thePit.com holds cash balances for its customers in two customer accounts (segregated from its corporate account) at Citibank, N.A, both entitled “thePit.com Customer Account”.
thePit.com lets you see your account balance on its web site at all times.
The customer accounts are privately insured under a crime policy that insures for an amount always in excess of existing cash balances held in the accounts.
thePit.com customer accounts at Citibank are reconciled every day to thePit.com internal systems.
All checks, wires and monies posted to the customer accounts at Citibank are recorded and posted onto thePit.com's back office system each day and a reconciliation between the Citibank accounts and the back office system is completed daily
No one individual can write checks against the customer accounts alone. All checks drawn against the customer accounts at Citibank are verified by a second person for errors before being mailed.
All sports cards held with thePit.com in your account are protected
under all risk fine art and crime insurance policies through private
insurers. The policies cover against loss due to fire, theft,
and/or physical damage or loss.
thePit.com lets you see your card holdings in your account at any
time on its web site.
Customer cards are stored in a locked, alarmed facility,
with limited keypad access.
All cards received for deposit into customer accounts are verified
for authenticity and quality by an experienced
receiving personnel and electronically scanned or entered into inventory.
All cards being shipped to clients from their accounts are electronically scanned out of the accounts to prevent shipping errors.