BBB: Texas-Based Precious Metal Brokerage Earns “F” Rating
The Better Business Bureau is revoking its accreditation from an Austin, Texas-based precious metal dealer after the online company racked up more than one hundred complaints from customers in 2015.
Bullion Direct Incorporated earned an "F'' rating with the BBB mostly for complaints regarding customers wiring money to the company and not receiving product, as well as delivery disputes. On the other side of things, customers who have sold products through the Bullion Direct exchange have reported some products were delivered but, no payment was received.
Disputed transactions with Bullion Direct range in value of $300 to $97,000.
Acadiana Better Business Bureau President and CEO Sharane Gott offers the following tips for those who may be interested in investing in precious metals:
- Start with Trust®. Research the company advertising the investment. Check online at bbb.org. Make sure the company has a long history of dealing with precious metals, resolving consumer disputes and is free from any advertising concerns.
- Consider consulting with a financial advisor. Many banks offer bullion investing or have staff that specialize in financial planning.
- Be wary of buying bullion or precious metals that are not in your possession. Companies may recommend your precious metals be stored at a “secured facility,” by the seller or a third party. When you buy precious metals without taking delivery, you face the risk it does not exist, are not of the quality described or not properly insured.
- Understand the risks of wiring money. Wiring money is just like sending cash, and it can be nearly impossible to reverse the transaction.
Please contact Better Business Bureau at bbb.org or (337) 981-3497, or by visiting bbb.org.