Michael Zee´s profile

Reviews (1)

BullionVault

WARNING Please read this review before dealing with this company!

EDITED 2/6/2012 So now 19 days later I finally received my money after an email sent from this JOKE stating that not only were they going to refund all my money, but there would be no wire fee. Well ONCE AGAIN they lied. Not only did they charge me, they charged me more then they said they would. I was charged over $55 and have received much less then my intitial investment, even though silver has gove up since I bought/ IF YOU DEAL WITH THIS COMPANY YOU ARE AN IDIOT AND YOU WILL BE ROBBED AND DON"T SAY I DIDN"T WARN YOU!. FOR THE IDIOTS THAT DO, PLEASE COME BACK HERE AND READ THIS!!
I TOLD YOU SO!!!
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EDITED 2/3/2012 Well to support the truth of my review and the lying of their reply, Bullionvault has still not sent me my money back. They claim I didn't wire the money when I did and now when I want my money back, which they clearly state on their site, is wired back to your account, I still do not have my money and they no longer reply to any contact I make. So not they are clearly ripping me off and because they are in the UK, there is nothing I can do. PLEASE DO YOU RESEARCH ON THIS COMPANY AND YOU WILL FIND I AM NOT ALONE. Also why are they now posting about peoples concerns that they are not a US company?

Oh and why aren't they replying here, in response to my allegations?
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EDITED 1/27/2012. Please read the comments to Bullionvaults response and my response to them at the bottom of this review!

THIS COMPANY DOES NOT OPERATE IN THE US AND THEREFORE YOU HAVE NO LEGAL ACTION AVAILABLE WHEN THEY SCREW YOU OVER!
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Original Review.

I would LOVE to know where to find any research, because I have searched the net and found nothing, with the exception of places like this, where people make reviews based on hearsay.

Lesson learned! No reviews is just as good as no reviews, because like anything else, trust needs to be earned!

I registered for this site using my real name and email address, to give validity to my experience.

I have had an account with this "business" for three months now. In this time I have wired money three times. Now when I say WIRED, I mean WIRED, so please do not question how the money was sent like their EXTREMELY unprofessional, so called "representatives" have EVERY time this situation has occurred.

WIRED has one definition. The sender goes to their bank IN PERSON, pays a fee to WIRE money directly from the senders account into another account. This takes no longer then 24 hours and today, with computers and ANY quality bank, takes as little as an hour. Since the bank you are required to wire money to is Bank of America, I seriously doubt the problem is the banks fault. When money is WIRED, it posts IMMEDIETELY to the senders account so please do not ask when the money posted to my account.

In all three situations, it has taken a minimum of 5 BUSINESS days for the money to be deposited into my BullionVault account. In the last situation, the Money was WIRED on 1/8/2012 and the last reply I received from this company was that they would deal with it on Monday. How convenient when the price of all the metals they deal in have risen dramatically. In every situation I have gotten the absolute most unprofessional responses from their “staff”(I can't even refer to them as “customer service”). They treat you like you are a child, they do nothing but give you the run around and they love to delay things further by taking advantage of the time zone difference between the US and the UK, where they actually operate. The fact that they operate in the UK is THE primary reason why you should not deal with this company and should only deal with a US company.

Like others, I have not had any problems once they actually acknowledge that they have your money, but having delays on EVERY deposit, with no acceptable explanation except to blame it on the banks, when this problem never occurs with a US company, is a clear sign that this is NOT an uncommon practice. Seeing just one other person having the same problem is enough for me to also say that this is not uncommon.

I STRONGLY RECOMMEND that you avoid this company at all costs. When it comes down to it, there are no advantages to dealing with a company such as this and there are PLENTY of disadvantages.

When it comes to investing your hard earned dollars and you do not find any reviews positive OR negative, be very very cautious as no good news should be assumed to be good news. When it comes to a company that doesn't even operate in the US where our laws protect us, I would recommend not using them at all, because there are many companies like these that take advantage of the trust we Americans have in the laws that protect us here in the US that don't elsewhere. If you are a metal investor to avoid what may happen if a system fails, then I would NOT trust this company because if a system failed, their system would DEFINITELY fail and the money you invested to protect yourself will be gone!(For you anyway)"

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Response to Bullionvaults first reply;

THIS REPLY IS A LIE! I HAVE THE EMAILS AND EVEN RECEIPTS FROM THIS LAME COMPANY THAT PROVE IT AND I WOULD BE GLAD TO EMAIL ANY EVEIDENCE ONE MAY WANT TO PROVE IT. TODAY IS FRIDAY 1/27/2012. IN AN EMAIL FROM THEM ON 1/25/2012 THEY SENT ME A COPY OF A RECEIPT SHOWING THEY RECEIVED THE MONEY ON 1/20/2012. THEY ALSO STATED IN THE EMAIL THAT THEY WOULD WIRE THE MONEY RIGHT BACK INTO MY ACCOUNT AND SINCE IT IS 1:39 PM EASTERN TIME ON FRIDAY, THE SOONEST I MAY SEE MY MONEY IS MONDAY 1/30/2012 MAKING A TOTAL OF 13 DAYS THAT I HAVE HAD NO CONTROL OF MY MONEY!

HEY BULLIONVAULT, PLEASE POST YOUR LAME EXCUSE AS TO WHY IT IS TAKING SO LONG TO WIRE THE MONEY BACK TO ME AND WHY I HAVE HAD NO CONTROL OVER MY MONEY AND WHY YOU ARE CLAIMING TO HAVE NOT GOTTEN THE MONEY UNTIL 1/25/2012 WHEN THE RECEIPT YOU SENT ME WHICH I ATTACHED SAYS IT WAS RECEIVED ON 1/20/2012. SHOULD WE START A SEPARATE WEBSITE SO I CAN POST ALL OF THE EVIDENCE AND EMAILS REPLIES YOU HAVE SENT ME? I HAVE ATTACHED THE RECEIPT YOU SENT ME FOR EVERYONE"S OWN JUDGEMENT. WHY DON'T YOU EXPLAIN WHY YOU ALSO SENT ME THE ATTACHED RECEIPT FROM LLOYD"S BANK SHOWING IT WAS RECEIVED ON THE DATE YOU CLAIM, 1/25/2012, WHEN THE MONEY WASN'T EVEN SENT TO LLOYD'S, IT WAS SENT TO BANK OF AMERICA WHERE YOUR WEBSITE GIVES THE ACCOUNT INFO TO SEND IT TO??

The attachments were attached in the comments which has a link above their reply.

27 January 2012

Reply from BullionVault

We are sorry that this user has not had the best experience of sending money to the Client Account. But we have done everything in our power to help, including courteous, timely and professional customer service. The first email alerting us to this delayed transfer was answered inside 40 minutes. The user then asked we telephone him instead, which we did at the specified time, only to reach voicemail. We then emailed and telephoned again, one business day later, but again with no response.

The issue arises because the user thinks he wired funds. However, when the funds arrived, six business days after they were sent, the transfer documentation clearly showed the funds had been sent by ACH and not by wire. Wire transfers can be as quick as 24hrs. ACH transfers typically take three business days. The first time the user sent money it arrived in the Client Account on the 3rd business day and was assigned to him then. The second transfer (he's never referred to a third transfer before) took six business days to arrive. It would have been posted that day if the user had not requested the funds to be returned, which they were.

Six business days for an ACH transfer is longer than we would expect and, as communicated to the user, the issue has been escalated to the highest level at Lloyds TSB, the bank which holds the Client Account, and for whom Bank of America acts as agent in the US. However, evidence of his transfers being made by ACH - and not by wire transfer - has also been sent to the user, and we hope he now sees fit to correct the false, damaging statements published on this site and others. As he says above, once his funds cleared he had no problems using our service. We have many thousands of satisfied customers in the USA and worldwide, and numerous users have posted positive reviews regarding the speed of depositing funds.

Michael Zee´s profile

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Michael Zee
Reviewer
Male, 1968
Brighton, United States

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