, I intend to tape a new podcast with Andy Schectman in the near-future, to discuss not only all aspects of the Private Safe Deposit Box program.