The gold and precious metals industry is on the rise. Many people are choosing to invest in gold, silver, platinum and other precious metals as they are a safer, less volatile investment. Many people have also wisely chosen to invest part or all of their 401k retirement plans into gold. This type of investment has greatly increased in the past few years due to economic instability and the weakening of the dollar. Many people who have retired do not want to spend the rest of their days in fear that the stock market could collapse at any moment, reducing their life savings to only a fraction of what they used to be. There are many companies out there that will help people invest their money into gold. The American Precious Metals Exchange (APMEX) is one of those companies.
In this review we will take a look at some facts about the company, what people are saying about them, and if they putting their customers first. We have taken information from various accredited websites and complaints boards. This information has been compiled below for your ease of access. Our extensive research provides you with an educated overview of APMEX, allowing you to decide for yourself whether or not APMEX is the company that you can use and trust to invest part or all of your retirement fund with.
Better Business Bureau (BBB)
32 complaints closed with BBB in last 3 years | 13 closed in last 12 months
http://www.bbb.org/oklahoma-city/business-reviews/investment-securities/american-precious-metals-exchange-in-oklahoma-city-ok-7002053
The Better Business Bureau shows that the company APMEX is accredited and holds an A+ rating. This is supposed to show that the company is holding it’s business practices at the high standard demanded by the BBB. The strange thing however, is that there have been 32 complaints in the past 3 years and 13 in the last 12 months filed against APMEX. It was odd to find that the accredited rating seems to show APMEX in a much better light than the complaints and horror stories recorded. One of these stories is posted below.
13 of the 32 complaints filed in the last 3 years are related to “Problems with the product/service”. This seems to show that the company isn’t as organised as other companies. Choosing which company to invest with is such an important decision to make as you wouldn’t want to leave your investment in the wrong hands, so make sure to choose wisely and thoroughly review the company that you are looking to invest with.
Here is just one of 32 complaints that we have pulled from the BBB:
“The company has dishonest practice. I placed an order for gold coins, and I transferred the fund to pay for the order. The bank of APMEX did not take the fund, reversed the payment, no body at APMEX informed me about the reversal of payment. They just canceled the order and demanded a payment of $3,284.40 for the market loss.”
The Complaint Board
http://www.complaintsboard.com/complaints/apmexcom-c383599.html
The Complaints Board provides an outlet for unhappy customers to vent their frustrations about various companies. We have investigated complaints placed on The Complaints Board and have found numerous complaints filed about APMEX. We have encountered many issues found on the website relating to the return of precious metals due to a lack of quality in the products they are shipping. Many of these complaints speak of hidden charges and having to pay for shipping and handling when trying to return goods that they did not want in the first place. When returning precious metals, postage will have to be insured, leaving the unhappy customer in even more of an upset state due to the larger cost of returning the goods. This is something that APMEX should be paying for themselves, but they still seem to not have taken any action against this particular issue.
Another complaint that we found about the American Precious Metals Exchange relates to customer service. This complaint was made after a customer was told to wire funds to a particular bank account, but then on the following day was instructed to wire the same transaction to a different account. This meant that the customer lost out on a large wire transaction fee. When the customer filed a complaint to the company explaining what happened, they initially didn’t respond to the complaint at all. He then proceeded to complain again and received a minimal gift certificate that didn’t cover the transaction fee. Due to it not being the customers fault at all, he complained again and received another gift certificate, almost making up the transaction fee amount. He then decided to leave it as he didn’t feel that it was a good use of his time.
“There’s lots of places to buy precious metals – give these guys a miss!!”
Ripoff Report
Ripoff Report also has some unfavorable reviews for APMEX. These problems range from customer service issues to product quality problems. Many people have complained that the company isn’t what it once used to be, which is a shame. It seems that they will no longer go out of their way to help customers get what they want. One buyer was told that he had to be charged a sales tax on a purchase because it was under the threshold. Knowing this, he decided to ask to increase his purchase to waive the sales tax issue (one of APMEX’s policy changes), yet they declined his request for no good reason.
Another complaint filed here states that the American Precious Metals Exchange has a policy in which all cancellations have to be made during their hours of business and at no other time. This left one customer sending numerous emails to APMEX, none of which were responded to. After a couple more days, he decided to call the company and finally received a response. APMEX eventually did decide to cancel the order however the company waited until the market was low to avoid loss on their end. It seems they aren’t always putting the customer ahead of themselves.
Our Conclusion
We obviously can’t ignore some of the complaints that have been made against APMEX. It seems that APMEX has failed in showing superior customer service and organisational skills. It also shows that they don’t seem to be putting their customers first. We recommend anyone who is looking to invest with APMEX to take a look at other companies first and compare the reviews of both companies before investing a large amount of money, as you would want to deal with the best investment company possible.
Which Gold Company Do We Recommend?
If you are looking for a trusted gold IRA company then take a look at American Bullion.
American Bullion will help you with all of your questions and queries, no matter how simple or complex. They will help you assess the different options that you have. They are not pushy and there is no time pressure to complete the investment. They take pride in their customer service, hence the A+ Better Business Bureau rating and over 35 reviews on TrustLink. They will educate you with information on investing in precious metals. When you call, you will be given a dedicated representative that you will deal with from the point of first contact. You will not have to speak to different people and explain yourself over and over like many other gold IRA companies.
Have questions? American Bullion will help you to remove any confusion and earn your trust.
Why Choose American Bullion?
Better Business Bureau – Complaints Filed In Past 12 Months: 0 Complaints
TrustLink Score: 5 Stars (Based on 38 Reviews)
Not only do they have the A+ Better Business Bureau and 5 Star TrustLink scores, but they also provide a 72-hours dispatch guarantee too, something that other companies fail to provide.
American Bullion has recently been awarded the AAA rating by the Business Consumer Alliance as one of the 20th fastest growing financial services company in the U.S. This shows credibility above many other gold IRA companies.
Click link for official site: https://www.americanbullion.com/
Still have questions? We recommend requesting a complimentary gold kit from American Bullion. It’s a simple and great way to get started, American will contact you over the phone to arrange the shipping of your information pack and will take care of any unanswered questions you may have.
The information pack holds valuable information regarding the precious metals market and the process of investing. All you have to do is click the button below to get started. Just remember, the American Bullion sales representatives are not pushy and will treat you as a real person. This is a great way to get started and there is no obligation.
