# Lock Deposit Policy

Lock deposits are funds left on file for use in future purchases or sales.

## Using A Lock Deposit When Selling

**Lock deposit funds allow you to lock in your price before bringing in the material.**

We use your deposit as a hedge, ensuring we can buy your material at the agreed price regardless of spot price changes.

- Depending on the product type and quantity being sold, you should anticipate needing approximately 10% of the estimated payout amount in available Lock Deposit funds to lock a price.
- You may lose some or all of this deposit per our [Market Loss Policy](https://www.floridagoldexchange.com/policies/market-loss) if you fail to deliver the specified type and amount of material by the agreed upon date, or the condition or quality are not as represented.
- Upon completion of the purchase, your lock deposit can remain in your account for future use or be returned via check or bank wire.

### Ineligible Products

Price locks are available when selling most common gold, silver, platinum, and palladium coin and bullion products.

Some products are ineligible for price locks prior to delivery and inspection:

- coins priced in whole or in part on numismatic value
- odd-weight bullion (ex: 36.25 ozt poured silver bar)
- any product that will be purchased on a consignment basis or requires assay prior to valuation
- gold jewelry, including wearable bullion
- dental gold
- raw gold
- any form of impure silver
- casting grain

## Using A Lock Deposit When Buying

**Lock deposits allow you to immediately lock prices when ordering during business hours.**

- Depending on the product type and total order amount, you should anticipate needing between 15-25% of the order amount in available Lock Deposit funds to lock a price.
- The deposit is applied as a credit toward your invoice.
- If your order is confirmed, and you fail to pay the order balance within the agreed upon timeframe, you may lose some or all of this deposit per our [Market Loss Policy](https://www.floridagoldexchange.com/policies/market-loss).

## Lock Deposit Account Funding

Funds can be deposited via bank wire, Zelle, or cash. 

- Deposits received during business hours post to your account immediately. Funds received after hours post the following business day.
- We may limit or decline cash deposits if your Lock Deposit account already has $10,000 or more in available funds. Our standard cash processing fee ($3 per $1,000) applies to cash deposits into your Lock Deposit account.
- Regardless of funding method, your available lock deposit account balance cannot exceed $30,000.

## Lock Deposit Account Withdrawals

You can request the return of some or all of your uncommitted lock deposit funds at any time. There are no fees for withdrawals.

- Funds are returned by your choice of business check or bank wire upon written request.
- We cannot return lock deposits via cash or any other form of payment.
- Allow up to one business day for bank wire processing and up to two business days for check payment processing.