In line with MyTresor’s status as a non-banking institution, you may not deposit or maintain more funds in your storage balance than the estimated amount required to cover your gold’s storage fees for one (1) year. If at any time MyTresor determines that the funds in your storage balance materially exceed the amount needed to pay one year’s estimated storage fees, MyTresor may return the excess to your main MyTresor account or request that you withdraw the surplus.
11.9 Storage Balance Requirements
- After selling all gold holdings, storage balance must be withdrawn within 60 days
- Insufficient storage balance blocks gold withdrawal capability
- Outstanding storage fees are automatically deducted from gold sale proceeds
11.10. If the customer's storage account is approaching zero, they can add money to it through transfer from their MyTresor wallet or using a credit card.
11.11. The customer agrees to pay the fees and hereby authorizes MyTresor to automatically charge the Storage fees as described above. Such fees shall be paid in full by the Customer. If the Products are sold to MyTresor or shipped under the Customer's request, the Storage fees shall be calculated on a pro-rata basis until the Products are effectively sold and/or shipped.
11.12. Important notice: A Customer account will be considered inactive after presenting no login attempts from the Customer for a period exceeding three (3) years from the last login, and after MyTresor has made clear and significant yet unsuccessful attempts to reach the Customer. In the event of a Customer account with existing Stored Product(s) becoming inactive, MyTresor reserves the right to sell the Product(s), charging administrative fees of three hundred Swiss Francs (CHF300.00), at the Customer's risk. Within 360 days from the sale, the Customer shall be entitled to request the reimbursement of the net result of the sale. MyTresor's rights, and particularly any offset rights, remain unaffected.
11.13. For the conditions of storage (including the form of storage, the remuneration for safekeeping/storage, the storable precious metals, minimum value or storage quantities, method of payment as well as the withdrawal of precious metals, etc.), the current "Regulations for Safekeeping - Conditions for the Storage of Precious Metals" applies.
11.14. Storage Balance Notifications
a) MyTresor will notify users when their storage balance falls below estimated costs for:
- 2 months of storage
- 1 month of storage
- 1 week of storage
- Daily notifications thereafter
b) If the user's storage balance is approaching zero and the user hasn't transferred money to their account:
- If the user has sufficient funds in their fiat or crypto MyTresor account, we will automatically transfer an amount sufficient to cover at least 1 month of storage fees to their storage balance.
11.15 Negative Balance Prevention
a) Gold withdrawals blocked if storage balance insufficient
b) Outstanding fees automatically deducted from gold sale proceeds
11.16. Insurance of Stored Gold: All gold stored in MyTresor vaulting service provider vaults on behalf of MyTresor customers is insured to its full value at the time of purchase. This insurance coverage provides protection against physical loss, damage, or theft while the gold is in storage. However, please note that this insurance does not cover any potential market value fluctuations of the gold. The specific terms and conditions of the insurance policy are available upon request. In the event of any claim, the settlement will be based on the purchase value of the gold, not its current market value.
All gold in transit during delivery or collection, is insured to its full value. For gold in transit, it's based on the value at the moment of pick-up. This insurance coverage provides protection against physical loss, damage, or theft while the gold is in storage or transit.
11.17. Customer Ownership and Bankruptcy Protection: Upon completion of a purchase transaction, the gold becomes the 100% property of the customer, with MyTresor acting solely as a custodian. MyTresor maintains detailed records of each customer's gold holdings, which are stored separately from MyTresor's own assets. In the event of MyTresor's insolvency, liquidation, or bankruptcy, the customer's gold holdings are not considered part of MyTresor's assets. Customers retain full ownership rights to their gold stored in MyTresor vaulting service provider vaults and can claim their specific holdings directly from MyTresor vaulting service provider, independent of MyTresor's financial status. This arrangement ensures that customer assets are protected and separable in case of any financial difficulties faced by MyTresor.
11.18 Use of Third-Party Service ProvidersMyTresor engages third-party service providers, for storage, for payment processing, and for identity verification. MyTresor is responsible only for the careful selection and proper instructions given to these providers. MyTresor disclaims any liability for losses or damages arising from the negligence, misconduct, insolvency, or other actions of these third parties that are outside MyTresor’s direct control, provided MyTresor has exercised due care in their selection and oversight