Website : www.providentmetals.com
Better Business Bureau: A rating , 38 complaints closed in the last 3 years , 19 complaints closed in last 12 months
Business Consumer Alliance : Not rated
Trustlink: Not rated
IRA Fees: Not Known
Summary of Conclusion: NOT RECOMMENDED- because of too many complaints regarding delivery , quality of metals and third party custodians for IRA accounts.
Provident Metals is a seller of gold, silver bullion,bars and coins. Some basic informative about the company and products offered are given below :
We will explore the rating and reputation of Provident Metals below:
Better Business Bureau(BBB) :
38 complaints closed with BBB in the last 3 years
The BBB has been around for years. Provident Metals is currently accredited by the BBB and it has an A rating. It is notable that accreditation simply means that the company conforms with the standards which includes a commitment to resolve any consumer complaints in a faithful manner.Though they have had 39 complaints, the BBB found that Provident Metals made a good faith effort to resolve each and every issue in a timely fashion.
The A rating indicates that many of the customers has had a great experience with the company- which will be shared later on. However, the high number of complaints indicates that many customers have been on the wrong side of the coin as well. There are 19 complaints raised against them in the last 12 months alone.
Going through the complaints , you will see that most issues are related to delivery such as delay in delivery, poor packaging that damaged the metals, mismatch between number of coins received vs ordered, damaged metal delivery, complications with returning of low quality and damaged coins etc.
One customer ordered four PRE 1921 MORGAN SILVER COINS . When he received the coins , he found out that one coin had a large dent on the observe side . He asked for replacement . But the replaced coin had two very noticeable black marks on the observe side. He asked for replacement again. Astonishingly , the third replacement was the worst of the lot. The customer described the condition of the coin as ” A LOT OF DISCOLORATION ON BOTH THE OBVERSE AND REVERSE SIDES OF THE COIN. IT ALMOST LOOKS LIKE RUST.” When contacted again , the sales reps audaciously replied “WELL THE THREE OTHER COINS WERE GOOD WERE’NT THEY?” . By this time the customer was very angry and wanted to speak to the supervisor . He was told that the supervisor won’t talk to him and they won’t replace the coin. The saga went on but the issue has not been resolved as of now.
Another customer anguished :
Another infuriated customer customer asked for a refund because of misleading advertising issues . His delivery was delayed for months although the metals he ordered were labelled “in stock” . His complaint is quoted below :
Products and Services :
The precious metals packages and themed coins makes Provident Metals stand out from its competitors. The company offers its customers with several compelling investment options . These include Molon Labe ( which features Spartan Themes with modern weapons) , Zombucks Barber ( coin with zombie theme) , Birds of Prey (which features peregrine falcon and Queen Elizabeth II.), Nick Stram ( the coin that fights cancer) etc. Astonishingly, they offer survivalist style foods and gears in one section . Their website is easy to navigate and resourceful .
Do they perform as an IRA Custodian ?
Actually No. When it comes to actual precious metals IRA, they do not act as IRA custodians , although many of the gold IRA companies act as custodians themselves. They will hook you up with someone third party agent. It is clearly mentioned in their website - “Provident Metals has partnered with the most respected IRA custodians in the industry who will help you purchase, receive and store your precious metals in a secure, insured vault facility. One of Provident’s IRA specialists will help you choose the custodian that makes sense for you.”
This is an alert for customers interested in rolling over their IRA to gold in our opinion. It would have been more trustworthy and comforting had the company itself offered custodian services. Watch out !
Easiness of Order :
The website of Regal Assets is resourceful and easy to navigate . The prices of precious metals are very competitive . Special rates apply to bulk investors in precious metals bullion . Currently the precious metals can be shipped to the United States and Canada . There is 100% insurance on all the packages . The payments can be made with credit cards . Also there is online order system that can be paid with credit cards having a limit of USD 1,500 .
Payment Options and Delivery :
The investors have the option to pay for the orders with debit /credit card , money orders , checks or bank wires . There might be limit in maximum and minimum order sizes for some payment options , but all the payment alternatives are valid.
If an investor is placing orders worth over $2,000 , he has the option to pay with bank wire. In that case he has 3 to 5 days time to come up with the funds else the order will be cancelled . Paper checks can be money order, personal check or cashier check. There is no minimum threshold of payment through paper check , but you can only pay for orders of $20,000 or under with this option . If you are paying through paper check , you must know that they will hold your check for six days to make sure that the funds are adjusted .
The option of paying via debit or credit card has some restrictions. You will have to pay an extra 4% or more for transaction fees for each order . If you order amount is small , credit card is the best option . With this payment method , the shipment of metals will be faster with average shipping time ranging from 4 to 5 days .
Some safety measures are taken by Provident Metals to secure their packages . All the packages are shipped by FedEx and UPS . Every package worth over Fifty Dollars requires a signature before delivery .
Recent Reviews that we found:
We have found the following reviews of Provident Metals recently which indicates both good and bad experience of the valued customers with this company.
We have found numerous positive feedback from customers online. Various websites, including the BBB, Provident Metals has responded to the accusations raised against them . Many of the grieving customers have acknowledged it , too.
A Final Thought:
The most notable attribute of Provident Metals is the unique coins that they offer. Many customers has had very good experience with them. But the facts remains that they are NOT a precious metals IRA custodian. They will use third party custodians and won’t guide you step by step through the Gold IRA setup process themselves to protect your asset. Also , the number of complaints are too high for comfort.
We recommend you give Provident Metals a call and assess yourself from your experience . You have every right to be cautious when you are dealing with your retirement.
Which Company Do We Recommend ?
Phone: 1-844-611-2370 (Call from 8am to 5pm PST with any questions)
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