Who We Are

What is an Account Administrator

An Account Administrator is a third-party company who handles the paperwork required for your Special Purpose Account (SPA). They help in the formation of the account and maintenance. An Account Administrator typically acts as a middleman between the you and the “Custodian” where your deposits are actually held.
As an Account Administrator, Privica, LLC role is to process the necessary paperwork to establish your SPA, record and keeps track of your individual SPA account, handle all customer service and all required reporting. We are also responsible for tracking your deposit activities, such as deposits, transfers, disbursement of payments to your creditors and payments of legal fees to your independent providers.

What is a Custodian

Custodians hold the actual money. They are affiliated with or owned by a bank or even trust company. They are approved and regulated by the IRS. They are also subject to regulation by the FDIC, their state’s Banking Commissioner and sometimes the Controller of Currency. One thing to remember is that a custodian can be referred to as a “trust company”.
A custodian is a financial institution—similar to a bank— that is permitted to hold and safeguard the money in your Special Purpose Account (SPA). Privica, LLC has chosen American Estate and Trust, LC, or AET, as the custodian for your Special Purpose Account.
AET is a state of Nevada licensed trust company, meeting all state requirements for capital reserves and bonding. The company is regulated and examined by Nevada Financial Institutions Division (FID), which is the state's financial institutions regulatory body. Background checks on AET principals are performed by FID.
As a trust company, AET must maintain minimum capital reserves and meet certain other stringent standards of honesty, competence, and compliance with all regulations.