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Consumer Complaints

BBB Accredited Business since 10/28/2010

OWNx

Phone: (800) 701-3546

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service1
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)
10/19/2015Problems with Product / Service | Read Complaint Details
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Complaint
Complaint regarding access to my money and or silver.
Company regularly withdrawals money from my account and applies it to physical silver purchases. Recently I decided to take delivery of my physical silver, and needed to increase the balance of my account before hitting enough cash in my account to take delivery of a 100oz silver bar. Money was withdrawn from my bank account on Friday. Over the weekend I kept checking to see when I could take delivery of the 100oz bar and while my balance showed the correct amount, the delivery amount was not updated. I called Monday morning to find out why the balance was not updated, and was told that they have to "hold" my deposit for 3 days to make sure that there is money in my bank account to cover the withdrawal. The money is gone from my bank account, its not in a pending status - its been paid out. After getting angry with their customer service person trying to give me an excuse over why that money wasn't available I hung up and then received an email apologizing that they weren't able to answer my question to my satisfaction, and, that then money would be available Wed ****. Money was withdrawn from my account on ****, **** is only two days short of a week, or , 5 days. This is my money, and they are holding my silver - and not allowing me to collect it unil they sit on it for 5 days?

Desired Settlement
I want my product delivered now. I know this wont happen as I don't expect that anything will move forward in two days with this complaint process - but I want it recorded that this is a very nefarious business practice. They're trying to spin this as its for my protection, but the reality is it only benefits them to hold on to my money for 5 days and not give me access to it.

Business Response
Contact Name and Title: **** ******** - COO
Contact Phone: ************
Contact Email: ********************
The client misunderstood how our website works.

Purchasing with us entails using the ACH (electronic check) network. We do not allow for clients to sell or take delivery of metal within 4 business days of making a transaction as an automated fraud prevention measure. This is fully in-line with the way other companies use electronic (or paper) checks.

The details are expressly spelled out on the site in the FAQ section:

https://silversaver.com/faq/purchasing/

"What is the difference between Balance and Deliverable ounces?
Balance shows the current amount that is allocated and titled to you. Deliverable shows the current amount from your Balance that you can have delivered. It takes four (4) business days for each purchase to show up as Deliverable ounces. This is an added layer of security to ensure that the bank account owner authorized the purchase."

As a one-time courtesy, we are immediately shipping Mr. ******* silver one day early due to his misunderstanding of our anti-fraud protection processes.

Industry Comparison| Chart

Gold, Silver & Platinum Dealers, Internet Shopping

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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