JM Bullion is an extremely popular online dealer of precious metals. They have been ranked among the top 500 online businesses by publications like Internet Retailer. In addition, they have been featured in multiple publications and media outlets.
There are thousands of reviews of JM Bullion online, proving that this company is definitely legitimate. But are they actually the best one to work with? This is everything that you should know about JM Bullion before you decide to invest with them.
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About JM Bullion
JM Bullion was founded in 2011, a little over ten years ago. The company has since grown to ship over 60,000 orders per day. It has been listed as one of the top online and precious metals retailers in multiple publications for several years in a row.
The company is one of the first that people turn to when they want to invest in precious metals. They maintain an A+ with the BBB and have been accredited with the organization since 2014. Most of their customer reviews online are positive, although there are some complaints with the BBB.
JM Bullion provides access to one of the largest product inventories in this industry. There are tens of millions of items available to clients. The company only sells the items that they have in stock, so you don't have to worry about waiting for backorders to ship.
JM Bullion also states that they focus on important items so that they can minimize their overhead. Since they have access to so many more items at lower operating costs, they're able to make offers that are closer to the spot price than their competitors.
When you shop online, any discounts on the quantity or the type of payment are applied automatically. The product pricing changes in real time based on the spot pricing. When you get to the checkout, the price you see is exactly what you'll pay.
The company's customer service department has garnered some praise, regardless of the online complaints. Several publications and organizations have recognized the customer service team. The Texas support staff works from 8 AM to 6 PM Central during the weekdays. Support options are available through live chat, email, and phone.
JM Bullion says that they are consistently looking to expand their hours and to respond more quickly. They also say that they have 70,000 customers that are willing to provide a referral.
When you place an order, it is supposed to ship within one business day. Most orders ship the same day that your payment clears. You can choose between UPS and USPS shipping. Every order is fully insured while it's in transit, although some people have reported that the claims process is frustrating.
The company's website has a variety of secure encryption to protect your data. In addition, a third party payment processor manages your credit card info, so your data is never vulnerable.
Is JM Bullion a Scam?
JM Bullion is not a scam. The company has worked with thousands of customers and received a huge number of glowing reviews. In fact, on the Better Business Bureau website, there's a rating of 4.63 out of 5 stars with more than 940 reviews. That indicates that the vast majority of customers have been very satisfied with their experience.
On Consumer Affairs, JM Bullion has a total of 3.5 out of 5 stars with 66 ratings. This is a slightly more mixed group, and several people have filed 1 star complaints. On Sitejabber, there are over 2,500 reviews with a total rating of 4.8 out of 5 stars.
This all shows that the company seems to have significantly more positive feedback than negative feedback. But there is quite a bit of negative feedback. In fact, there have been 239 complaints filed with the BBB in the past three years. Of those, 93 were filed in the past year alone.
Now, this is a huge number of complaints. But it's also a huge business. Furthermore, there are four times as many 5 star reviews on the BBB website as there are complaints. JM Bullion has also maintained an A+ rating with the BBB and has been accredited since 2014. Companies generally only maintain an A+ rating if they make an effort to respond to and resolve complaints.
So let's take a look at some of what the past customers had to say. Complaints can often tell you a lot about how a company is managed and whether there are any patterns of neglect that you should worry about.
There has been a huge number of complaints filed against JM Bullion with the BBB. In fact, the BBB notes that because of the number of complaints, they only publish 30% of those filed. About two-thirds of the complaints are never listed on the BBB website.
But even with 30% listed, that's still dozens of complaints to look through. Obviously we can't examine every single one. But we can take a look at a few of the most recent ones to see what's going on.
Late Claim Denied
One complaint was filed on March 7 of 2022. The customer said that they had made a purchase because they trusted the good reviews that they'd read. Their order was placed on January 20 and was shipped a week later. The package was supposed to be delivered on January 28.
But at that time, the customer wasn't home to sign for the package. Rather than leave it, the carrier said that they'd attempt delivery again. The second attempt at delivery never occurred. The customer's tracking number updated with UPS saying that there was some kind of "sortation delay."
The customer waited another week but didn't receive any updates on their package. So they filed a claim for the items. But the day before filing their complaint, they were emailed by the company's claims department. Apparently their claim couldn't be accepted because it had been reported late.
The customer said that they were supposed to tell the company within 3 days of the final UPS update. They then called UPS. The UPS representative said that JM Bullion would receive a payout for the package that was lost. But JM Bullion refused to forward that money to the customer.
The company responded to say that the claim had now been approved. A new shipment of items had been shipped and delivered a week after the complaint was filed. The customer stated that the issue had been resolved and that they were grateful for the resolution.
One customer filed a short complaint on February 25 of 2022. They said that they had put in a buyback order for their holdings. They had been told that they would receive payment within a certain timeframe. But JM Bullion had held onto their coins beyond that timeframe, and the customer had yet to receive their payment.
The customer said that they had not been given any explanation for why their payment was delayed. Because of the frustration, they asked the company to return their coins. But the company did not respond to this request either.
The customer said that they would like to receive either payment or their coins back. They explained that they were willing to pursue litigation if the company would not help with this.
JM Bullion responded to say that they had paid out the buyback offer. The customer said that they had indeed received the money and that the case could be closed. But they did note that they shouldn't have needed to make a public complaint in order to have the issue resolved.
Denied Refund for Lost Package
On February 18 of 2022, a customer filed a complaint about an order they had placed on January 17. This order had cost more than $1,600 and consisted of several gold and silver bars. The payment was given through Paypal and was confirmed. The order was shipped using USPS and was supposed to be signed for upon delivery.
The customer was given a tracking number that indicated their package would be shipped out of a Las Vegas distribution center. But for the next five days, the package didn't move at all. Finally, the customer was told that the package had departed the facility. But that was the last update. There was no more tracking information on the package.
The customer got in contact with JM Bullion because the package wasn't being tracked. The company said that an insurance claim would be filed. A phone call later confirmed that a claim would be filed. But since then, the customer had not been able to get any more information from the company's claims department.
The customer filed a claim with USPS to look for the lost package on February 9. But USPS didn't give them any updates. The customer also complained to Paypal since they hadn't received the package. Even though Paypal had gotten in contact with JM Bullion, the customer had not received any updates.
The customer had received an email from a person in the claims department earlier in the day, prior to filing their complaint. This email just said that there was still no more information about the issue. The representative said that the customer's Paypal claim would be denied and that the customer needed to be compliant to help process the claim.
The customer said that they were out of patience and that they wanted to be given a full refund for their items without any runaround. JM Bullion responded to say that the customer had been refunded by Paypal, and the customer said that the issue had been resolved.
Another Late Package Notification
One complaint was filed on February 3 of 2022. This was from a customer who said that they placed an order on November 18 of the previous year. The package shipped one week later. But the tracking information had just showed that the package was "in transit and arriving late" since November 30. More than two entire months had passed.
The customer said that JM Bullion's contract indicated that they could receive a refund or have their items shipped again. They notified the company so that the company could open a claim. They also outlined the exact part of the clause that was involved.
The customer said that they were told that they had reached out too late. The policy indicates that the customer needs to make a claim within 7 days of the tracking information failing to update. The customer said that they had filed their claim within this time period.
They wanted a full refund for the delivery and said that they had paid in full with no issues.
JM Bullion responded to say that the claim had been denied because of late reporting. They said that they would not be changing their minds when the customer appealed the decision. They also did not provide any further information about the issue.
The customer said that they didn't accept this response. They said that the package had shown as "in transit" on November 30. The company was informed of the missing package on December 3. There were far less than seven days between the last tracking update and the company being told about the issue.
The customer said that they had no ability to make a claim themselves. The responsibility was with JM Bullion to file the claim.
JM Bullion responded to say that when the customer reached out on November 3, they were told to call again on November 5 if there wasn't any further movement. Instead of reaching out on that day, the customer reached out on November 9 to indicate that there hadn't been further movement.
The customer said that they did not accept this because they had provided the initial notification within 7 days. It doesn't matter whether they followed up on the seventh day or the eleventh, because they had provided the required notice. They said that they were very disappointed by the company's actions. In addition, they had tried to follow up with USPS about the missing package, but USPS had just told them to get in contact with the sender.
JM Bullion never responded again. This issue does not appear to have ever been resolved.
Pros & Cons of JM Bullion
JM Bullion is one of the largest online retailers in the global precious metals market. There are thousands of reputable online reviews from past customers, most of which are positive. The BBB website alone has nearly 1,000 positive customer reviews, and there are an additional 2,500 positive customer reviews on Trustpilot.
However, not every review of the company has been favorable. In fact, there have been several hundred complaints. JM Bullion has responded to each of these complaints, and many have been resolve to the customer's satisfaction. But there's a troubling pattern of frustrating insurance claims.
Many people have stated that they have been unable to receive a claim for their lost package because they didn't file the claim in time. JM Bullion only allows 7 days after the final tracking update for you to file a claim. In some cases, even when customers had filed the claim in the appropriate time, the company had found an excuse to prevent customers from receiving a refund.
Some of these complaints had never been resolved to the customer's satisfaction. JM Bullion just continued to repeat their insurance policy. There was very little effort made to rectify the situation or to keep the customer's trust.
Now, these issues don't seem to represent the majority of experiences. As mentioned, there are thousands of glowing reviews, and only a few hundred complaints. And many of the complaints have been resolved.
However, it does seem that many customers have had the same frustrating experience with the claims process. More rarely, customers have cited frustration with payment confirmations or with being paid slowly through the buyback program.
Because of these complaints, we can't wholeheartedly recommend JM Bullion. As long as you comply with their contract, you're likely to have a good experience. But too many customers have said that they had a negative experience just because of the company's response to lost packages.
There are plenty of other popular bullion dealers that have a better track record with customers. These companies tend to go above and beyond when customers have problems. When they need to deny claims for whatever reason, they explain exactly what happened in great detail. That's more than JM Bullion has done for many of the public complaints.
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