Merit Gold & Silver Complaints, Reviews, Scam and Fraud Reports

Merit Gold & Silver Profile

Merit Gold & Silver Picture

Corporate Information

Business Name: Merit Financial
Category: Coins / Gold
Complaint Directory: View Listing
Corporate Address: 1300 4th St #303
Santa Monica, California 90401 USA

Phone Number: 800-968-0851
Website:
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Ratings Damage Reports For Merit Gold & Silver

Customer Loss Data

Total Reported Consumer Losses:
$10,375.00

Average Reported Loss Per Consumer:
$3,458.33

Consumer Ratings Data

Average Rating: 1.00 of 5
Based On: 3 Reviews / Complaints
Number Of Comments: 33 comments

Most Recent Complaint About Merit Gold & Silver

Merit Gold & Silver - lies lies and more lies

I recently purchased some silver coins from Merit Gold and Silver in Santa Monica. They cashed my check one month ago. They promised to ship out my silver after 10 or 12 business days.

The 10 to 12 days is the verbal contract I made with the salesman and was the detailed information they sent me in an email stipulating their policies. They are in breach of contract now for two weeks. The salesman I dealt with is a Daniel Silic. Nothing that he told me has turned out to be true.

Absolutely nothing.

The time period for shipment came and went. I called them and he promised they would be shipped right out.

One week later still no coins.

He stated I would get a discount on the coins if silver prices fell after my purchase and before shipment. I brought this up to him when talking about their delinquent service. He said there would be no discount. No problem, but it was just a lie.

Just called him again yesterday to complain once again. He said he would personally contact their shipping dept and put me on priority and get back to me today. He did not call today as I expected. I surely hope I get my coins and do not have to spend needless money and time on lawyers over this.

I would never do business with this firm again and would never recommend anyone to do business with them. These people are absolutely not to be trusted. I wish I had looked up this site before doing business with them. I figured that with all their advertising and years in business they would be legit.

I have only done business with APMEX in the past and will only do business with APMEX in the future for metals. A slightly better quoted price is not worth the aggravation.

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User Thoughts About Merit Gold & Silver

33 thoughts on “Merit Gold & Silver

  1. I was pressured into buying a roll of Silver Britannias with a privy mark that was 7 bucks higher per coin than Maple Leafs. They wanted me to buy 4 rolls but, I held my ground on the balance of my order. I didn't appreciate the pressure at all and never bought from them again.

  2. I have placed a few orders with Merit,and Ihave been very pleased with all that they have done for me,all companys have there problems,till then I will continue to deal with Merit,Thanks Steve and all the rest of the employes that Ihave worked with while ordering,and Ido not work for Merit just for the record.Keep up the good work,Jeff

  3. If we want to get success in our business we must need to be believe our business partner or other firms. Because, it is not possible to me run my business by my own self with out others hand help. But your writing conception makes me shock and such kind of business Behave is is very bad one site for our business firm. I've also a plan for make a gold business and I've some idea from this kind of business. But your writing makes me more knowledgeable about this.

  4. If we want to get success in our business we must need to be believe our business partner or other firms. Because, it is not possible to me run my business by my own self with out others hand help. But your writing conception makes me shock and such kind of business Behave is is very bad one site for our business firm. I've also a plan for make a gold business and I've some idea from this kind of business. We can be get more information by visit this http://bit.ly/GN4ELY site. Which is able to provide us more delightful information.

  5. Was told by one of their salesman that they delt more with larger sums than the $3000 I wanted to spend. They advised me to contact APMEX, which I did but wound up purchasing from JMbullion. Merit advised me it would be 3 to 4 weeks before I could expect delivery. Where I purchased from JMbullion they advised me 5 to 7 working days, they had merchandise in stock. Thanks Merit (PS They also took A/x)

  6. I called merit last night to purchase $1600 in silver. I talked with Shawn ext. 383.
    he said they were not taking any orders until tomorrow (today) we talked & he agree to give me the set price when I put in my order. When he finally called me (he said you're not going to be happy) (he was right)
    he said since the prices have dropped he would not keep his word that he gave me about 14 hr. before. I stood up to him after he told me he was a man of his word (he tried to keep yelling so I couldn't talk. so I yelled back at him & then he hung up.
    I called back & logged a compliant. I told him I have no intention on doing business with a company that's word is worthless. you buy from them if you want to but you best cover all your bases as they are not a company of their word.

  7. Doing business with Merit is hard because you have to get past the salesmen who are there only to get you to buy something besides the thing they HOOK you in with. (the low cost silver and gold) I bought silver rounds and didn't get any acknowledgement of my order till 3 weeks later. I got a confirmation call when I ordered and that was it. No other correspondence at all NONE!! when I asked for some kind of receipt they only tried again to sell me lunar Britannia something. They told me the rounds would take 6 weeks and they did only take 4 weeks to come in and they did deliver what they said so hang tight if you are waiting on an order. It is very disturbing though to not get any updates. Good thing I was home when the mail came also because there was no notice of delivery or tracking number or anything like that. I hope if I order again (and I might,…the first order was free delivery so who knows) I get more confirmations on my order and I know I will make sure to get my confirmation phone call RECORDED>

  8. Merit did not like my short phone calls criticizing its TV ads. Its response that it would file a law suit and call the police on the basis of harassment. I filed complaints with the ACLU, the FTC and the California Attorney General on the basis that Merit's intimidating threats were encroaching on my First Amendment rights of free speech. At no time did I use threatening language against or improper language..

    • James you're a fool and need to read a book. Who has time to call companies complaining about their TV ads! You are ridiculous. If you don't like their ads turn the channel. Good grief!

  9. I called Wells Fargo Bank at 1300 4th St and there definitely IS a 3rd floor according to a WF employee. Doesn't anyone do their homework? Nathan?

  10. Was considering Merit for silver buy. Many thanks to this site for the heads up. Merit has been crossed off my list. Will not deal with people who are not totally honest in word and deed.

  11. I just got off the phone with shawn @ merit. I am a first time silver investor and I had some questions. Shawn put me on hold four(4) times and finally told me "look, send us your check($1500minimum) , get your account opened, and I will give you a brief seminar on what you should buy". Like Nancy Pelosi said, "pass Obama's health care bill and then we can find out whats in it". I just don't think that this is the kind of company I want to do business with. How do you trust someone that sounds like they have better things to do than to explain some questions to a first time investor

  12. I thought of buying from Merit until I read all these negaive comments. I will stick with APMEX. I have bought from them several times over the years and they always delivered promptly what I ordered.

  13. i have ordered from Merit 2 times….first time I FINALLY DID get my silver order & just put it off to an honest mistake….3 weeks ago I ordered nearly 200 ounces of silver rounds & called today & was told it would be 6 weeks…..This was NEVER mentioned when I placed the order….They cashed my check immediately & now I just have to sit & wait. Dwight James & Issac Nariani ALWAYS have an excuse for why my order has not shipped…..I will NEVER order from Merit again…..They have lied to me for one last time….I will take my business else where & already have as of today……Merit just lost a customer that just spent nearly $10,000. somewhere else today…I did google earth their address & another poster is correct….there is no "Merit Gold" according to goodle earth….I am going to give them 2 more weeks to get my silver to me & then I am going to start filing complaints with every state agency out there that I can possibly contact….I have nothing else to do all day…..I am a stay at home mom…BEWARE ALL BUYERS…..Merit is on the border of being a "flam-scam_ company….I'm sure that the State of California will be VEEERRRYYY interested in my complaint…

    • Thank you for taking the time to post this. I was going to call and place a very large order, I am so glad I did not. Will stick with apmex. Thanks again

  14. I had done my research for buying gold bullions and was telling my friends about Merit financial,however after reading the reviews,I have completely backed off.No time for drama in my life.

  15. I have bought from Merit several times. Received exactly what i ordered and have had not issues with them at all. I did my researcha nd though there are a few negative comments (which there are with every company out there) i still bought from them. I have also used Independent Living, but Merit had better prices.
    No issues with Merit at all.
    Oh and i do not work for Merit or any other gold bullion dealer.

  16. I was about to buy from Merit, but NOT AFTER reading of customer's experience with Merit. There is plenty of good competition out there: Kitco, IRI, etc. Why mess with dirty tricks?

  17. HEY, GUYS I LIVED IN SANTA MONICA AND 1300 4TH ST, SANTA MONICA IS A WELLS FARGO BANK. AND THERE IS NO THIRD FLOOR. CHECK GOOGLE EARTH IF YOU DO NOT BELIEVE ME.

    • I work at Merit Financial and have been taking the elevator to the 3rd floor for 5 years.
      Paul Newman's wonderful charitable organization called the "Painted Turtle" is directly across the hall from us-also on the 3rd floor. It sounds as if you are in desparate need of a good pair of glasses. I would be willing to help you pay for an appointment to any a local optometrist.

      Steve Young /Senior Account Executive 800-555-2631. Ex 208

      • Steve Young and Merit Financial Baited and switched my mother by giving her tax advise, all they talk about it private gold and make a huge commission selling it while advertising bullion.

  18. I have placed a couple of orders and Ihave delt with a couple of competerers,and I will stick with merit,they have never did me any bad bussiness,and Irecomend them to any one that is looking for a straight and forward deal and no fast talking,keep up the excelllent job Steve and company.

  19. George you don't work for Merit by any chance.If this is part of their sales practise shame on them. A fish smells from the head on down.

  20. George, wouldnt you agree the 7 days should be from the time the product is received? If the product did not arrive for 14 days how can the customer have a chance to look them over?

  21. In the case of this story by the customer himself, I find that the company did nothing wrong.

    The customer "allowed" a sales person to talk him into something (which is their job), and the company stood by their 7 day return policy. It is not the company's policy to allow returns after they take more than 7 days to decide to return an item(s).

    If it was before 7 days and they refused, that would be on the company.

    I find no fault of Merit Gold and Silver.

    • No George, you are wrong. Matt placed the order on September 13. He received the order two weeks later. That would make the date September 27. He had an appraisal done and found that the commemorative gold pieces were not as valuable as the salesman claimed. He called to request a refund on September 28. That is one day elapsed from time of delivery.

      Your assertion appears to be that the customer allowed the salesman to talk him into the purchase of a different product, therefore the customer is responsible if he was lied to by the salesman. The only mistake made by the customer is that he listened to the salesman and did not independently verify the value of the product before he agreed to the order. But he should have still had recourse to get a refund.

      This is bad business practice and Merit has at least lost this customer.

    • you must be that crucked sales man himself. Unless you have no brain, you would not saying such a stupid statement. Stop waisting your time, you bad sales man.