In the city of Toronto, you’ll find the precious metals trader known as Sprott Money. They provide storage solutions in addition to being an internet retailer that sells gold, silver, and platinum products. Complaints have been lodged against the company alleging that it delivers defective products, takes an excessively long time to process transactions, and provides a subpar shopping experience overall.
In addition, the corporation engages in unscrupulous marketing practices in order to divert customers’ attention away from their complaints.
It is in your best interest to find out what they are trying to conceal before you begin doing business with them.
About Sprott Money
The year 2007 saw the beginning of business for Sprott Money, a gold and silver bullion dealer with headquarters in Toronto, Ontario, Canada. Products made of gold, silver, and platinum can be purchased from them over the phone or via their website. These products include coins, bars, and wafers. Eric Sprott is the Chief Executive Officer of the company.
Residents of the United States and Canada can open an IRA precious metals account with Sprott Money. Their office is open from 8 in the morning until 6 in the evening and can be found at No Walk-Ins, which is located at 130 Queens Quay East, Suite #1224, Toronto, Ontario, M5A 0P6, Canada.
This service provider will deliver gold, silver, and platinum to your home and allow you to store the assets in a self-directed individual retirement plan (IRA). In addition to running this business, Eric Sprott hosts a podcast called Sprott Money with members of his team, on which he and his colleagues talk about a variety of issues pertaining to the sector.
The following are some of the different types of IRA accounts that can be opened with this company.
- Life Income Fund (LIF)
- RIF (Retirement Income Fund)
- RESP (Registered Education Savings Plan)
- RRSP (Registered Retirement Savings Plan)
And a lot of other things.
Sprott Money looks like a normal gold dealer at first, but there are a lot of warning signs. The first is that they don’t make it clear what their fees are. Hidden fees are easy to fall for on the gold market.
They do, however, tell you how much they charge for trade fees. For trades under $2,000, Sprott Money costs $20 per trade. For deals over $2,000, they don’t charge any fees.
You can both buy and sell valuable metals to this company.
Now that you know about Sprott Money and Eric Sprott, let’s look at some of the red flags this company is trying to hide from its customers and you.
Sprott Money Disclaimer: Avoiding Responsibility
Eric Sprott is a well-known leader who runs the Sprott Money Podcast. But his company doesn’t back up any of the claims it makes on its website. Some of these claims are about how good their ideas are and what kind of deals they have on their website.
They also say in small print that no government insurance company, including the Canada Deposit Insurance Corporation, covers them.
It may seem innocent, but this disclaimer puts all the risk on the investor, which is you. When you add up all the lawsuits and charges against this company, Eric Sprott doesn’t seem to be as trustworthy as he says he is.
Sprott Money BBB Accreditation: Manipulating Customers
There is a BBB Trusted Business profile for Sprott Money. There is a common misconception that BBB accreditation requires a company to uphold certain quality and ethical criteria. There is a yearly cost that can exceed $10,000 to maintain your BBB accreditation.
You probably already know that this is a rather unethical method of advertising. If a company has a BBB accreditation, many customers will assume that it provides high-quality services or products.
CNN has looked into the situation very thoroughly. They discovered con artists and fraudsters with A+ BBB scores and federal accusations pending against them.
Regardless of the quality of your service or product, if you have a BBB-accredited profile, you will automatically receive an A or A+ rating.
It’s a frequent practice for con artists and unscrupulous companies. Consider Crestmont Capital as an illustration. Despite the company’s well-known practice of emailing and pestering customers, the Better Business Bureau nevertheless gives it an A+ rating.
Sprott Money Lawsuit: Sprott Money Ltd. vs. OHM
When this bullion dealer filed a lawsuit against Neal Cabot Ohm in 2016, it found itself in the middle of a legal conflict that had been brewing for a few years. The dispute, which involved 380 Personal Properties, was resolved in 2017 for a sum that was kept confidential and was settled out of court.
In addition to these problems, Sprott Money has received a great deal of negative feedback from both its consumers and its workers. I’m going to go over a few of them with you so that you can get a better idea of what it’s like to work with them:
The customer Never Received the Product
The reviewer expresses their dissatisfaction with the fact that they did not receive the thing that they had ordered. The reviewer was expected to be present at their residence if the reverie chose to send the package via FedEx to save money.
However, they did not leave the package at the reviewer’s house, and in order to find out where it was, they had to call FedEx. In the end, the corporation informed them that in order to drop off the package, they will need to travel to a location that is two hours away.
The reviewer thinks that the fact that they have to go for two hours to retrieve their $200 coins is a bit excessive.
Sprott Money Delivered Damaged and Unpolished Gold Coin after Charging $2300+
This particular bullion dealer was where Mark made his purchase of a brand-new 2021 Maple Leaf 1 oz.9999 gold coin. Sprott Money asserts that these coins do not have any imperfections.
But when Mark finally got his delivery, he discovered that none of the items were perfect. The coin was inside of a plastic bag and has a deep scratch running along the left side of the obverse side of it. In addition, the currency had not been cleaned and did not have an assay.
Mark is unable to display the coin because it is in such poor condition. He makes note of the fact that this coin, out of all the others in his collection, is in the worse condition possible. Mark brings forward another important point, which is the fact that exhibiting this coin would bring shame to Canada.
He goes on to claim that every single one of the coin purchases he has made from different dealers had come to him perfectly polished, enclosed in a secure coin holder made of clear plastic, and accompanied by an assay.
On the other hand, Sprott Money did not fulfill any of these promises.
Mark is concerned about the genuineness of his coin, and he has inquired with two different businesses to determine whether or not it is made of gold. He claims that the coin was not worth the CAD 2,345.00 that was offered for it.
Sprott Money Takes Too Long to Process Transactions
William claims that Sprott Money does not have enough staff to handle the volume of customers it currently has. Additionally, their administrative procedures are not well stated, and the forms they utilize are not in the least bit user-friendly.
He makes the observation that there are no instructions or suggestions to follow in order to properly complete such forms.
William was owed a payment in the five-digit range, and it took the company a full five days of business to process it. According to him, both his time and his money were thrown away by this company, which was just interested in keeping the money it received from customers for as long as possible.
Sprott Money Reviews By Employees
There have been a number of employees at Sprott Money who have voiced their dissatisfaction with the operations of this organization.
They are upset about the low income offered by the corporation as well as the lack of opportunities for advancement. If you work with Sprott Money, you could expect to have a low salary for a significant portion of your employment there.
Sprott Money is plagued by a number of problems that are impossible to disregard. To begin, they engage in unethical marketing practices in an attempt to deceive customers into believing them. In addition, the Canadian bullion dealer has been accused of sending customers products that are damaged in transit and of taking an excessively long time to return a customer their money.
These are not inconsequential issues at all. As a result, it is in your best interest to look for a different bullion dealer who provides genuine concern for their customers.
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