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Money Metals is one of the biggest precious metals dealers in the US. They aim to connect clients to precious metals investments. There are multiple services available, and they've serviced thousands of clients. But some past reviews and complaints raise questions about how high quality their services actually are.
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About Money Metals
Money Metals Exchange is one of the most rapidly growing precious metals companies in the US, run by a variety of top experts in the finance industry. According to the website, the company prides itself on being confidential, trustworthy, and affordable. However, some of the online feedback calls this into question.
The company places a strong emphasis on client education, with many educational resources available through the website. Their eCommerce platform allows people to invest in precious metals without ever speaking to another person. All you have to do is fill up your cart and check out online.
Is Money Metals a Scam?
Money Metals is not a scam. The company definitely exists, and they definitely provide the products that they claim to. There are many customers who have reported high levels of satisfaction. The company's customer rating on the BBB website in particular is very high. There are similarly positive ratings on Facebook.
But there are also some red flags. For one thing, the customer feedback isn't unanimously positive across all websites. On Trustpilot, Money Metals has an abysmal score of just 2.3 out of 5 stars. This is based on 30 reviews. The data indicates that more people on Trustpilot reported an extremely negative experience than an overall positive one, which is concerning.
Another major issue comes with the BBB website. There are several positive factors: The company is accredited and has an A+ rating, plus 4.3 out of 5 stars with 143 reviews. There are far more satisfied customers reporting on the BBB website than on Trustpilot.
But the number of complaints is fairly major. A few complaints are expected with a company of this size. But Money Metals has 38 complaints in the last three years, 13 of which were filed in the past year alone. If they had thousands and thousands of reviews, maybe this would be warranted. But with only about 300 online reviews, that's proportionally more than 10% of their online feedback.
Sometimes it helps to take a look at the content of the complaints to see what the customers had to say. This also lets you see how the company handles and resolves issues. Their A+ rating with the BBB does show that they make an effort to acknowledge and respond to official complaints.
Of the 38 complaints, 14 were related to issues with a product or service. Another 12 were related to issues with delivery. Seven were cited as problems with billing, four were problems with advertising, and one was an issue with a guarantee or warranty.
That's a pretty wide spread of complaints. Let's examine a few of the past ones to see whether there seem to be any patterns of problems or mismanagement.
The most recent complaint was filed on June 29, 2022. The customer said that she had created a savings plan, but she had missed a deposit. The company responded by liquidating the holdings and removing over $600 in the account. The customer received a check for about $300, just a third of the value she'd invested.
She said that the company told her that they needed to buy the bullion back, which was why the money was taken. She also said that she was never emailed about the issue. Instead, she was just sent a check in the mail with a letter explaining that the account had been liquidated.
The company responded the same day to say that the customer was not correct about the facts. She had placed two orders, but the second order had never gone through. Therefore, she had not paid more than $1,000 for bullion. She had actually only paid around $500.
The liquidation of $300 does still seem like a staggering loss in that case. The company said that it was because there were fees for the second order's failed payment, along with reductions based on the company's market losses. Cancellation fees for bullion orders can add up quickly, so this makes a little more sense.
In May of 2022, a customer filed a complaint regarding an online order. The tracking on the shipment said that the order had been delivered to the front door. But the customer hadn't received the package. There was a signature required for delivery, so the customer had no idea who had signed for the package.
When the customer gave Money Metals a call, they were told that they needed to report the problem within two days of the failed delivery. The customer said that they didn't actually know about the problem until after two days had gone by. Then the customer was told that they'd need to file a claim.
Money Metals responded to say that time is of the essence when dealing with lost or stolen shipments. Because the customer had tracking information, they should have been monitoring the package to make sure it was delivered. They further explained that the client hadn't gotten in touch with them until 11 days had passed.
Because so much time had passed, it was much more difficult to do an investigation. The mailman would have more trouble remembering the delivery of the package. There was also a possibility that someone else in the client's house had intercepted the package and put it aside without thinking about it.
This issue appears to be unresolved. But it is odd that the customer waited for 11 days to report the problem. It seems like they should have checked the tracking information at some point prior to that.
Marks on the Products
Another complaint from May of 2022 was from a customer who said that their order was full of coins with scuffs and marks. The customer said that it looked like the coins had been touched with glue. They were disappointed because they believed they were doing business with a reputable company, but now they weren't sure that was the case.
Money Metals responded to say that they would replace any coins that had quality problems bad enough to impact the value of the item. They said that they care about making sure that they delivery high quality products. But the customer had bought commodity coins, which aren't meant to be high quality. They're meant to be a more inexpensive way of acquiring precious metals.
Basically, the customer had invested in coins that were purposefully imperfect. This allowed them to access bullion at a lower price, but it also meant that they wouldn't get the highest price when liquidating later. The point of these coins is to allow manufacturers to sell items that received minor blemishes and scuffs during the manufacturing process.
The company ended this comment by saying that if the client had contacted them about the problem, they would have evaluated the coins. Any coins that were in poor enough condition to require a replacement would have been replaced without any extra charge.
The customer said that he rejected the response because the company didn't seem interested in the complaint when a representative contacted him. He said that even when a coin was manufactured imperfectly, it shouldn't have any markings if it came from the correct mint.
The company stated that the client was being untruthful. When the client sent a photo, the image was too blurry to determine the quality of the product. The company asked the client to send photos with more detail, but the client refused and posted their rejection.
The client responded to say that he still rejected the response. He also contested the idea that he had refused to send further images, saying that he'd found that 6 out of 34 coins were flawed, and that he'd sent image proof. He concluded this by saying that he believed the business was using unsavory and unethical practices.
This complaint remains unresolved, as the company has not responded again.
In April of 2022, a customer left a complaint regarding an order that she did not mean to place. She had been browsing the internet and looking for gold prices to compare. When the used the Money Metals eCommerce website, she went to the final purchase page to see what the order total would be with taxes and other fees.
To get to this screen, she clicked the Order button. But then she decided not to make the purchase, so she didn't fill out the payment. She was sent an email confirming the order, but didn't think it was anything more than what every online company does.
Then she received a letter in the regular post from the company. It said that the unpaid order would be sent to collections unless she paid. She called and asked about the problem, and the customer service representative said that there was a document that had been signed. Before clicking the Order button, the client had signed a contract stating that she had an obligation to pay.
The customer was extremely confused because she thought that if she didn't enter her payment details, then the order wouldn't go through. But that didn't seem to be the case.
The company responded to say that every client is required to sign a contract stating that they are aware they're obligated to pay by placing the order. They said that they had fulfilled all of their obligations, and that there was no reason for the client to be surprised. They further noted that the client had received an email confirmation and had signed the contract.
The customer stated that she rejected the response because she did not believe that the company should confirm orders before the payment details are sent.
This complaint remains unresolved, with the company not having responded again.
Pros & Cons of Money Metals
Money Metals is a large company with a large inventory. They have been part of the precious metals industry for over a decade, and they've garnered quite a reputation. Unfortunately, that reputation isn't always good.
Many customers have reported having an excellent experience. But there are too many complaints for us to ignore. That goes especially considering the number of complaints that have never been resolved. Though the company makes an effort to respond to complaints, they stick to their policies to the letter. Multiple customers have outright rejected their resolutions.
It's a better idea to work with a company that has more positive overall customer feedback. There are many precious metals dealers with a better reputation, many of which also offer IRA services.
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We hope that we were able to help you determine where or where not to put your investment!