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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
2009-07-21 18:43:49 by so true
this is 100% true happened 2 me!
2009-07-22 14:13:51 by Anthony Natale
Cash4Gold Does not have to follow the laws in the State of New Jersey and others for buying precious metals. WHY IS THAT ?? What a great place to send stolen goods when they dont even have to take a copy of your drivers license or any form of ID. And across State Lines to beat. HELLO FBI ????
2009-07-26 20:08:29 by Haylee
Omg,I litterally almost just sent something to them.
Seriously,it's in the envolope and everything.
Thanks!
I figured it was a scam.
It's a little sketchy.
2009-07-28 00:48:40 by anonymous
we the people could try to shut them down with a plan.

1.Go to the local jewelry shop and find a jewelry expert or someone who can determine the value of your items

2. Get the police/F.B.I to either track or keep progress of your gold and other items to make sure tey dont do anything fishy (which they will)

3.When you get the check for your gold show it to the jewelry expert and police/F.B.I and show that the check cash4gold gives you is insignificant to what the expert says.

4. Have the police/F.B.I report this and you report this to the news also to make this problem for not only you, but thousands of others, public.

5.Now that the public knows about this they won't use cash4gold anymore and they would have to shut down. Or the police/F.B.I would arrest them for fraud.
2009-08-02 23:06:26 by bdr
um...seriously guys...it just really doesnt matter. no one in their right mind is going to send jewelry in and expect to actually get a fair price...DUH! if someone gets tricked by them its their fault for being so stupid
2009-08-06 16:31:10 by ddrskillin
I was just gonna apply for the envelope, good thing I checked if this was a scam first. Thanks for the report.
2009-08-07 13:12:15 by Big Rey
I was just going to send some gold jewelry in but after reading this blog I decided to go to a local pawn shop called Mega Cash located at 1919 NW 20 Street in Miami. I had 200dwt of 14K gold and I received $5,200.00 in cash!!!!!
2009-08-08 20:33:30 by Big Bird
I thought this was too good to be true. Good thing I checked.
2009-08-09 10:17:41 by j dawg
I was really thinking of sending in all my jewlery that was laying around the house. I called and got my gold pack and refiners kit i have my stuff packaged up in there right now but after reading these remarks and responses im going to just try to take my chances at the pawn shops here and the jewlery stores so thanks for all the good ifnfo guys
2009-08-10 14:38:57 by jennbeez
I don't agree with people who say anyone who falls for such an obvious scam is so stupid they deserve to be duped. I'll bet the majority of their business comes from retired people on social security who are just trying to make ends meet any way they can. They see the ads and it sounds good. Also the company makes it easy for you to get ripped off by providing a post-paid envelope. So convenient.

Thanks to the (former) employee who exposed these creeps. You did the right thing.
2009-08-11 08:48:02 by KooShadeys
That is some pretty bad stuff going on over there
2009-08-12 11:31:25 by Tis
The problem is that we as consumers have no one to protect us. Just try to complained to washington or anyone and see the red tape you will run into.

There are Jewelry buyers out there and all they want to do is melt your valuable jewelry down. So many many scams nowaday.
2009-08-13 14:42:09 by Anthony Rather
cash4gold.com is definitely a scam but pawn shops and jewelers do not pay much more either. I have used several services and the one that paid me the most was www.aaagoldexchange.com. They have a comparison chart on their website so you know exactly what you're getting. I will use them again.
2009-08-17 17:44:44 by The Gold Exchange & Repair
I'm a jeweler and also buy gold. I have been telling everyone about this company (Cash 4 Gold). BUT dont go to a pawn shop. You wont do much better than Cash 4 Gold, really. Best bet is a mom/pop jewelers (not a chain store), or a local company that buyes gold. The guy that got $5200 for 200dwt did great. Actually I would say that the company that gave him all that cash LOST money, because when we scrap out that jewelry, we have to pay assay fees and a percentage to the refiner. Best advise, shop around and don't EVER send it through the mail...
2009-08-20 10:13:53 by eye
thank you so much for having the courage to expose CFG
I was just about to send off for an envelope.
There are others advertising on the tv in the UK so i will check these out as well befor sending anything off. Thanks once again
2009-08-21 08:31:53 by Joe Brandt
NEVER sell gold without having MULTIPLE OFFERS, otherwise, there is no way to determine what the "best" price really is! The safest, easiest, and most reliable buyers are LOCAL JEWELERS, but call in advance: not all of them buy unwanted gold. There are some mail-in services that are OK (you can try expressgoldcash.com), but the same rule applies, that you should have had several offers before mailing ANYTHING, so you know what a local merchant will pay. (If you're uneasy about mailing the gold "elsewhere", DON'T DO IT.) Contrary to the article, spending money to get an appraisal before selling something is USELESS... The "value" (in this particular context) is what someone is willing to pay you, NOT what someone else THINKS your gold is "worth". If you're not in a hurry, you may have other options (consignment, auction, private sale, etc.) as well, IF your item has good resale potential. (A jeweler may be able to advise you on this.) Need more info? Check out http://www.JLBrandtCompany.com
2009-08-26 17:16:00 by SPURREDONINDUBLIN
Came across your board by accident, but thought you might be interested in the following link. They dont do pstal service, and are based in Ireland, so there is no chance that you will think this is an advert on their behalf, but they have a very good advice page which I used when I recently old some old jewellery. http://www.dublingoldexchange.com/5.html






2009-08-28 10:03:39 by jaquin phoenix
cash4gold out bidded many other places i got my best deal there, people are making them look like criminals when there just tryin to benefit themselves and you.
2009-08-29 01:58:36 by really
my sister was about to once. i laughed in her face. i know a lot of folks that get scammed. even by ones that arent even advertised. what im confused on is why are they allowed to advertise? they steal from people. (well, tecnically). well, its like i always say, a fool and his money is departed. sad, but true. come on. i see all these dumb infomercials and know they are crap or bogus. it dosnt take a rocket scientist to figure it out.
2009-09-01 17:44:51 by I'm with stupid
Anyone who even thinks about sending their gold to this company deserves to be scammed... c'mon people!! Wake the f up!!

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