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Description

This company provides gold, silver and precious metal brokerage services including buying, selling and gold IRA's.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Republic Monetary Exchange, LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

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Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Republic Monetary Exchange, LLC include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

9 Customer Reviews on Republic Monetary Exchange, LLC
Customer Experience Total Customer Reviews
Positive Experience 6
Neutral Experience 0
Negative Experience 3
Total Customer Reviews 9

Additional Information

BBB file opened: March 24, 2009 Business started: 08/08/2008 in AZ Business incorporated 10/14/2008 in AZ
Type of Entity

Limited Liability Company (LLC)

Business Management
David Ramirez, Director of Business Affairs Mr. James R. Clark, Member Ms. Tami Hampshire, Vice President Marketing
Contact Information
Principal: David Ramirez, Director of Business Affairs
Business Category

Coin Dealers, Supplies Gold, Silver & Platinum Dealers

Products & Services

Republic Monetary Exchange, LLC offers the following product(s): Gold, Silver, Platinum, Palladium coins and bars.

Method(s) of Payment
Visa, Mastercard, American Express, Discover, Cash, Check

Customer Review Rating plus BBB Rating Summary

Republic Monetary Exchange, LLC has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • 4040 E Camelback Rd Ste 105

    Phoenix, AZ 85018 (877) 354-4040 (602) 955-6500

  • THIS LOCATION IS NOT BBB ACCREDITED

    8400 E Crescent Pkwy Ste 101

    Greenwood Village, CO 80111

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

9/18/2014 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: My complaint is against Republic Monetary Exchange on **** ** ********* ** I purchased many coins from RME on 5/10/13. The total price on the invoice was $5,967.00. My complaint is as follows. On 7/29/14 I requested a buy back price for two of the Gold coins I bought. That’s simple enough. So back in May of 2013 I paid $2,557 for a Gold certified 1900 $20 dollar coin and $1,935 for a not certified 1900ish gold coin. I was told that at the time of purchase that these investment coins hold value better than standard Gold bullion coins. So I purchased them. Now fast forward to 7/30/2014 the buyback price I got from my account rep was $1,535 for the certified coin and $1,305 for the not certified coin. Purchased coin total 5/2013 Certified coin $2,557 Not certified coin $1,935 Total of purchase from 5/2013 $4,492 Total buy back price offered 7/30/2014 $2,840 Total difference $1,652 So a little over 1 year I have lost $1,652 dollars. This is a total SCAM. I’m pretty sure the account representative pocketed the $1,652 dollars. And that’s just the GOLD coins. In the initial purchase I also ordered silver coins that I’m sure I paid WAY too much for. Look I was expecting I would lose maybe $200 due to dealer costs. But $1,652 dollars difference between the purchase and offer price, that’s extortion. Now I do need to mention that the day I purchased these on 5/10/2013 spot gold price was $1,290.10 and on 7/30/2014 spot price was $1,294.60 so my Gold should be worth even more.

Desired Settlement: At this point I would like to sell these two Gold coins back to RME for closer to the purchase price. I'm not asking for return of full purchase price as I know dealers have costs. I'm willing to take $4,000 for the both and let Republic Monetary keep the $492.

Business Response: September 3, 2014

 

Better Business Bureau

**** ** **** *** ******** ** *****

 

Re: Complaint ID #********

 

Republic Monetary Exchange management and its Account
Executives help educate and assist in the acquisition of precious metals for
self-directed investors.  We are not
attorneys, CPA's or financial planners. 
Our Account Executives do not provide investment advice, legal
advisement, financial planning, or tax guidance services.   We do not guarantee financial performance
and/or valuation of any precious metal.

 

Our understanding is that *** ******* has two outstanding questions at hand:

 

1)            Performance of purchase

 

As in any investment, it is solely the responsibility of
the investor.  As investors, if we all
have the ability to look in the rear view mirror one year later and now make a
financial determination of performance, there would be no such thing as an
investment risk and all investment markets have such risk.  Your purchases made from RME were based off
your own decision and judgment.  You assumed
the risk of precious metal performance, which is assumed and understood by you,
as we are sure you did your due diligence regarding your purchase.

 

2)            Providing
a guaranteed liquidation price

 

In reference to *** *******, “I was expecting to lose $200
due to dealer cost”, the “I have lost $1,652” referenced is a cost of doing
business called the spread.  Based on our
policy, the spread was disclosed prior to the sale.   Spreads are a function of precious metal markets
just like stocks, bonds, real estate, etc.  
*** ****** made an assumption of liquidation price, otherwise he would
not have made the comment of “I was expecting to lose $200”.   

 

We would like to address the comments of *** *******.  “This is a total SCAM.  I’m
pretty sure the account representative pocketed the $1,652 dollars.”   We find these accusations unproductive to
resolve the issue at hand.  *** *******
cannot demand a “value” adjustment to a financial vehicle and make a defamatory
and extortion comments as a reason to write a complaint to the BBB.   We have email and phone record documentation
from our Account Executive attempting to communicate with *** *******, back
before the complaint was issued.

 

We would like to request the following:

 

Signed documentation from *** ******* and a RME
representative listing the “promise” or “actions” of performance of purchase
and a guaranteed liquidation price.  If *** ******* cannot provide this documentation within 5 business days, we will request
the BBB to close this matter.

 

We do take all complaints seriously and do apologize for
any misunderstanding in this manner.

 

Regards,

 

 

 

***** *******

Chief Financial Officer

Consumer Response: Better Business Bureau:

At this point I think it's better if I just drop the complaint.  I can see it's not going to go anywhere.  I do want to point something out.  It was stated that " the spread was disclosed prior to the sale".  This is totally incorrect.  The RME Rep never explained what a "Spread" was.  I still have no idea what it is.  I can only assume it means you'll lose like 50% value once you buy it.  Kind of like a new car.  

anyway please share with the person that sent the response to the claim and close it. 

Regards,

**** *******