Merit Financial (aka Merit Gold)
Business Consumer Alliance: AAA Rating with 71 Complaints in the Last 3 Years (read more)
Quick Note About the Business Consumer Alliance and BBB: The Business Consumer Alliance was started in 1936 and formerly operated as the Better Business Bureau of the Southland (Southern California). There were some issues between this group and the BBB and the group broke off and became the Business Consumer Alliance. Possible issues are rumored to be issues with high company ratings (like A+, A or A-) from the BBB despite high numbers of complaints for certain companies. So, for companies in Southern California, the BCA might be a better reference to use for complaints against companies that reside in this area (where a lot of gold companies are located).
BBB: No current info available – (read more)
TrustLink: based on 631 Reviews (read more)
Merit Financial is a well known company operating in the precious metals market. While the information from the BBB is currently lacking, Merit’s reputation on TrustLink is 5 stars across a large number of reviews.
Looking at the BCA rating for Merit, you will learn that there are over 70 complaints just in the last few years.
To Summarize what we found in the complaints:
- Slow delivery times for metals.
- Overpriced coins
- Bait & switch style tactics with regard to types of coins recommended
While reviewing the complaints online, it seems that there may be a pattern of certain coins being offered or advertised, and then once the transaction begins to move forward, people were pressured into buying different (usually higher margin) coins. This type of sales behavior would prevent us from doing business with any company that tries this tactic.
While it is not known the exact fee schedule for Merit’s recommended custodian, we’d urge caution since most companies do charge based on account size. Before completing any paperwork, be sure to get documentation on what the exact fee schedule is and whether it is a flat fee or if it is based on account size.
If you’re considering buying gold coins or investing in a precious metals IRA check out our list of Gold IRA companies. We’ve compiled reviews from multiple sources and list the top companies online. Our recommended gold IRA company has equally high ratings as Merit, but with much fewer complaints.