Complaints

This profile includes complaints for McAlvany Precious Metals's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  McAlvany Precious Metals

  166 Turner Dr Durango, CO 81303-7975

  
• 

  McAlvany Precious Metals

  PO Box 829 Durango, CO 81302-0829

  

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:06/06/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On May 19th 2025 . I mailed the company a check for $1,500,000.00. They received my check. They told me it will take my check 10 business days to clear there bank account. On Memorial Day on the 26th of May my daughter was in a very bad car accident and was rushed to the hospital and still currently on life support. I reached out to the company and advised them that I am caring for my daughter and I will not be home for quite sometime because of this terrible accident with my daughter. I asked them if they can arrange to have my order shipped to a ***** location close by the hospital so when I free to step away I can go pick up my order . They declined to do so . So I asked to have my money refunded back to me. I talked to the owner ***** ********. He informed me that my money will be back in my account by June 4 , 2025. I checked my account and the money wasn’t back in my account. I called the company and was told they will not send my money back and that I have to call my back and ask them to reverse the check . I called my bank with two Mcalvany employees on a joint call . ****** ****** and ******* ******* there Compliance officer for the company. My bank informed them that they CANNOT reverse a check since they have the funds they will have to send the money back to my account. The next day I received a call from ******* ******* and he told me he wanted to call my bank himself to ensure that he is actually speaking with my bank . I told him that is fine and to give me a call once he has my bank on the call. He give me a call with a bank employee on the call . I spoke with my bank about the transactions and my bank ensured them that the payment cleared my account. We finish up the call with my bank . Then *** ******* told me he would give me a call back shortly and I haven’t heard anything from him since the bank call. I have called the company no one is answering emails or calls . They are stealing my money !!

  

  Business Response

  Date: 06/30/2025

  On May 19th, 2025, McAlvany Precious Metals
  deposited a check in the amount of $1.5 million dollars for the account of
  ******* ********; as outlined in our policies, shipment of precious metals is
  not performed until the 10-day waiting period for a check has been concluded.
  
  As *** ******** accounts, she contacted our offices on May
  26th, 2025, to notify us of her daughter’s injuries and requested her
  purchase be sent to a ***** location near the hospital.
  
  Due to the strict regulations placed on our business, primarily
  Anti-Money Laundering and Know Your Customer, this change in address caused our
  fraud and compliance department to commit to an investigation. As this was a
  first-time transaction with *** ********, our only ability to confirm the
  client’s identity was to match the original shipment address with her name and
  her check: requesting the product be shipped to a ***** creates a violation of
  our internal policies and our ability to know our customer, particularly as a
  first-time transaction.
  
  It was our first course of action to allow the funds to settle
  in our account and send the funds back to the account from which the check was
  written ; however, per our bank’s fraud department recommendation (see attached),
  we were advised to wait for the check to finish a 14-business day settling
  period—thereby we should not wire the money back until the earliest of June 9th,
  2025. Our bank also brought to our attention, due to a mismatch between the payee
  written out by *** ******** and the endorsement, the check could be reversed by
  RBC Bank upon request from *** ******** for up to 3 years. Due to the
  potentially fraudulent nature of the circumstances, the amount of $1.5 million,
  and the significant financial risk to the company, our fraud and compliance
  department continued the investigation to mitigate risk for both the potential
  client and the company.
  
  Due to the nature of our business, reversals of precious
  metals transactions can take several days and due to the amount of money
  involved in the transaction, it was important to engage in the reversal with
  due care so as not to incur losses or unneeded company risk.
  
  Once our transaction was reversed, we contacted *** ******** and requested she speak to her bank and have the check reversed; however, *** ******** told us, after speaking with her bank, they were not able or willing to reverse
  the transaction. This potentially put the company at risk. Our compliance
  officer needed to verify 1) *** ******** was the client on RBC’s account and 2)
  receive confirmation RBC would not reverse the check at any time moving
  forward.
  
  Our compliance officer contacted RBC bank and once it was verified,
  on a recorded line, RBC would not reverse the transaction, *** ******** was
  brought onto the call to verify her identity with the bank. *** ******** was
  confirmed by the bank and further stated, on a recorded line, she would not reverse
  the transaction. These conversations spanned between June 3rd to June
  5th, 2025.
  
  On June 6th, 2025, a final determination was made
  to move forward on sending *** ********** funds back to her account in an
  effort to eliminate any further transaction risk. On June 6th, 2025,
  our compliance officer left *** ******** a voicemail notifying her of the final
  decision and her funds would be sent back to her on June 9th, in
  accordance with our bank’s recommendation (see attached wire confirmation).
  
  We have made repeated efforts to contact *** ********, but
  as of the time of this message, she has not returned any phone call made by
  McAlvany Precious Metals since June 9th.
  
  As outlined above and confirmed in the attachments, *** ********** funds were not stolen; after a thorough process to protect the
  client and the company was finalized, the precious metals transaction was
  reversed and the funds were returned to the account by which the funds from the
  check were originally debited on June 9th, 2025.