Merit Gold Review
Latest News: Merit Gold is going out of business, no longer accepting bullion orders
Website : http://www.meritgold.com/
Business Consumer Alliance : AA rating with 55 complains in the last 3 years
Better Business Bureau: No BBB Rating found for Merit Gold or Merit Financial
Precious metals provide you with extra edge when it comes down to investing your valuable cash. This is because the worth of precious metals rises over time in comparison with alternatives such as cash IRAs, stocks, and mutual funds. Still, every Gold IRA business has features that may appeal to you, the trader, or not. This article gives you an unbiased Merit Gold review to guide your decision.
Merit Gold has been in business since the mid 1980’s. They have a website that purports to share a lot of information with the customer. In fact, one can go the site and learn a great deal about gold, gold IRA rollovers, and precious metal investing.
Business Consumer Alliance (BCA) :
55 complaints in the last three years
Merit Gold has an AA rating from the BCA . They do have 55 complaints in the last three years -which is too high for comfort. These complaints range from service oriented issues to problems with the actual product and service that is the meat and potato of the Merit Gold company.
In the following complaint , the company did not even return the call of the customer when the shipping was delayed for more than 4 weeks. They do not have the guts to tell the facts to the customer.
Summary:Told me the silver bullion would ship in 3 weeks, then after 3 weeks said it would be 4 weeks. Now they never return my calls or emails
Resolution Sought:Ship my product or wire my money back
Detail:Consumer states, Told me the silver bullion would ship in 3 weeks, then after 3 weeks said it would be 4 weeks. Now they never return my calls or emails Took my money and didn’t give me my product.
The most worrying statistic is that the company refused to adjust 12 out of 55 complaints . That means Merit Gold is not much worried about customer satisfaction and complaints resolution .
One particular complaint was a vivid example. The customer ordered for the metal , but the delivery was delayed without any proper justification . Despite numerous emails and phone calls , he could not get any update of his order until the delivery finally arrived after two months !! Some other customers also raised similar complaints against Merit as well. One customer was refused a product return request also the request was made within the 7 day period allowed by the company. However , the request was accepted when the customer resorted to BCA and BBB.
This website has several complaints raised against Merit Gold . The 7 complaints since 2011 are all about awful customer services and exceptionally long delay in shipping . One particular customer ordered for gold coins and bullion worth $75,000 . He also requested the company to check whether his IRA complies with the regulations. Afterwards, the customer did not get the delivery in the next one month. Worse still, Merit Gold tried to rollover his IRA into gold without his consent . The customer found it out only when his broker identified a mistake in the paperwork for rollover filled by Merit .
Also, orders placed via their website are not prioritized rather they processed on ad hoc basis.
You can get a feel of the true nature of Merit Gold if you go through the complaints in the complaint board. One particular customer saw an ad of the company on the web and called the company to know more. The fast-talking sales rep ended up luring him into buying coins that he didn’t want . The sales reps said that the return time would be 7 days. The customer got the coin delivery in two weeks and went to another dealer to cross check the actual market value. He was astonished to learn that the actual value was much less than what he was informed over phone. He immediately called Merit within 1 day of receiving the metal to make a refund. Merit Gold double crossed with him by saying that the seven days were up. They counted seven days from the issuance of order , not from the delivery of metal which was a clear cheating . Subsequently , the customer never got any refund.
Some of the comments are quoted below :
One elderly customer fumed -
A Final Thought:
The number of complaints raised by customer against Merit Gold is quite high . They don’t seem to respect clients properly and never hesitate to entrap the unwary. You can sniff fraud with their every move.
Now that Merit Gold has stopped taking orders of bullion from Aug-2014 , it is obvious that the company is going out of business .
So, AVOID MERIT GOLD at all cost.
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