Subject to common definitions and provisions and in consideration of the mutual covenants and warranties contained herein, the person (Account Holder) executing this agreement, and United Precious Metals Association (“UPMA™”), a Limited Cooperative Association operating on a non-profit basis for the benefit of its members, hereby agree as follows:
Contributions. Account Holder may make contributions to UPMA™ by tender of Paper Dollars for conversion into Gold Dollars or Silver Dollars as instructed by Account Holder by means of Dollar Cost Averaging. Once converted through escrow Account Holder contributions shall be held in trust for Account Holder’s benefit. Gold and Silver dollars deposited are treated differently than ones purchased through out system. Members that have deposited specie legal tender may be subject to a fee when redeemed for paper dollars. See the fee schedule for more details.
Deposits. Account Holder may make Specie Legal Tender deposits to be held in trust for the benefit of the Account Holder. Constitutional Silver Dollar (CSD) deposits shall be converted to Silver Dollars (SD) at a rate of $1.50CSD to $1.00SD nominal face value.
Bailments. Account Holder may offer bullion for conversion into Specie Legal Tender deposits to be there held in trust for the benefit of Account Holder. Silver bullion bailments shall be converted to Silver Dollars and gold bullion bailments shall be converted to Gold Dollars at the then current Fix Rate.
Exchanges. Account Holder may exchange Gold Dollars for Silver Dollars and visa versa at the then current relative Exchange Rate. Exchanges in excess of the Monthly Threshold shall be assessed an Exchange Fee as set forth in the Fee Schedule.
Withdrawals. Account Holder may withdraw Gold Dollars and/or Silver Dollars from to the extent of the Account Holder’s available Account Balance, in minimum 50 Gold Dollar or 1 Silver Dollar increments. All shipping costs and related charges as set forth in the Fee Schedule shall be assessed against the Account Holder’s Account Balance.
Redemptions. Account Holder may redeem Specie Legal Tender holdings for Paper Dollars at the then current Exchange Rate for placement on Account Holder’s debit card, or for payment by check, ACH or wire transfer. Redemptions in excess of the Monthly Threshold or redemptions of prior Deposits shall be assessed a Redemption Fee as set forth in the Fee Schedule. Redemption requests shall first be applied against any unredeemed Deposits before being applied to unredeemed Contributions.
Sales. Account Holder may sell or buy goods and services to or from other UPMA™ Members in exchange for Specie Legal Tender.
Escrow Agent. Escrow Agent shall provide all escrow and trust services necessary for Account Holder contributions, deposits, bailments, exchanges, withdrawals, redemptions or sales, which shall be processed by Escrow Agent as soon as practicable. However, Escrow Agent shall not release monies out of escrow or trust without adequate collateral that have not been fully cleared by the financial institution from which they originated. ACH transfers and personal checks can take up to 60 days to clear. Other types of transfers may be similarly delayed.
Vaulting & Insurance. All Specie Legal Tender held for the benefit of Account Holder shall be maintained in the care, custody and control of Escrow Agent, its contracted vaulting facilities, or common carriers, and shall at all times be fully insured against loss or damage.
Statements. UPMA™ shall provide Account Holder with access to on-line monthly statements denominated in Specie Legal Tender, including details of all transactions and fees affecting the Account Holder's Account Balance during the month.
Dividends and Rewards. Account Holders who qualify as UPMA™ members shall be entitled to such dividends, rebates and rewards as may be declared or authorized by the UPMA™ board of directors from time to time to be credited to the Member's Account Balance in Gold Dollars in an amount no greater than the aggregate dues, fees and other charges assessed against the Member's Account Balance.
Voting Rights. If Account Holder qualifies as a UPMA™ Member, Account Holder shall enjoy such association voting rights as may be set forth, now or in the future, in the organic rules of UPMA™.
The following terms have special meaning when used in documents which explicitly incorporate them by hyperlink reference:
The following provisions apply with respect to all documents which explicitly incorporate them by reference:
This schedule sets forth fees charged against each Account Holder's Account Balance. Terms defined in the Member Agreement apply to this Fee Schedule as well.
|Member Dues for unfunded accounts||Free||N/A|
|Physical Withdrawal of Gold or Silver coins.||Free||N/A|
|Member Dues for Account Balances above $1 Specie (gold and silver) Legal Tender (SLT)||$0.10||Gold|
|Vaulting/insurance for up to $100 SLT||Free||N/A|
|Monthly vaulting/insurance for each increment of 50 Gold Dollars or 20 Silver Dollars above $100 SLT||$0.01||Gold|
|Up to 10,000 Paper Dollar monthly volume in SLT redemptions or exchanges of prior contributions||Free||N/A|
|Other In-Network Gold Dollar redemptions or SLT exchanges||2.25%||Gold|
|Other In-Network Silver Dollar redemptions or Out-of-Network Gold Dollar redemptions||4.75%||Gold|
|Out-of-Network Silver Dollar redemptions or SLT exchanges||9.50%||Silver|
|SLT Payments to Charities and Government Entities.||0.50%||SLT|
|SLT Payments to Consumers||1.00%||SLT|
|Fee per True Link Visa Debit Card not meeting the requirements below.||$0.40||Gold|
|Fee for any bank chargebacks on ACH transfers.||$0.20||Gold||True Link Visa Debit Card for Members:
UPMA securely stores the basic personal information each member provides when creating or updating an account. Such information includes full legal name, date of birth, physical and email addresses, telephone numbers, security questions and banking details, such as routing and account numbers. UPMA does not divulge this information to third parties except: (1) as provided below; (2) at the member's request; or (3) if legally obligated to do so. This policy also applies with respect member balances and other financial information the association possesses.
UPMA does not sell or otherwise disseminate member contact information to any third party. The only exception to this may be disclosures to entities contracted to use such information exclusively for the direct benefit of UPMA’s membership, such as the association’s independent general counsel who provides escrow, legal and fiduciary services, and financial institutions providing bank accounts and/or debit/credit cards for members’ use. In addition, account information may be shared with the joint tenants, agents or beneficiaries designated for a given account.
When members offer their goods or services to each other and use their specie legal tender holdings in such transactions, each consents to the release of identifying information to one another.
Members may request changes to their personal information stored by the association. All such requests must be submitted on-line following authentication of member login credentials or through the member’s verified email. If a member loses control of the email registered with UPMA, we reserve the right to require proof of identity.
Normally, neither UPMA nor its contracted service providers request or store information such as social security, passport or driver’s license numbers, except in the following instances: