Chicago, IL (1888PressRelease)
May 14, 2008 - “Our program is designed to provide our self-directed IRA clients with an increased level of security and protection as they hold cash balances in their IRAs at Millennium Trust. We pride ourselves on being innovative and responsive to our clients’ needs.” comments CEO, Scott McCartan.
Millennium Trust uses interest bearing demand daily accounts at four different unaffiliated banks to assure clients with more FDIC protection. The first $250,000 of uninvested funds in a self-directed IRA will be held in an FDIC insured bank account. As IRA cash balances grow, balances above $250,000 are held in an FDIC insured bank account with a separate bank. As cash exceeds $500,000, funds are held in an FDIC insured bank account at a third bank. Once cash exceeds $750,000, funds are held in an FDIC insured bank account at a fourth bank. Balances above $1,000,000 are held in Federated Government Obligations Fund Trust Shares. When distributions are taken or investments purchased, funds are withdrawn in the reverse order of their deposit.
Cole Taylor Bank, The Leaders Bank, The Northern Trust Company and Hinsdale Bank and Trust are institutions currently used for this program.
For more information on Millennium Trust and the Cash Investment Program, visit www.mtrustcompany.com or contact 800.258.7878 with questions.
About Millennium Trust Company
Millennium Trust leads the industry in administrative and custodial services. Millennium custodies alternative and traditional assets in Self-Directed IRAs and Solo 401(k)s, creates customized Automatic Rollover programs, provides integrated Health Savings Account solutions, designs unique trading platforms for Investment Advisors and supplies valued Personal Trust Administration. It custodies more than 35,000 IRA Accounts. www.mtrustcompany.com
