Who is CheckBook IRA?
Founded in 2004, CheckBook IRA claims to do more than just handle all the different aspects of the setup – they try to mentor the client throughout the entire process as well. They treat clients like family, and they want to make sure that clients have every opportunity to learn about the gold IRA structure and everything it entails.
Run by Steve and Jordan Sheppherd, CheckBook IRA states that it is their job to provide the best and most pertinent information available. The company strives to answer any and all questions regarding the application, its structure, and different investments, and finally answer questions regarding the setup to ensure everything is done correctly and according to law.
What I Learned From CheckBook IRA?
When the company was founded by Jordan and his father, they began by working with a business attorney, who is also a personal friend. After setting up their investment strategy, they had a lot of interest from friends and relatives, so they decided to develop it into a business and offer their services to the public.
This company offers a very unique strategy for investing using a self-directed custodian. This means that you can invest in any asset you choose such as real estate, precious metals, personal loans, etc.
In order to give clients the most control over their IRA, a LLC is formed in the client’s state of choice; New Mexico is recommended for their excellent privacy laws and low regulation since no filings are required. The IRA is treated as a trust, and a trustee is appointed, who facilitates the transactions.
Once the LLC is formed, your IRA buys the LLC. This maneuver makes the IRA a private company, and you, the client, are the manager. This arrangement limits IRS oversight on transactions.
CheckBook IRA buys American Eagle gold and silver coins directly from the US Mint and sells it to interested clients. These coins are one of the only type of precious metals an IRA can buy.
When clients want to sell their coins, the transaction is handled as a distribution from the IRA in the form of physical assets. This allows the declared value to be divided in half, so only half is taxed.
Since the client is also the custodian, there is no depository. Precious metals are kept at home or in a safe deposit box and the sale of these metals becomes the client’s problem, such as finding a buyer. Additionally, CheckBook IRA’s LLC will advise on legal financial matters, free of charge.
CheckBook IRA – Gold IRA Fees
| Initial Setup Fees | $115+ |
| Annual Admin Fees | Not Disclosed |
| Annual Storage Fees | $1500 |
| Minimum Purchase Amount | None |
| Preferred Depository | Home Delivery Only |
Rankings, Complaints & Customer Reviews
Better Business Bureau
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The company has a rating of A+ from the Better Business Bureau because of its notable customer service and products. CheckBook IRA has been accredited with the BBB ever since April 28, 2006, which means it has met the standards of the agency when it comes to resolving consumer issues and complaints. There are zero complaints on the company during the last 3 years of operation.
Business Consumer Alliance
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The Business Consumer Alliance or BCA is another credible agency that gives the public sufficient information on businesses in various industries. For those who wish to learn more about CheckBook IRA by checking the BCA site, they may get disappointed because there are no ratings, reviews or complaints filed against the company.
TrustLink
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In the same way, CheckBook IRA also has zero complaints posted on the TrustLink site. This can signal concern among potential investors since there is no way for them to get accurate information from customer reviews as there is none posted on the website.
Ripoff Report
There also seems to be an absence of reviews or complaints posted on Ripoff Report when it comes to feedback on services and products from CheckBook IRA. Hence, with limited details on this company, making a decision on choosing them for your investment needs can pose a serious problem.
Conclusion – Final Thoughts
After investigating CheckBook IRA, they do offer interesting features and benefits if you’re looking to choose this company for wealth enhancement, management and protection.
The company offers a “CheckBook Control” means of managing your account, and this can be done by governing your account via local banks of your choice. They also offer an extensive selection of rollover options and allow for direct delivery of precious metals.
However, their lack of accreditation from other agencies such as the BCA and TrustLink can be alarming since you want a reputable and dependable gold IRA company to choose from.
Additionally, there storage fees are incredibly high at $1500 per year where other companies charge as low as $150 annually.
| Pro’s | Con’s |
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| Bottom Line: Unless you are looking to hold precious metals inside of an LLC, CheckBook IRA will be a more expensive and slower option. | |
Which Company Do I Recommend?
Official Website – Client Testimonials – Recommended Packages
Give them a call: 1-844-913-7373
In the end after a long search of researching the top gold companies I decided to go with Regal Assets. They gave me the best overall impression since they specialize in gold IRA rollovers and are the leading experts at it.
Regal Assets has highly professional staff members to guide you and their storage fees are incredibly low at $150 per year. Their numerous positive features outweigh the less-than-perfect ones, and this gives any business credibility.
Full a full in-depth analysis of Regal Assets, check out this review.
When you’re search for an investment company has taken you lots of time and energy, it’s nice to find a company that offers low fees with excellent ratings and customer reviews. If you’re looking to protect your assets by investing in a gold IRA, visit Regal Assets or Call 1-844-913-7373.
I've been a financial engineer for over 30 years and have been investing in gold since 2008.