Merit Gold (formerly known as Merit Financial) is an established and well known player in the precious metals industry. It provides a vast line of products which include gold, silver, platinum & palladium coins and bars.
Business Consumer Alliance: AAA Rating, but with 67 complaints closed in the last 3 years (see report)
BBB: currently not available (see report)
Please note: The Business Consumer Alliance was founded in 1936 and formerly operated as the Better Business Bureau of the Southland (Southern California). Due to some issues between this group and the BBB, the group broke off and became the Business Consumer Alliance. It is rumored that there are issues with high company ratings (like A+, A or A-) from the BBB despite receiving a high number of complaints. So, especially for companies in Southern California, where a lot of gold companies are located, the BCA might be a better reference to use for complaints against companies that reside in this area .
TrustLink: based on 631 Reviews (see report)
As you can see from the ratings and reviews above, it generally has a very good reputation with a high number of five-star ratings on TrustLink. However, compared to the other Gold IRA companies we reviewed, Merit Gold receives a significantly higher number of complaints than most of them, which caused some reviewers on TrustLink to think that some of these testimonials are fake.
In summary, most of the complaints were related to
- Slow delivery times
- Overpriced coins
- Bait & switch style tactics with regard to types of coins recommended
Several reviewers stated that they were told that the item they initially called in for was not available. Merit Gold’s customer service then immediately upsold them to items with inflated prices and no verifiable intrinsic value other than that of the metals. In our opinion this type of sales behavior does not instill trust and confidence in investors about managing something as important as your retirement account and it would prevent us from doing business with them.
Unfortunately Merit Gold’s website does not mention the exact fee schedule for their recommended custodian. But as most companies do charge based on account size, you should be careful about completing any paperwork and ask for the exact fee schedule beforehand. As mentioned in other reviews, a flat fee is usually an advantage and helps you save a lot of money in the long run as you keep investing for your retirement.