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Cash4Gold Complaints

Cash4Gold - Former employee exposing the scams of Cash4Gold

2009-07-14 11:41:35 by Former Cash4Gold Employee
I would like an article to be posted pertaining to the refinery Cash 4 Gold, located in Pompano Beach, Fl. I am a former employee, who would like to alert/warn the public on the scamming process involved with this company. There are many of us who would like to vouch on behalf of this fast growing scam. We would like to get the word out to everyone on this step by step scam which involves so many people in this country and their valuables.

Below I have attached the full details on the scam involving this company. We know this first hand, because this is how we were trained. Please take note of this information and do what you can to get the word out there, especially in a time when the economy has truly affected everyone for the worst. Thank you!

I am a former employee of Cash 4 Gold. I did not know much about the company before being hired. On my first day of being hired, I was taught the "Cash 4 Gold Scam" from beginning to end.

1. The "refiner's pack" that is used for you to put your jewelry is "insured for UP TO 100 dollars, " according to how much they determine from a description from you, the worth of your items to be, NOT an actual fully researched appraisal.

2. We receive your "Refiner's Pack" within 3-4 days, BUT we are instructed to tell you that it takes "7-10 business days, for us to receive your pack, ALTHOUGH many times, your package has already arrived.
(All cash4gold customers who have called customer service to track a package can vouch for this)

3. Your jewelry gets appraised by hand, a magnifying glass, a plastic container, a small weight pad, and a bottle of ORANGISH fluid, which your items are then determined a value for. Not million dollar equipment or specially trained jewelry experts. The company was temporarily closed recently due to health and code violations. I have witness testers being transported to Medical Centers, due to the testing department environment. There is literally a cloud of smoke in the air from acid and other testing material. If you were thinking it was some state of the art testing facility, you thought WRONG.

4. Although the payment (check) for your item is dated within 24 hrs of testing your jewelry, we SOMETIMES DO NOT actually send out the check until up to 3-4 days later. (if you are a customer check the date the check was issued against the stamped date on the envelope.)

5. We do offer a 100% Satisfaction Guarantee or your jewelry returned, BUT THE CATCH IS, that the guarantee is to contact us within 10 DAYS from when your check is DATED. (This begins with the time it took for the accounts payables dept. to ISSUE the check and also including the TRANSIT TIME for you to receive your check in the mail. **** NOTATE THE COMMERCIALS THAT INSINUATE THAT YOU GET YOUR CASH IN 24 HRS.*** If you request (sign) for FAST CASH (direct deposit) you automatically WAIVE your rights to have your items returned, EVEN if you are not satisfied with amount of your deposit.

6. You generally receive your check around the "7th-10th" business day, AND majority of the time Customers are outraged when they lay eyes on the amount of their check. Some Customer's even receive a check for 0.01 cents.

7. There have been times when we have received your package and MISPLACED or LOST it at the facility. We CLAIM to not have received the items and even try to convince you that it was lost in the hands of USPS. At which point we begin an insurance claim process on your package. We ask you to send us an itemized list of the content of the package, trying to be as descriptive as you possible can (if you can remember everything in full detail) and a copy of your state issud ID. We then issue an INSURANCE CLAIM for UP TO 100 dollars. GOD FORBID your items are worth more then a 100 dollars. If you call customer service to check on the status of your shipment, and we actually have not received your package, we inform you of the insurance claim process. For those who know that their items are worth more than a hundred dollars, they become very upset and threaten to take action against the company, at that point we inform the customer that if they knew their items were worth more they should have added additional insurance at the Post Office. BUT unless you are paying to ship your items in a completely different package other then the refiner's kit, you are unable to add insurance to the package.

8. For those who do get in touch with us within the allotted time frame, we already know what you are calling about. Customers want their items returned, because there
check amount is so insultingly LOW. The first thing a Rep will
ask you is "HOW MUCH WERE YOU EXPECTING TO GET BACK?" This way we can know how much to "BONUS" you.

*Definition of a BONUS: We issue low checks just to have you call us back if you are smart enough to realize that you just got scammed. For the smart one's we are paid to offer u a bonus up to 3x the original amount of your check and you accept. For ex: Sally Smith receives a check for $27.86 for a Rolex watch(which we don’t issue value for), a class ring, a ring with diamond chips, a pair of earrings with emeralds, as well as a few sterling silver pieces, and maybe a few items that were really of no value. Now Sally Smith calls the cust srvc dept, where she speaks to a rep who seems so concerned and will see if she can do better with the amount by speaking to a "SUPERVISOR". We then place the caller on Mute, and speak to our neighbors or doodle on a sheet, or twiddle with our hair for about 45 seconds, while we are supposedly speaking to our supervisor about Ms. Smith's complaint. We then come back with an offer to "BUMP UP YOUR MELT DATE or any other lies the cust srvc reps can think of, and offer you a total amount of $53.20 which is a little under double the amount of your original check; in which case if you accept, the cust srvc rep makes a 15.00 bonus off of your transaction. If the customer service rep offers you under triple the amount of your orig check, he/she makes 10.oo in bonuses.

9. If you accept the offer, the deal is done, and you are told that the call is recorded (which most of the time, the record button does not work, or the box if full.)It’s just a way to make your feel binded by a verbal contract. IF you do not accept the deal, you have to return your check, and it takes sometimes up to a month to receive your items back after we receive the check.

10. If you only want the items that we do not find of any value back, you have to pay 10.00 shipping and handling fee to have your own items returned, which varies. Although it is listed under the terms and conditions, this charge varies from a 10.00-15.00 charge to NO charge, reason being, UNSURE.

Cash 4 Gold is definitely not a trustworthy or credible company to do business with. You are almost better off taking your items to a local pawn shop or shopping around for other companies. With the economy the way it is, Cash 4 Gold seems to be a way out of financial stress for some, but in actuality becomes a stress of its own. I would advise you to think twice before sending in valuables or items inherited and of sentimental value, its not worth it.
109 Responses
Responses
2009-10-05 09:11:24 by Chris
Most people with common sense know never to mail cash, so whats the difference here. Plain and simple, it's a company that profits off peoples stupidity. If your dumb enough to blindly mail your precious metals because some guy on TV says it's OK, then you deserve the price you pay for a lesson in common sense.
2009-10-06 14:06:58 by me
it all seems like a fucking scam. fuck cash for gold!!! i hope they get shut down!
2009-10-08 10:33:20 by all the time
it is not a scam. it is a buisness. if you are thinking of using them and are troubled you should stop and think. they are there to make money. not make you money. make them money. to give you the least possible amount so that they can resale that gold for the most they can. think about it people, do you always have to be drawn a picture. give your gold to your kids and maybe they will give it to their kids. Just THINK first. there can not always be some agency watching out for you on everything and you should be thankful for that. When did we start being so easy? Every one is book smart now a days. Longing for the days of common sense.
2009-10-09 04:29:38 by Jutta
I totally sympathize+Identify with all of you out there that have gotten ripped off by Companies such as Cash4Gold and many more of those TV " We Buy Gold Companies". I have not found that one of these makes a decent offer to hardworking people that need some extra cash in this tough Economy. I am a Gold Broker myself and several years ago when I was first trying to get my Business off the ground was also one of their Victims. The first time I sold to them I did ok, they next time they ripped me off so bad that I reported them to the BBB after repeated calling them to have my Items returned which I was told had already been melted. Even the Pawnshops are a HUGE Ripoff, I am often horrified when I see or hear what they are offering people and I have actually told some of those people standing in line at a Pawnshop that I can and will offer more than what they were about to receive. A honest Dealer will not be out to ripoff his Clients and will make a vey decent offer according to current market price. I have found out that making just a little on a gold lot pays more in the long run by many repeat Clients who in turn have referred me to their Family,Friends, Co Workers etc. Any of you out there that are considering selling your gold please feel free to email me anytime, let me know how much you have [ the amount of gram weight per karat ] and I will gladly give you a quote of what you should be able to get for your gold and then if you like I would be glad to buy it from you but I encourage you to get other quotes also, I really like to be the one with the highest offer and if you get a higher offer I will be glad for you. I'm not here to make a killing off of any one person just a living. Remember I buy to Scrap and for the Gold only so it is always best to remove any but the smallest stones, they are not considered as part of the gold weight and if you damage the item while removing stones don't worry, it does not take away from the gold value. I pay via Paypal, Personal Check, Bank Transfer or Money Order the same day your items are received and in case you make a mistake and I receive a non gold item I will contact you right away to let you know what that item is, the weight and let you know what the difference would be from my quote. All Non Gold items received will always be returned right away. To any doubters out there I would be very happy to provide references in hopes of gaining your trust and business.
2009-10-09 04:31:31 by Jutta
jutta_mullins@yahoo.com is the contact email for above.
2009-10-09 13:46:33 by ThankGod4Capitalism
They sound very sleazy. But I didn't read any laws being broken. Sounds like a very sound business plan run by some very "Bill Gate's" -like evil geniuses. I would never send anything valuable to them, ... unless I was desperate... Honestly, it sounds easier than going to a Pawn Shop... Just my take on it. It's not illegal to be a bad person, it's just illegal to break the law.
2009-10-09 18:29:16 by Steve
My mom sent some of her mother's old jewelry to Cash4Gold, against my advice. A couple weeks later when she got her check, she called me and asked me if the amount seemed right. She had mailed in a thick 14K gold necklace, a gold and I think sapphire tennis bracelet, and a whole bunch of large loop gold earrings. All together I guess it probably weighed 3-4 ounces, so the gold value itself was at least $3,000, not to mention the value of the gems. For all of this she received a check for $48. I called them myself because my mom can be a bit of a pushover. They tried VERY hard to keep me from demanding a refund, I think they even offered a little more money, but I wasn't hearing it. It took almost 20 minutes and supposedly 3 different supervisors to get them to finally agree to refund the jewelry. My mom later brought the jewelry to a pawn shop and got like $1000. Still not great, definitely not what it was worth, but it's better than the insult of a check Cash4Gold sent her. Please don't give these people your business. You WILL be insulted by the check they send you, no matter how low your initial expectations were. Best bet is to go sell on eBay, go to a jeweler or pawn shop, or at least find a website that actually displays their payout rates.
2009-10-10 18:17:14 by cashforgoldisascam
i read this at a forum about a group of people sending cashforgold a fake jewelry thats coated with antrax or some virus they said they will get all the people at cashforgold, i know this one is comming, i mean common now this cashforgold stealing jewelry and think they can get away with it.
2009-10-10 18:20:53 by CASHFORSUCKINGDICKS
man its getting out of hand, alot of people are sending virus inside the envelope to send to cashforgold. hhahhahahhaha im glad i dont work for cashforgold,
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2009-10-11 11:20:33 by David Elsey
I sent for the pak and also recived some literature. In the literature it says "our experts will appraise your items using sate-of-the-art equipment". That is false advertisement according to the former employee. If a money hungry lawyer decides to persue a "class action suit" let me know.
2009-10-11 17:28:49 by some guy
jeez talk about a million dollar scam
2009-10-15 18:31:16 by saledevo
Everyone should request the envelope, then just send then turds!
2009-10-15 23:28:24 by layania
Cash 4 Gold has been on several websites as a scam. Unless you are in urgent need of cash now, you are probably better off keeping your gold in your safety deposit box because the prices are starting to sky rocket. Big Rey had the best idea. Go to someone locally who you can hold accountable. Verify the value of your gold by weighing it and verifying the Karat value either by a stamp or getting a gold testing kit. Most local pawn shops will test it for you. You can get an approximate idea of its value at websites like http://gold.yabz.com/jewelry.htm. For Big Rey 200 Dwt of 58.33 % Gold = 6,172.65 US Dollar as of today, so he got a relatively good deal.
Be armed with its knowledge.You lose out about 25 to 50 percent when using a pawn shop or jeweler unless you know what its worth.

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