US Money Reserve is a company that offers a variety of precious metals online. They have a robust advertising campaign with late-night television commercials. Their website also makes it easy to buy coins, with both an eCommerce cart and a phone number that you can call.
However, there are some poor reviews and complaints. Though this company has been in business for over two decades, their pricing may leave something to be desired.
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About US Money Reserve
US Money Reserve is a company that sells precious metals including silver, gold, palladium, and platinum. They distribute coins issued by the US Mint, and their leadership includes a former director of the US Mint.
The company sells investment-grade coins and bullion to people who want to secure part of their portfolio in precious metals. According to the website, they're happy to work with both first-time buyers and industry experts.
US Money Reserve is run by Philip N. Diehl, the president of the company. He was also the 35th director of the United States Mint. His entire career is built on the US economy, and making sure that individual Americans achieve financial freedom. Since he has firsthand experience with the economy and precious metals, he increases the company's reputation and customer outreach.
Over 750,000 clients have used US Money Reserve's services. The company has consumers both in the US and in the international market. They have shipped over $2.5 billion worth of coins, with nearly four million total coins shipped. That makes them among the biggest precious metals dealers in the entire country.
Each client is connected with an individual agent who will establish a long-term relationship with them. The agent will ask the client questions to find out about their financial status and individual needs. Every potential client is given a personalized strategy based around their current portfolio and long-term goals.
The company has a 30-day return policy, significantly longer than most other competitors in the industry. They also have a buyback guarantee once you're ready to liquidate your assets in the future.
Is US Money Reserve Legitimate?
US Money Reserve is a legitimate business. There are multiple factors that point to the company’s legitimacy and management.
One of the most important is the company’s BBB profile. According to their Better Business Bureau page, they have been in business since 2001. They have also been accredited with the organization since 2020, and they have an A+ rating. An A+ rating is achieved by responding to all of the complaints made with an attempt to resolve the issue.
However, maintaining an A+ rating doesn’t necessarily mean that the business is the best in the industry. It’s important to look at the reviews and complaints, as well as how the complaints were resolved. This gives you a better understanding of what the average customer experience is like.
Positive Reviews
On the BBB website, the company’s average rating is 3.78 out of 5 stars, indicating somewhat mixed reviews. While there are a few negative reviews, the majority of them are positive. There are 18 consumer complaints in the past three years, although only one of those has been filed over the past twelve months.
One positive reviewer named their company representative and said that they were a pleasure to work with. They indicated that the representative gave them a good amount of information in a low-pressure way. US Money Reserve responded to say that they were happy to hear about the customer’s positive experience, and they would be pleased to work with the customer in the future.
Another positive reviewer similarly named their representative and stated that they believed their rep had their best interests in mind. They were happy with every part of the process. US Money Reserve responded to thank them for the review and mention that they’d be happy to help with anything else to improve the customer’s service.
One reviewer in May of 2023 said that he had contacted the company because he wanted to learn about the precious metals industry. His company representative explained the impact that gold and silver have on the economy, and the benefits of including these metals in the customer's portfolio. The customer said that the rep was very helpful and sent information through email and through the mail. Because the rep was so helpful, the customer made his first purchase and was considering becoming a repeat customer.
US Money Reserve responded to say that they were happy to have provided the right service. They further stated that their goal as a company is to inform clients about the precious metals market so that they can make the best decisions for their portfolios.
Many more of the positive reviews mentioned certain customer service and sales reps by name. These customers stated that they were happy with the individual working relationships they'd developed with different team members.
Customer Complaints
There are some official complaints and one-star reviews of the company. It is worth noting, however, that only one complaint has been filed within the past year (as of writing). Some of the one-star reviews also have questionable information in them.
For example, one of the most recent one-star reviews is from a customer stating that his father had bought coins for a severely marked-up price. This customer also alleged that his father was told that there was $16,000 in handling fees and taxes. The father had returned the order in accordance with the company's return policy, but the refund had yet to be processed.
However, US Money Reserve disputed this claim. They stated that they do not have a customer with the father's name. One customer with a similar name had purchased different products for an IRA. The products that the reviewer mentioned could not be placed in an IRA. The customer with the similar name had liquidated his IRA and been fully refunded for the cost of his metals.
Another one-star review came from someone who stated that the company's prices were over double the actual worth of silver. But US Money Reserve said that they didn't have any customers with the reviewer's name. They suggested that he was confusing them with a different firm.
Missing Buyback Prices
The most recent complaint was posted in November of 2022. This customer stated that he and his brother had partnered together to buy coins from the company. The brother then tried to find out about getting a buyback, but had misplaced three sets of the original six. The company stated that they would buy back the remaining three sets for half of the original cost.
The brother eventually managed to find one of the misplaced sets. He reached out to the company to get a buyback offer for this set as well, but wasn't able to. The customer writing the review said that he was also unsuccessful in getting any information from the company. Eventually the customer connected to a sales representative, who told him about current sale prices.
The customer then asked the representative about buyback prices. But a different rep called him and stated that he could not discuss the brother's account. The rep also stated that he couldn't search for a buyback price for a single set, and that the customer's attitude was hostile.
The customer ended the complaint by providing the details about the original purchase, in order to glean further information from the company.
US Money Reserve responded to say that they could not provide information about the brother's account without the legal permission of the brother. The company did not have legal records stating that there was a financial partnership between the brothers. However, they said that they were reaching out to the brother to provide him with the information directly.
They stated that if they were given the paperwork necessary, they would discuss the issue with the customer who'd written the complaint. In addition, they contested the claim that they had offered to buy back the customer's coins at half-price.
The customer responded that he wanted specific information for his own benefit, which had nothing to do with the brother's account. A day later, he posted that he was satisfied with the company's resolution. Though US Money Reserve did not respond to his initial response on the BBB website, they likely reached out in private.
Valuation Disagreements
One complaint posted in July of 2022 was from somebody writing on behalf of his 87-year-old mother. This woman had bought tens of thousands of dollars worth of gold. The reviewer stated that he had opened the box on camera, and that the included coins didn't match the value of her purchase. Though she had paid $60,000, the customer alleged that the coins were actually only worth $28,000.
The customer accused the company of purposefully preying on the elderly by running TV commercials at specific times when older people are watching. Apparently the company's representative told his mother not to reveal her transactions or finances to anybody else. This made the son believe that the company's intentions were deceitful.
US Money Reserve responded to say that they totally disagreed with the customer's valuation of the metals. However, they would stand by their 30 day return policy. They stated that they intended to refund the customer all $60,000 of her purchase price. The service rep would reach out to her son to provide instructions for the return.
Difficulties with Cancellations
Another complaint posted in July of 2022 was from someone who spoke to US Money Reserve about buying gold coins. The customer was convinced to order a single coin for about $4,500. Four days later, the customer called about cancelling the sale, which was still pending.
First, the service rep tried to convince them not to cancel. Then he said that he needed to double-check with his supervisor and would give a call back. The customer never received a call back, and when they tried to get in touch again, they were sent to voice mail. When they called the main office number, they were given only a recording.
All that the customer wanted was to cancel the order and have the charge removed from their credit card. The day after the complaint was filed, they updated to say that the company had provided a satisfactory resolution. Presumably, the order was cancelled and the pending charge was cleared.
Pros & Cons of US Money Reserve
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Final Thoughts
US Money Reserve is a popular choice for people buying gold and silver. They have a long history in the precious metals industry and are accredited by the Better Business Bureau. In addition, there have been very few recent complaints.
However, there are some red flags to be aware of. Several customers have stated that they were sold coins for double their actual value. The company has often disputed the value of coins, and it's possible that they don't offer fair buyback prices. You might get better pricing and customer service if you work with another one of the top gold companies online.
Don't forget to checkout our highest recommended precious metals investment companies if you want to move forward with an investment!