| Many Qualified Intermediaries websites claim that they place your proceeds into separate, completely segregated, FDIC insured bank accounts. We are not aware of any, however, who provide any kind of proof that they are not pooling all the funds into one big account, so they can invest it in various instruments that earn more growth proceeds (which they retain) than the banks might pay. Why would you not receive a monthly statement from the depository bank, if indeed there exists a separate account for your funds?
The clients of Haven Exchange receive monthly statements from Union Bank, reflecting all activity, including interest earned. They have no doubts about how their proceeds are held. A brand new, completely separate and segregated,
FDIC insured money market account is opened for each exchange. Naturally, a monthly statement is sent out from Union Bank for each account. Transparency for 1031 Exchange funds does exist, at Haven Exchange.
Another factor setting Haven Exchange above all the other Qualified Intermediaries is the fact
that we maintain Fidelity Bond coverage for every single dime of the exchange funds we hold. Most others are bonded for a small percentage of the funds held, so your money may not be completely covered by their bond.
We take very seriously the trust placed in us for the security of those funds. Therefore, two signatures and a randomly generated digital password are required for the release of any exchange funds. |
