How cash for gold scam works

In the time of crisis a lot of people try to cash their possessions in order to pay their bills. There are companies out there who try to take advantage of the situation and scam people off their money. Cashing your jewelry may lead you to a lot of trouble. This is how it works:

      The company receives your refiner’s pack (jewelry) for appraisal.
      They appraise it by hand (no specialized equipment is used, no experts involved)
      They send you a check with a 100% Satisfaction Guarantee.

The catch is that the check is mailed to you very late and you can get your jewelry back or refund only if you contact the company within 10 days from when your check is dated (This begins with the time it takes for the accounts payables department to issue the check and also including the transit time for you to receive your check in the mail). The check is usually dated within 24 hrs of receiving your jewelry, but it is sent out a few days later. You usually receive your check around the 7th, 8th, or 9th business day so you may have only 1-2 days or none to ask for refund. If you try to contact company representatives, it is nearly impossible to get in touch with anyone. After the ten-day period has lapsed, you will be told that the item is already melted or it is no longer available for return.

The company insures your package for up to $100. If your jewelry is worth more than that, it often happens to get lost in mail. If you call the company to check on the status of your items, they will that you should have added extra insurance on your items.

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