As the economy is currently experiencing instability, many are choosing to invest their 401(k) and roll it over into a gold Individual Retirement Account (IRA). Many feel that gold is a great, stable investment. When looking to invest a retirement fund, one should look to invest in a stable investment as some people may not be able to return to work if their investment lost a lot of money. Merit Gold has been around for a while, since the 1980s. As a result, we have decided to review the company to see if it is worth using.
The Complaint Board
This complaint came from a potential customer of Merit Gold, who had called them to discuss the purchase of 4 types of gold coins at a cost of $7500. The salesperson he spoke to told the customer that he recommended putting his money into different types of coins. The customer said he would think about it. Upon thinking about it he called up another company asking to buy the same coins that the Merit Gold representative had advised him to invest in.
“He said he could sell me the same $10.00 gold coins for about half of what Merit Financial wanted for them. This call occurred on September 11th.”
He did however end up ordering a different set of coins from Merit Gold, but when he took them to be appraised, he was told that the coins were only worth their weight in gold so didn’t have any intrinsic value.
He then asked for a refund. There is no indication on the complaint as to whether or not he received his refund but it does say that when he first asked for the refund, his request was prolonged by the sales person. It is usual policy for gold companies like this to not provide refunds, even if the goods had been mis-sold.
Business Consumer Alliance
Total: 51 complaints in the last 3 years
http://www.businessconsumeralliance.org/Report/Gold-Silver-and-Platinum-Dealers/Merit-Gold-and-Silver-in-Santa-Monica-CA-35001324
The Business Consumer Alliance provides a way to read consumer complaints and reviews filed against certain companies. Merit Gold is listed with the Business Consumer Alliance and has had 51 complaints filed against them in the past 3 years. Feel free to click the link above and read a few of them. 51 complaints is a significant number when compared to other Gold IRA companies.
It is also very important to note that legal action was taken by the government against Merit Gold’s parent company Seacoast Coin.
On February 13, 2014, the Santa Monica City Attorney filed a consumer protection lawsuit against Seacoast Coin, Inc., doing business as Merit Financial (“Merit”), Merit Gold and Silver, Peter M. Epstein (“Epstein”), and Michael J. Getlin (“Getlin”). The lawsuit accuses Merit of a massive, nationwide bait and switch scam and has named Epstein and Getlin in the lawsuit for their role in training, controlling, and overseeing the illicit operation. The Santa Monica City Attorney alleges that Merit violated California’s Unfair Competition Law, which protects consumers from false advertising, fraud and other unlawful business practices.
Better Business Bureau
Merit Gold is NOT BBB Accredited.
http://www.bbb.org/los-angeles/business-reviews/gold-silver-and-platinum-dealers/merit-gold-and-silver-in-santa-monica-ca-35001324
We found no BBB Rating for Merit Gold or Merit Financial. We find this odd as many other Gold IRA companies are not only accredited with the Better Business Bureau but also have A+ ratings. Comparing BBB scores is a great way to see how companies stack up to one other and is a great way to read honest complaints filed against companies.
Not All Is Bad
Since Merit Gold has been around since the 1980s, they must be doing something right with the majority of their customers, otherwise they wouldn’t have survived for this long. Now, with that being said, there have been some terrible complaints and reviews left against this company. What does this mean? It means that perhaps the company’s sales team occasionally causes problems. There seems to be an underlying theme of mis-selling with Merit Gold. If it was your retirement fund, would you like to risk putting it in a company that has a troubled past? We advise that when making a decision to invest with a company, do all of your research and make sure that you are going with the best company possible.
Final Thoughts
There have been numerous complaints filed against Merit Gold that perceive the company to not care about it’s customers. This, coupled with the fact that they have had legal action taken against them by the government, means that we recommend taking a look at better Gold IRA companies, ones which care about your investment and are not looking to turn a quick profit.
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.
