Merit Gold Review

*Update*: Merit Gold is Officially Closed


merit gold
Phone Support800-515-5019
BCA Accredited RatingAA (On a scale of AAA to F)
BCA Complaints59
BBB Accredited RatingNo Rating (Being Updated)
BBB ComplaintsN/A
TrustLink Reviewstl_5stars_lg(Based on 676+ reviews)
IRA Transfer Process7-21 Business Days
401(K) Rollover ProcessUnknown
Metals Delivery10 days
Setup Fees$145
Annual Admin Fees$150
Annual Storage Fees$100
Preferred CustodianEntrust
Preferred DepositoryDelaware Depository
Min Purchase Amount$5,000
Physical IRA Application
Digital IRA Application
U.S. Mint Listed Dealer
ICTA Membership
TRUSTe Verified
Norton Secured
PromotionsWaives 1st year fees.

Merit Financial/Merit Gold is a well known and established precious metal investment firm. Its headquarters are in Santa Monica, CA, and it purports to have served more than 250,000 customers. The company’s customer service reps are contactable by email, and on a toll free phone line during normal business hours. The firm offers a wide range of products including silver, gold, palladium and platinum bars and coins.

Complaints and Ratings

girl handling complaintsCurrently, the Better Business Bureau (BBB) are updating their website, so they have not given Merit a rating. However, Trustlink have given the firm a five star rating, which is based on 648 reviews. The majority of these reviews emphasize the firm’s quality products, good service, efficient customer support, polite staff and quick shipping. The Business Consumer Alliance (BCA) has given the firm a AAA rating as well.

Nonetheless, the BCA’s assessment of Merit also highlights the fact that the firm has received more than seventy complaints over the past few years. These complaints have centered around overpriced coins, delayed deliveries for metals, and bait and switch style strategies with regards to the kinds of coins recommended. The BCA reports that most of the firm’s complaints have been correctly handled (i.e. customers have received full refunds, or adjustments to their accounts). Notwithstanding, at least seventeen of these complaints did not result in a customer refund or account adjustment. Moreover, one customer complained to the Ripoff Report website that his metal delivery was delayed by 123 days. Finally, on Yelp, the firm has a two star rating, because of a complaint from a customer who purchased silver and could not get his order processed.

Investment Services

Merit helps its customers to open gold IRA accounts, and the entire process only takes about twenty minutes. One useful feature of the firm’s investment service is that it provides customers with access to live market data (displaying fluctuations in the market) directly on its website. Also, the firm offers bespoke portfolio management services, based on market trends and customer specific assets. Merit provides a range of options with regards to precious metal investments too. This includes rare gold bullion and semi numismatic coins. The firm does not charge customers for “buying back” their gold and converting it into cash.

Protection for Gold Deliveries

gold storageWhen investors buy bullion from Merit, the firm insures each shipment and transaction, so that customers are completely protected. Shipments are carried out within fourteen days of the purchase date. The firm offers investors a range of options for off site storage, although there are some risks associated with this.

One risk that investors take is that Merit has the right to amend the gold storage contracts and arrangements as it sees fit. Thus, the firm is free to alter charges for storage, possibly to the disadvantage of investors. If an investor refuses to pay the amended off site storage charges, the firm is within its rights to liquidate the investor’s assets to cover any outstanding amounts. Nonetheless, many investors will be prepared to accept the risks, because secure, off site storage is very convenient for them. Most people prefer to have their gold stored under guard, rather than storing it in a bank box or on their property.

Legal Restrictions

As well as the standard, government imposed legal restrictions, Merit forces customers to comply with a range of corporate practices. The firm requires all customers to buy bullion using either a credit card or certified check. Neither direct cash payments or money orders are accepted.

Merit permits first time customers to void their purchases, for any reason, for up to one week after the transaction date. However, other customers are not permitted to void their transactions, once order confirmations have been tape recorded, even if they subsequently regret their investment decisions. Additionally, when it comes to purchasing gold backed IRAs and other bullion, the firm provides no support or assistance on tax matters.

Final Thoughts

Merit is a firm worth considering for anyone looking to purchase gold and silver. By and large, the prices charged by the firm are quite competitive, even though they are subject to change and affected by external market factors. If you already have a decent knowledge of gold backed IRA investing, then the services offered by this firm could be a good fit for your needs. However, less experienced investors might be best advised to look elsewhere. Although the account managers at Merit can offer general guidance, some online reviews say that they do not have the expertise to help novice investors develop diverse portfolios, which deliver a high ROI.

Merit Gold Commercial Video

Merit Gold Website Monthly Visitors

Merit Gold Contacts

Phone Support: 800-515-5019
Address: 2001 Wilshire Blvd, Ste. 320 Santa Monica, CA 90403

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