American IRA Reviews: Fees, Complaints, Lawsuits, and More

American IRA: Unique Highlights Overview

American IRA is a self-directed IRA administration firm that offers unique features to investors seeking greater control and diversification in their retirement portfolios. Here are some of the standout aspects of their services:

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Broad Investment Options

American IRA enables clients to invest in a wide array of assets beyond traditional stocks and bonds, including:

• Real Estate: Direct ownership of residential or commercial properties.
  
• Private Businesses: Investments in privately held companies.
  
• Precious Metals: Such as gold and silver.
  
• Private Lending: Opportunities to act as a lender for private loans.
  
• Tax Liens and Deeds: Investments in tax lien certificates and deeds.
  

This flexibility allows for a more diversified and personalized retirement strategy. 

Educational Resources

The firm provides comprehensive educational materials catering to both beginners and advanced investors, including guides on self-directed IRAs and various investment strategies. 

Checkbook Control with Self-Directed IRA LLCs

American IRA offers the option to establish a Self-Directed IRA LLC, granting investors “checkbook control” over their retirement funds. This structure allows for quicker investment decisions without custodian delays. 

Emphasis on Compliance and Expertise

The firm specializes in self-directed retirement accounts, ensuring adherence to IRS regulations and helping clients avoid prohibited transactions. 

Personalized Customer Service

American IRA is known for its personalized approach, assisting clients through each step of setting up and managing their self-directed IRAs. 

These features make American IRA a notable option for investors seeking to diversify their retirement portfolios through self-directed accounts.

Who are the People Behind American IRA?

American IRA is a self-directed IRA administration firm led by a team of experienced professionals dedicated to providing clients with diverse investment opportunities for their retirement portfolios. The key individuals behind the company include:

Jim Hitt – Founder and Chief Executive Officer (CEO)

Jim Hitt has over 40 years of experience in various investment sectors, including real estate, private offerings, mortgage lending, and business ventures. He has been utilizing self-directed IRAs for his investments since 1982. 

Jim’s expertise encompasses financing and acquiring assets through creative techniques, and he has developed and managed a wide range of properties and businesses. 

He is also a past President of the Carolinas Real Estate Investors Association (CREIA) and has taught investing techniques at institutions in North and South Carolina. 

Rebekah Schram – Chief Operating Officer (COO)

Rebekah Schram has played a pivotal role in transforming American IRA’s operations, leading to a significant increase in new accounts within a short period. 

Her strategic vision and hands-on leadership have streamlined processes and strengthened regulatory compliance, enhancing the company’s efficiency and client-centered services. 

In recognition of her contributions, Rebekah was nominated for Executive of the Year in 2024. 

Kyle Moody – Business Development Manager

Kyle Moody focuses on expanding American IRA’s client base and fostering relationships with potential investors. His efforts are directed towards promoting the benefits of self-directed IRAs and assisting clients in understanding the diverse investment opportunities available. 

Charlene Sutton – Finance Manager

Charlene Sutton oversees the financial operations of American IRA, ensuring accurate financial reporting and compliance with industry standards. Her role is crucial in maintaining the company’s financial health and integrity. 

Amanda Barnes – Compliance Manager

Amanda Barnes is responsible for ensuring that American IRA adheres to all regulatory requirements and maintains high standards of compliance. Her work helps safeguard the company’s operations and protects client interests. 

The leadership team at American IRA is supported by a dedicated staff committed to providing personalized services and educational resources to clients. Their collective expertise and client-focused approach contribute to the company’s reputation as a trusted self-directed IRA administrator.

Does American IRA Offer Gold IRA Services?

Yes, American IRA offers Gold IRA services, allowing investors to include physical gold and other precious metals in their self-directed Individual Retirement Accounts (IRAs). Here’s how their Gold IRA services work:

Self-Directed IRA Setup

• Account Establishment: American IRA assists clients in setting up a self-directed IRA, which provides the flexibility to invest in alternative assets, including precious metals like gold.

Funding the Account

• Transfers and Rollovers: Clients can fund their self-directed IRAs through transfers or rollovers from existing retirement accounts, such as 401(k)s or traditional IRAs.

Selecting Precious Metals

• IRS-Approved Metals: Investors can choose from a range of IRS-approved precious metals, including gold, silver, platinum, and palladium, to include in their retirement accounts.

Purchasing and Storage

• Acquisition: Once the metals are selected, American IRA facilitates the purchase on behalf of the client.
  
• Secure Storage: The purchased metals are stored in IRS-approved depositories, ensuring compliance with regulations that prohibit personal possession of IRA-owned precious metals.
  

Account Management

• Ongoing Support: American IRA provides continuous support and educational resources to help clients manage their self-directed IRAs effectively, ensuring adherence to IRS rules and optimizing investment strategies.

By offering these services, American IRA enables investors to diversify their retirement portfolios with physical gold and other precious metals, providing a hedge against economic volatility and potential inflation.

What Products Can You Purchase at American IRA?

American IRA specializes in self-directed Individual Retirement Accounts (IRAs), offering investors the flexibility to diversify their retirement portfolios beyond traditional assets. Here’s an overview of the investment options available through American IRA:

Real Estate Investments

• Residential Properties: Invest in single-family homes, multi-family units, or condominiums to generate rental income and potential appreciation.
  
• Commercial Properties: Acquire office buildings, retail spaces, or industrial properties for business leasing opportunities.
  
• Raw Land: Purchase undeveloped land for future development or resale.
  

Real estate is a popular choice among self-directed IRA investors due to its potential for steady income and long-term growth. 

Private Lending/Notes

• Private Mortgages: Act as a lender by providing mortgages to other investors or individuals, earning interest income over time.
  
• Promissory Notes: Invest in legally binding agreements where borrowers promise to repay a loan with interest.
  

This option allows investors to generate passive income through interest payments. 

Precious Metals

• Gold, Silver, Platinum, and Palladium: Include physical precious metals in your IRA as a hedge against inflation and economic uncertainty.

Investing in precious metals can provide portfolio diversification and act as a store of value. 

Private Companies

• Private Equity: Invest in privately held companies, startups, or venture capital opportunities, potentially benefiting from business growth and profitability.

This avenue offers the chance to participate in the success of emerging businesses. 

Tax Liens and Deeds

• Tax Lien Certificates: Purchase liens placed by municipalities on properties with unpaid taxes, earning interest upon repayment.
  
• Tax Deed Properties: Acquire properties through tax deed sales when owners default on property taxes.
  

These investments can yield returns through interest payments or property acquisition. 

Single Member IRA LLC (Checkbook Control)

• Checkbook Control: Establish an LLC owned by your IRA, granting you direct control over investment decisions and the ability to write checks for investments.

This structure allows for swift investment actions without custodian delays. citeturn0fetch0

Joint Ventures and Partnerships

• Collaborative Investments: Partner with other investors or entities to pool resources for larger investment opportunities, such as real estate developments or business ventures.

Joint ventures can enhance investment potential through shared expertise and capital. 

Brokerage Accounts

• Traditional Assets: While specializing in alternative investments, American IRA also facilitates investments in stocks, bonds, mutual funds, and ETFs through brokerage accounts.

This option allows for a balanced portfolio combining traditional and alternative assets. citeturn0fetch0

Other Investments

• Cryptocurrencies: Invest in digital assets like Bitcoin or Ethereum, capitalizing on the growing cryptocurrency market.
  
• Foreign Currencies: Engage in foreign exchange (Forex) trading within your IRA.
  

These options cater to investors seeking exposure to emerging and diverse markets. 

By offering a broad spectrum of investment choices, American IRA empowers investors to tailor their retirement portfolios to their specific financial goals and risk tolerance, promoting diversification and potential growth beyond conventional investment avenues.

American IRA Fees and Pricing:

American IRA offers a transparent and competitive fee structure for self-directed Individual Retirement Accounts (IRAs), designed to keep costs low as your investments grow. Here’s a detailed breakdown of their fees and pricing:

One-Time Account Setup Fee

• Amount: $50
  
• Details: This fee covers the initial establishment of your self-directed IRA account.
  

Annual Record-Keeping Fees

American IRA provides two main plans to accommodate different investment needs:

• Flex Plan:
  
  • Annual Fee: $285 per account
    
  • Features:
    
    • Unlimited assets and account value
      
    • $95 fee per transaction (purchase or sale of an asset)
      
    • Ideal for investors with fewer transactions
      
• Unlimited Plan:
  
  • Annual Fee: $450 per account
    
  • Features:
    
    • Unlimited assets and account value
      
    • Unlimited free transactions
      
    • Suitable for active investors engaging in multiple transactions
      

Transaction Fees

• Flex Plan: $95 per transaction
  
• Unlimited Plan: No transaction fees
  

Processing Fees

• Wire Transfers (Outgoing/Incoming): $30
  
• Cashier’s Check: $50 (includes overnight mail)
  
• ACH/Trust Checks/Voided Checks: $10
  
• Overnight Mail: $20 processing plus shipping costs
  
• Certified Mailing: $10
  
• Notary Services: $5
  

Miscellaneous Fees

• Special Services: $75 per half-hour (minimum charge in half-hour increments)
  
  • Includes but is not limited to research of closed accounts, processing foreclosures, and tax issues.
• Deposit Research (if deposit coupon is not included): $25
  
• Copy of Sent, Cleared, or Canceled Checks/Reproducing Tax Documents (5498/1099)/Duplicate Statements: $15
  
• Returned Items/Stop Payment Request/Credit Card Decline: $30
  
• 990-T Processing, Reversal of Fees for Alternate Payment Method: $50
  

Account Termination Fees

• Partial or Full Account Termination: 0.5% of the termination value plus applicable transaction fees
  
  • Minimum fee of $150, maximum fee of $250.
    
  • Annual record-keeping fees are not prorated upon account closure.
    

Minimum Account Cash Balance

• Required Minimum: $750
  
  • If fees deducted cause the cash balance to fall below this minimum, a $25 monthly fee applies until the account is restored to the minimum balance.

Additional Considerations

• No Fees Based on Account Value or Number of Assets: American IRA does not charge fees based on your account’s value or the number of assets held, ensuring that your fees remain low as your account grows.
  
• Starter Plan: New clients can begin with a $0 annual fee until their first investment or distribution, allowing them to explore self-direction without immediate costs.
  

What Do American IRA Reviews Say?

American IRA has received various ratings across multiple review platforms, reflecting a range of customer experiences. Here’s an overview of their ratings:

• Better Business Bureau (BBB):
  
  • Accreditation: Accredited since January 12, 2009.
  • Rating: A+
  • Customer Reviews: 4.97 out of 5 stars, based on 38 reviews.
  • Complaints: 0 customer complaints reported.
• Yelp:
  
  • Rating: 3.5 out of 5 stars, based on 5 reviews.

• Trustpilot:
  
  • Rating: 3.6 out of 5 stars, based on 15 customer reviews.
• Birdeye:
  
  • Rating: 3.9 out of 5 stars, based on 8 reviews.

These ratings indicate a generally positive perception of American IRA’s services, with particularly high satisfaction noted on the BBB platform. However, some reviews on platforms like Yelp and Trustpilot mention concerns regarding customer service.

It’s important to consider that the number of reviews varies across platforms, and individual experiences can differ. Prospective clients should conduct thorough research and consider reaching out directly to American IRA to address any specific questions or concerns.

Why aren’t There Many American IRA Complaints?

There aren’t many American IRA complaints for several reasons, despite the company handling a complex financial service like self-directed IRAs. Here’s why:

Strong Compliance with IRS Regulations

• American IRA specializes in self-directed IRAs, meaning they must adhere to strict IRS guidelines to ensure clients don’t violate tax laws.
• Their focus on education and compliance helps prevent common mistakes that could lead to customer dissatisfaction and complaints.
• Since they act as a custodian rather than a financial advisor, many investment-related risks fall on the client rather than the company.

High Customer Satisfaction on BBB

• American IRA holds an A+ rating with the Better Business Bureau (BBB), with almost no complaints reported.
• Customer reviews on BBB show a 4.97 out of 5 rating, indicating strong customer support and transparency.
• A high BBB rating suggests timely dispute resolution and ethical business practices, preventing complaints from escalating.

Transparent Fee Structure

• Unlike some competitors that charge hidden fees, American IRA provides a clear and upfront fee schedule.
• Their flat-rate pricing model prevents surprise charges, reducing complaints about unexpected costs.
• Clients can choose between a Flex Plan ($285 annually) or Unlimited Plan ($450 annually), making costs predictable.

No High-Pressure Sales Tactics

• Some self-directed IRA firms use aggressive sales techniques, leading to complaints about misleading information.
• American IRA takes an educational approach, ensuring investors understand their options before committing.

Personalized Customer Support

• The company provides direct access to specialists who help clients set up and manage their accounts.
• Responsive customer service ensures that issues are resolved before escalating into complaints.
• Their team includes CEO Jim Hitt and COO Rebekah Schram, both known for hands-on involvement in client services.

Fewer Transactions, Fewer Complaints

• Self-directed IRAs are not high-volume trading accounts; they involve long-term investments like real estate and precious metals.
• Since customers are not making daily trades, there are fewer chances for transactional disputes or errors.

No Misleading Investment Advice

• Many complaints in the self-directed IRA industry come from firms that misrepresent investment risks.
• American IRA does not offer investment advice, meaning clients make their own decisions based on personal research.
• This model helps avoid liability issues and reduces complaints from investors who experience losses.

Secure and IRS-Approved Storage

• For Gold IRAs and other alternative assets, American IRA partners with approved custodians and depositories.
• Strict security and compliance measures reduce issues related to asset storage or mismanagement.

Well-Defined Exit Strategy

• Many self-directed IRA firms receive complaints about difficulty liquidating investments.
• American IRA offers clear guidelines on account closures and withdrawals, avoiding disputes over fees or fund access.

Are There Any American IRA Lawsuits?

No.

We didn’t find any lawsuits involving this company.

Can You Trust American IRA? Is American IRA Legit?

Yes.

They are a legit company with a long history of helping people diversify their retirement savings.

Whenever you’re curious about an IRA company, just follow these tips:

Tip #1: Check Their Regulatory Compliance and Accreditation

Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).

Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).

It will help you check how credible they are.

Tip #2: Look into The Company’s Background

1. Research the company’s history, including years in business and any name changes.
2. Examine the Better Business Bureau (BBB) rating and accreditation status.
3. Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.

Tip #3: Does the Company Offer Good Resources?

1. Assess the clarity of information provided about fees, storage options, and buyback policies.
2. Evaluate the quality and depth of educational resources offered to investors.
3. Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.

Tip #4: What are Their Product Offerings and Pricing?

1. Ensure the company offers IRS-approved precious metals for IRA investments.
2. Compare pricing with other reputable dealers to ensure competitiveness.
3. Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.

Tip #5: Confirm the Storage and Custodian Partnerships

Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.

You’ll need a certified third-party storage provider.

Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.

Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.

Keep in mind that storage providers charge extra for segregated storage.

Some popular custodians include Equity Trust and Goldstar Trust.

Red Flags to Watch For in Gold IRA Companies

1. Promises of guaranteed returns or claims of “secret” investment strategies.
2. Pressure to act immediately or make large investments without proper consideration.
3. Lack of physical address or unclear company ownership structure.
4. Unwillingness to provide detailed information about fees or policies in writing.

By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.

American IRA Review Summary:

Overall, American IRA seems like a reliable SDIRA provider.

However, it’s always best to browse the market and explore your options.

Let us know what you think about this company. 

American IRA Reviews: Fees, Complaints, Lawsuits, and More

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