Merit Financial Review – BBB, BCA, Trustlink, Yelp and RipOffReport

Merit Financials Review aka Merit Gold

merit gold review4 stars

UPDATE:  Merit Gold & Silver is no longer in business. 

Phone  Number – 800-515-5019

Merit Gold – Official Site

Here is a Quick Comparison between Merit Gold and our 5 Star Rated Company

Merit - Regal

  • IRA Fees
  • BCA Rating
  • BCA Complaints
  • BBB Rating
  • BBB Complaints
  • Trustlink
  • Yelp Review
  • / Scams
  • Review
  • Review
  • No Setup Fees & Flat FeesIrrespective of how much you invest - You pay a flat fees
  • AAA
  • 2
  • A+
  • 0
  • 5 Stars231 Review
  • 5 Stars0 -ve Review
  • 0
  • 5 Stars7 reviews
  • 5 Stars9 Reviews
  • 5 Stars12 Reviews
  • Unknown
  • AAA
  • 68
  • No Information
  • No Information
  • 5 Star640 Reviews
  • 3 stars13 reviews (Mix of Bad and Good)
  • 11
  • No Reviews Posted
  • No Reviews Posted
  • No Reviews Posted

Merit Financial, also known as Merit Gold, has been in business since 1985.  They deal in gold, silver and other precious metals.  More recently they’ve joined dozens of other precious metals dealers in promoting gold IRAs either with physical gold or gold shares.

Merit has an informative website that tries to be helpful to first time investors but it is problematic getting past all the ads that cover up the text.  Once you navigate past those, however, there are sections to educate consumers on how to buy gold and other precious metals and pages that tell you how to buy from Merit.  They have a policy of matching or beating any advertised price by another company, which makes them one of the most competitive companies to deal with.

Merit Financial’s website tries to be very helpful to consumers, offering real time market data through its website.  Their portfolio management advice based on individual assets is lacking expertise but they are good at general advice based on how the market is trending.  There are many effusive reviews about their representatives, who treat new customers as well as established clients with respect and go out of their way to please them.  Merit has a good variety of options including rare gold bullion options and semi-numismatic coins.

Merit Financial – Review Sites

Business Consumer Alliance rates the company as – AAA with 68 complaints in last 3 years (Read more)

BBB – No Information listed (See here)

Trustlink – As they say – “A private owned company which has never been bought or sold” – has 639 Reviews 5 stars – (Read more here) – There are 13 odd reviews and most are Negative – (See here) – Around 11 odd reports filed against Merit Financial (Read them all here) – No reviews posted – No information found – No reviews found

Merit Financial has a fine reputation or not, depending on where you look.  The BBB gives it an A+ rating; there have been 68 complaints filed and closed in last 3 years, 25 of them in the past year.  The Business Consumer Alliance, formerly known as the Better Business Bureau of the Southland, finds that Merit Financial has had complaints filed mostly because of overpriced coins, slow delivery times, and bait and switch tactics concerning their coins.  The coins are advertised or offered by advisors then the clients are pressured to buy different ones.

Merit Gold – What We Like

Clients reviewing Merit Financial for TrustLink are very impressed with the sales representatives, the quality of service provided, the merit financialadvice offered, and the quality and variety of the precious metals that Merit offers.

First time buyers are told what to expect and offered some educational details about the advantages of buying precious metals.  They are told the various ways they can own gold such as bullion, coins, bars, gold stocks, or ETFs (exchange traded funds).  One consumer did remark that he was told it could take up to six weeks to receive his shipment but in four weeks his insured purchase arrived in pristine condition.  Representatives keep their clients advised on the progress of the sale, the clearing of funds, and the shipping of the products.

Merit Financial – Payment, Storage & IRA Fees

After you purchase precious metals from Merit they ship within 12 days and they do adequately insure your goods.  They also offer off-site storage if you don’t want to store your precious metals on your property or in a bank box.  However, the fees are not fixed—Merit reserves the right to change storage arrangements, contracts, and storage fees at any time.

If you are not satisfied with the fees and withhold payment, your contract states that they have the right to liquidate your precious metals in order to satisfy the debt.  Storage is a convenient option that many people favor because their gold is safe and under guard.  However, it could cost more than you realize due to the terms of the storage agreement.

Each purchase must be paid for by credit card, wire transfer, or certified checks as they do not accept cash or money orders.  This can be inconvenient to some, especially those who prefer their purchases not be part of their financial footprint.  First time clients are allowed a seven day grace period to be sure of their purchase but after that first time an order cannot be cancelled according to their terms and conditions.  Once you make a decision and place your order there is no going back.  Another amenity that Merit doesn’t have is tax assistance.

Merit Financial Scam

Many complaints concern overpriced gold coins which have exorbitant markups.  One client bought several thousand dollars worth of gold coins when it was $1,000 per ounce yet still has not made a profit because he paid twice what they were worth once Merit took their markup.  While this is not the fault of Merit and the customer should have carefully examined the agreement, such large profit margins are not common.  Remember that neither Merit Financial or any other gold broker is in business for the benefit of the public—they are in business to make a profit and consumers must be diligent in finding out exactly what they are paying for.  (Read about the Scam here)

In a complaint filed with the courts in January of 2012 (Lockwood v. Merit Financial) Merit was sued for breach of contract, fraud and intentional misrepresentation, fraud and negligent misrepresentation, unjust enrichment, and false advertising.  The suit alleges that the complainant bought a gold coin on December 16, 2011, having been promised delivery before December 25 but the coin did not arrive.  Repeated telephone calls and reassurances from Merit’s representative were to no avail.  On December 23 the order was cancelled and a refund demanded.  The client repeated tried to communicate via email but got no response and no refund.  This type of situation doesn’t look good for Merit Financial but according to their terms of service, items purchased are rarely shipped sooner than 12-14 days after funds have cleared.  (Read about the Complaint here)

Merit Gold – Final Thoughts

Why 4 Stars –  All in all, you could do much worse than Merit Financial! It has a AAA rating with BCA but huge number of complaints – So does it mean that they do business with us > trick us > resolve it and keep their ranks ? 

Be sure that you do your research before investing in precious metals IRA.

We suggest you to follow the below three steps:

Step 1:

Visit our  Top Gold IRA Companies review page

Step 2:

Visit our recommended company Regal Assets

Step 3:

Call this Regal number and get all your questions answered – 1-877-721-2659

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