ComplaintsforU.S. Money Reserve Inc.

• Initial Complaint

  06/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I made a purchase of $100,000.00 of gold from this company. When it arrived, I felt it wasnt a large enough amount so I took it to PMR and had it valued. They told me it was worth $31,000.00 and that this company tends to mark the prices up around 600%. They also said I needed to be very diligent and get my money back. They also said it would be difficult and so I am requesting your help.

  

  Business response

  06/26/2024

  USMR has no idea why this complaint was filed. The client received 100% of her original purchase price back due to the fact that she returned her precious metals within the USMR 30 day- no questions asked-100% money back guarantee.
  Further, the statements in the complaint are patently false. After speaking with the client, an unscrupulous metal dealer told her that the value of coins were worth far less than they were actually worth. That same dealer said that USMR had a  F rating with the BBB. We USMR has  an A+ rating with the BBB and  we are also accredited . Clearly she took her coins to ,someone who was trying to cheat her and buy her coins at a much lower price than they were worth.

  Regardless, she has made completely whole.  USMR is unsure why this complaint is of record.

• Initial Complaint

  04/17/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Complaint taken over phone by BBB representative BA.Consumer has an *** with the business. He has been trying to close out his account for the last month. Often when he calls he gets a recording and has to leave a message. No one calls him back. The representative that he has spoken with, *********, told him someone would call him back. When that person called, they did not help him. He thinks they are stalling, waiting for the price of gold to go down. He has around 9K in the fund and needs the money for taxes.

  

  Business response

  04/17/2024

  USMR received the request for an in-kind transfer on March 28, 2024, and submitted that request to the custodian on the same day. The client requesting to have the metals shipped to him directly. The custodian, Equity Trust, generally takes up to three weeks to facilitate the shipping. USMR has a tracking number from the storage facility, AMGL, where the coins were stored. The metals are on the way to the client.
  If the client is now wanting a refund, instead of the physical metals, please advise. We show no other calls from the client to our company except for one call on April 11, 2024, when USMR told the client that his account had been closed. 

• Initial Complaint

  02/21/2024

  Complaint Type:

  Delivery Issues

  Status:

  Resolved

  More info

  Money was sent to US Reserve at the beginning of December, 2023, for a 1 ounce gold coin. They said they would ship via **** and that I could track my order. The coin had not been received by the 25th of December, so I called and they said that *** had attempted delivery twice, but no one was home to sign. That was untrue, as someone was home at all times, and no Attempted Delivery form was left by **** as their norm. I did try to track the package, according to the number that they gave me, and there was no record of that number. They told me to wait another two weeks, but the coin never was delivered, or attempted. I called again and was told that they could attempt to send the coin again, this time by ***** registered mail, with a tracking number. They stated that I would have the coin within two weeks. Two weeks later I called again, and this time they told me that the coin had been mailed and it was out of their hands. They said that my next steps were to call the post office and deal with it myself. As a former postal employee, I am familiar with the system and know the correct questions to ask. The post office has no record of an attempted delivery or a package by that tracking number being mailed. All of my questions to the US Money Reserve go unanswered and they basically are saying that the problem is mine to solve. I feel like they have my money and they don't really care if I get my coin. It's been nothing but the runaround since my first call to complain.

  

  Business response

  02/22/2024

  USMR has contacted this customer and resolved the issue to her satisfaction. Unfortunately, there was a shipping error which has now been rectified. Once the client receives her coins, she stated that she would withdraw the complaint. Please let USMR know if it needs to take further action.  

  Customer response

  03/04/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  *************************

• Initial Complaint

  11/17/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  About two years ago my brother asked me to partner with him in purchasing some numismatic gold coins (from US Money Reserve). I agreed. Recently he tried to get some information regarding a buy back (from *******), unfortunately; he misplaced three of six sets. He was told they would repurchase the three sets for half the original price, completely ignoring any additional value.After some discussions, searching, conversations, he found one additional set. He tried, unsuccessfully, to get a repurchse value of the recovered set. I tried to get information, but could not.I may have bought coins from them (US Money Reserve) earlier, so I had an account there. In my endeavours I was connected with *********************, who provided information regarding (I assume current) sale prices. Since my brother recovered one set, I emailed ***** asking about current buy-back pricing, however, ******* called me. He said 1) I did not have interest in my brother's account; 2) that I was being hostile; 3) that he didn't have time to search a buy back price for one set; 4) and, again I didn't have interest in my brother's account. I reminded him, he called me! I expected I would get some meaningful information, but instead received arguments, hesitation, accusations, and NO answers.I request the following information, previously requested but REFUSED:Purchase price on 30 Nov 2020, current price, and current repurchase price for each of the following individual sets:(************* Date Run PR69 Set w/ AR-CR PR69 Silver) 1986, 1987, 1988, 1989, 1990, and ****. Be careful dealing with U.S. Money Reserve! They cannot be trusted!

  

  Business response

  11/17/2022

  We can not give out information on one person's account to another person unless we have legal permission form the account owner.  USMR has nothing on record that there is an actual partnership between the two brothers.  We need a ***** of ****************** ******************* appointing his brother, ****, as POA to discuss ****'s account with ****..

  In the meantime, USMR will reach out directly to ******************* to give him the requested information.  If we receive the POA, we will be happy to discuss *********************** account with ********************  Further, at no time was an offer to repurchase Mr. Kent ******* coins at half of what he paid for them made to *******************. Again, we can not legally discuss  a person's account with another person who is not on the account.

  Customer response

  11/17/2022

  Complaint: 18419206
  
  I am rejecting this response because:
  

   

  The information I request has nothing to do with my brother's account!  I asked for specific information for my benefit, not my brother's!  Just send the requested information!

  
  Regards,
  
  *******************

  Customer response

  11/18/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  *******************

• Initial Complaint

  07/22/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  My 87 yo mother was convinced to purchase $60,000 worth of gold on or about 7/1/22. When it arrived she asked me to unbox it, which I did for her on recorded camera. The coin value for which she paid did not match the coins that were unboxed. The melt value was less then half of what she believed of $60,000. In addition when I went to check her bank account online I saw that USMR charged her double for a grand total of ********** for approximately $28,000 worth of melt value gold. The company appears to prey on the elderly, running commercials at key times when they are watching. In addition, also asking if anyone was home to hear the transaction. **** stated his own mother does not reveal her investments, and suggested my mother keep the transaction to herself, as more people knowing about it complicates the transaction. Making a sale on a secret does not bode well. This statement appears dishonest and deceitful; turning the elderly away from the protection of their family in order to trap them into the sale. My mother is very upset about this transaction and wants to return the coins within the ******************************* their policy, for a full refund of $**********.

  

  Business response

  07/23/2022

  USMR disagrees completely disagrees with the valuation, but completely stands by its 30 day guarantee and will refund the customer 100%.  ********************** will reach out to the customer to give him return instructions .  

• Initial Complaint

  07/11/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On or about July 7th I called US MONEY RESERVE to inquire about their gold coins. I spoke to a man named *********************** and he convinced me to order one coin for $4528. On July 11 I called to cancel the pending sale. At first the man on the phone tried to persuade me not to, then said he had to check with ***** and would call right back. He did not. I called again and only got a voice mail box. Called main number and once again got only a recorded message.Ive read the complaints you have gotten previously, wish I had checked with you first as it certainly appears this coins are over inflated in price. Can you help me get this canceled and off my credit card?

  Customer response

  07/12/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. After a few calls,  They took the pending hold off my credit card and canceled the shipment. Thank you for your help. Your letter to the company prompted the action. 
  
  Regards,
  
  *****************************

• Initial Complaint

  01/31/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Company over stated value of product. Company said they would refund my money. On January **************************************************************************** 7 to 10 business days on January 31 still not delivered. No way to track.

  

  Business response

  01/31/2022

  This customer's check for a 100% refund was mailed on 1/27/2022 to the ** Box we have on record.  Further, there was a slight delay in processing the refund due to a COVID outbreak and catching up form the holidays.  We are sorry for any inconvenience.  If he does not receive the check this week, pleas contact us and we will issue another check  and stop payment on the old check.

  Customer response

  02/01/2022

  Better Business Bureau:
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  
  Regards,
  
  
  ***********************

• Initial Complaint

  12/28/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I purchased coins in excess of *********, when they arrived I was very upset that they were not the value advertised, the company has a 30 return policy. I have tried for a week now to get in touch with someone to authorize the return, needless to say they are sick, on vacation, etc. and will not return my phone calls. I am sure they are trying to run out the clock on 30 days so they can keep 20% of the purchase price. This company is not a place to trust! I only want to return the coins for full purchase price.

  

  Business response

  12/28/2021

  USMR is operating on a reduced schedule due to the Holidays and  a Covid outbreak.  The client was informed that his Account Executive would contact him when she returned to the office on 1/3/22.  USMR will honor the 30 day return policy and there was never an any other intent.  One of our customer service representatives will contact the customer today to explain the shipping procedure. Once USMR receives the coins, the client will be refunded via the method of the original purchase. 

  Customer response

  01/04/2022

  Complaint: 16403317
  
  I am rejecting this response because:  I have returned their product and have not received a credit to my card as promised.  These people would not talk to me at all until I filed a complaint with the BBB, then they called right away.  I was promised a refund and return shipping included if I would remove the post on BBB.  I am now going to contact my credit card company and dispute the charge since they have not lived up to their word and credited the card.re treated with   I appreciate the BBB for helping to expose how customers are treated with this company.
  
  Regards,
  
  *************************

  

  Business response

  01/05/2022

  USMR has not received the coins yet. A Representative will contact the customer today to get the tracking number. As soon as the coins arrive at the USMR Vault, USMR will process them and refund his credit card. If the client decides to dispute the credit card charge and his credit card company honors that request, please immediately advise USMR. Either way USMR is fully dedicated to making this client whole, including cost of insurance and postage.

  Customer response

  01/05/2022

  Complaint: ******* ** Money Reserve **** accepted the package from the ************** on Jan. 3,  at 2:30 PM.  just more lies from this company to claim they have not received the package.  Please let the public know how dishonest this company is.  I am still waiting on my refund, my patience has run out with this company. 
  
  Regards,
  
  *************************

  Customer response

  01/06/2022

  ** Money Reserve **** accepted the package from the ************** on Jan. 3,  at 2:30 PM.  just more lies from this company to claim they have not received the package.  Please let the public know how dishonest this company is.  I am still waiting on my refund, my patience has run out with this company. 

  

  Business response

  01/06/2022

  While the package arrived at the *********** on the third, it did not get to the USMR vault until the fourth. It took a day to process.  The clients credit card was refunded yesterday. USMR does not lie. USMR sells to hundreds of thousands customers, the vast majority of which are thoroughly satisfied.

  Customer response

  01/06/2022

  Complaint: 16403317
  
  I am rejecting this response because:  Surprise, Surprise, another lie, **************** has no record that a refund has been issued, and please do not give me the line that it will take a few days to process, if it had happened, they would be able to see it when the batched closed out.  They lied again.
  
  Regards,
  
  *************************

  Customer response

  01/07/2022

  I am rejecting this response because:  Surprise, Surprise, another lie, **************** has no record that a refund has been issued, and please do not give me the line that it will take a few days to process, if it had happened, they would be able to see it when the batched closed out.  They lied again.

  

  Business response

  01/07/2022

  I am a licensed attorney in the **************. Neither I ,nor my company USMR, lie. Here is the refund information: Transaction ID is #***********. Refund was initiated on 1/5/2022. We will not be responding to any more negative statements by this individual. We wish him well and we are sorry that he is so disgruntled.

   

  Customer response

  01/10/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  *************************

• Initial Complaint

  11/16/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  My elderly father fell victim to the scam that the US money reserve is running and purchased $82,000 worth of coins mostly over the last year with money he took from his *** and from a line of credit. His cognition and physical health has been declining over the last year, to the point that he now needs assisted living and needs this money to help pay for his care. When I tried to called *********************** about returning the coins as he promised my dad he could do at any time for a full refund, he cursed at me and then he hung up on me. So, my sister and I called customer relations and they were apologetic about him and agreed to a buyback. They sent very specific instructions about how to package it and return it at **** registered and insured to a ** Box. Twice , Ive done this and the package has been refused. Both times, they said maybe the box was damaged. I already got the first package back and it wasnt damaged at all. When we called *********************** (in Customer Relations) back, he said maybe try a different post office, however, its clearly an issue on their end. My dad needs his money for his very expensive healthcare. We offered to drive or fly to ****** , ** to personally return it, but they said theyre an online business only. Also when we questioned why the package was refused, he said something about the warehouse stating the box had a hole in it, but that doesnt make sense if it was shipped to the ** Box and refused at the ****. He also said they would reimburse the shipping costs, but I havent received that either. Im attaching the receipts, and buyback agreement.

  

  Business response

  11/16/2021

  USMR vehemently disagrees that the client was taken advantage of in any manner. USMR has strict protocols in place for the protection of all its clients. Often, clients take their coins to unscrupulous coin dealers where they are given a low-ball offer. USMR does not know if that is what occurred in this case, but it is highly likely.
  The package was rejected as it arrived at USMRs Vault in a damaged condition. The client and his relatives were informed that the package was rejected due to the damage. Insurance does not cover the cost of the coins if any of them were missing due to such damage. Instead of repackaging the coins in an undamaged box, the damaged portion was simply taped over and re- shipped. ******************* is null and void due to the obvious damage, even if it was taped over with scotch tape.
  Once the coins are received in an undamaged box and checked in at USMRs Vault, USMR will refund the client in full. USMR will also reimburse the client for all shipping and insurance costs he incurred even though the coins were shipped twice in a damaged box.
  Finally, USMR reviewed the calls with ******************. At no time was ****************** unprofessional. He did not curse at anyone. As such, USMR cannot respond to that allegation. If ****************** had cursed or acted unprofessionally,he would have been disciplined and possibly terminated.

  Customer response

  11/17/2021

  Complaint: 16141845
  
  I am rejecting this response because:
  
  

  The first box was shipped from SC to ***** and back to me in SC with no damage. Please explain why box 1 was returned. I think you dont want to refund the money to my father.   There was no damage or notice from the **** about box 1. I also did not simply tape over the box and send it back. I went to Target and bought a new box. Nor was Scotch tape used, it was clear packing tape. I see the pictures sent of box 2. Also, ***************** absolutely cursed and hung up on me, perhaps youre listening to the wrong call as there were many. 
  

  Regards,

  *********************

  

  Business response

  11/18/2021

  USMR has not had any contact with the above individual.  Yesterday, USMR spoke directly with the client, ****, and he acknowledged that the packages were damaged. USMR does not believe the above individual viewed either of the damaged packages. Further, USMR assured the client that once USMR receives the returned coins, he would be reimbursed in full, including the cost of insurance and shipping, despite the fact that the coins were twice shipped in damaged boxes.  USMR will honor its agreement and the client was extremely appreciative and thankful. USMR requests that the client, not individuals who have never dealt with USMR,respond to this statement. The client is fully aware of what is occurring and how USMR satisfactorily resolved his concerns. USMR will refund the client in full upon receipt of the coins, and the statement that USMR is not going to honor its agreement is patently false.

• Initial Complaint

  09/22/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  My intent when dealing with U.S. Money Reserve, **** was not to buy collectable gold coins. I was simply trying to invest funds in the gold market. I am elderly and sick but was truly stunned when I received the coins and the invoice along with it and I even thought they were sent to me as a gift for investing funds with **** Money Reserve, **** but it was clear that this was what my Twenty-Nine Thousand Nine Hundred and Four Dollars ($29,904.00) was actually spent on and that I retained no market investment in gold. In addition, I was actually shorted a gold coin allegedly worth, according to the invoice, Six Thousand Five Hundred and Twenty-Three Dollars ($6,523.00). This coin never came to me at all. I have attempted to contact **** Money Reserve and they told me that they didn't want the coins back after I finally got in contact with someone. I have tried to resolve this but they won't contact me.Customer Account #****** Sales Order: ************/T320375 Invoice Date: 01/26/2021

  

  Business response

  09/24/2021

  USMR made arrangements to purchase this clients coins but then she changed her mind. USMR will gladly repurchase her coins for the original purchase price. USMR will reach out to her today.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩