BullionVault Inc.

At this time, I have been contacted directly by BullionVault Inc. regarding complaint ID [redacted], however my complaint has NOT been resolved because:
"margin: 0in 0in 10pt;" class="MsoNormal">[Your Answer Here] Hi ,BullionVault has not contacted me to resolve this issue against this complaint.I had received only one email after I lodged this complaint but there was neither efforts to resolve the issue nor any information on this complaint.The person who sent me this email a month ago didn't discuss of this complain and seems to be very stubborn for not giving back my money
In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
[redacted]

First of all, please accept our apologies for the delay in providing a response. The person assigned to monitor Revdex.com correspondence has left the business and we have just picked up on the letter you have sent us. We would also like to thank you for giving us the opportunity to clarify how BullionVault operates and what has happened in this instance.
 
BullionVault provides its users with an online platform allowing them to buy and sell physical gold and silver. We charge our clients a commission fee for each executed trade, as well as a monthly custody fee for storing bullion in professional market-approved vaults. Commission starts at 0.5% and reduces the higher the volume of gold bought and sold in the year. Storage fees are 0.12% per year for gold (with a $4/month minimum) and 0.48% per year for silver (with an $8/month minimum). Our commission and storage fees are readily accessible from our home page and elsewhere on our website.  
 
To protect the client’s privacy, the comments below respond to the points raised in general terms and we would be happy to discuss the specifics with the client directly. To buy or sell on BullionVault, clients use BullionVault’s market order board online. They can click to accept the current best price quoted by other users. Or if they wish, they can quote their own limit price at no extra charge. But in this case, their new order may not get matched in part or in full if it isn’t best price during the time parameter the client can also set.  Clients can only buy with cash they have in their BullionVault account and can only sell metal they own in a particular vault. To protect clients from buying too high (or selling too low), the platform rejects any order that is more than 10% away from the current market price.
 
With regards to withdrawing funds,  the client made a withdrawal request online on a Saturday and it was processed on the next working day. For the security of our clients, we only send funds back to the bank account the client used to fund their BullionVault account. We always present those account details back to the client for their confirmation at the time they make their withdrawal request. In this instance, the client’s funds were bounced back to us as our bank was unable to find an intermediary US dollar agent for the client’s non-US bank. This happens occasionally when a bank uses an intermediary bank to receive deposits and we are not provided with those details.
 
We  informed the client of the situation and requested that he provide us with the additional routing instructions (which could be obtained from his bank) to enable us to resend the client’s funds, for which we also offered to waive the bank fee.
 
The client then notified us that he had changed banks and requested that we send a bank draft to his residential address. For client security, we only ever return funds via bank transfer and only ever to a pre-identified bank account whose details have been verified. We informed our client of the procedure to follow to enable us to link a new bank account to his BullionVault account and transfer his funds but have so far not heard back from him.
 
We would like to bring this issue to resolution as soon as possible to our client’s satisfaction and he is most welcome to contact me directly either by email me at [redacted] or by telephone using the contact details listed on our home page.
 
[redacted]
[redacted]

Review: Hi ,

I invested USD$500 by buying gold on line from Bullion Vault. I traded on line and many times I found my order was not materialised or sold in time by Bullion Vault .I incurred loses due to this. I contacted them several times but it seems to me that they are in a business where they ask small traders to trade in and eat away their money. I was not charged any storage charges before but after now my money is reduced to USD$192.The company said that they have charged storage charges. I have given many reminders from last two years for refunding my money which is with them from last three years as hard cash (no trading has been performed by me in last 3 years or more) but they are saying that because I have changed my bank so it will be difficult. I have given my new address several times and want them to send me a draft but they have failed to do so . Since then they have reduced my money from USD$390 or so to USD$192 without any trading.Desired Settlement: I want them to return my original money which was there with them three years before by a bank draft or cheque.I want USD$390 as refund without any deduction.

Consumer

Response:

At this time, I have been contacted directly by BullionVault Inc. regarding complaint ID [redacted], however my complaint has NOT been resolved because:

[Your Answer Here] Hi ,BullionVault has not contacted me to resolve this issue against this complaint.I had received only one email after I lodged this complaint but there was neither efforts to resolve the issue nor any information on this complaint.The person who sent me this email a month ago didn't discuss of this complain and seems to be very stubborn for not giving back my money.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

First of all, please accept our apologies for the delay in providing a response. The person assigned to monitor Revdex.com correspondence has left the business and we have just picked up on the letter you have sent us. We would also like to thank you for giving us the opportunity to clarify how BullionVault operates and what has happened in this instance.

BullionVault provides its users with an online platform allowing them to buy and sell physical gold and silver. We charge our clients a commission fee for each executed trade, as well as a monthly custody fee for storing bullion in professional market-approved vaults. Commission starts at 0.5% and reduces the higher the volume of gold bought and sold in the year. Storage fees are 0.12% per year for gold (with a $4/month minimum) and 0.48% per year for silver (with an $8/month minimum). Our commission and storage fees are readily accessible from our home page and elsewhere on our website.

To protect the client’s privacy, the comments below respond to the points raised in general terms and we would be happy to discuss the specifics with the client directly. To buy or sell on BullionVault, clients use BullionVault’s market order board online. They can click to accept the current best price quoted by other users. Or if they wish, they can quote their own limit price at no extra charge. But in this case, their new order may not get matched in part or in full if it isn’t best price during the time parameter the client can also set. Clients can only buy with cash they have in their BullionVault account and can only sell metal they own in a particular vault. To protect clients from buying too high (or selling too low), the platform rejects any order that is more than 10% away from the current market price.

With regards to withdrawing funds, the client made a withdrawal request online on a Saturday and it was processed on the next working day. For the security of our clients, we only send funds back to the bank account the client used to fund their BullionVault account. We always present those account details back to the client for their confirmation at the time they make their withdrawal request. In this instance, the client’s funds were bounced back to us as our bank was unable to find an intermediary US dollar agent for the client’s non-US bank. This happens occasionally when a bank uses an intermediary bank to receive deposits and we are not provided with those details.

We informed the client of the situation and requested that he provide us with the additional routing instructions (which could be obtained from his bank) to enable us to resend the client’s funds, for which we also offered to waive the bank fee.

The client then notified us that he had changed banks and requested that we send a bank draft to his residential address. For client security, we only ever return funds via bank transfer and only ever to a pre-identified bank account whose details have been verified. We informed our client of the procedure to follow to enable us to link a new bank account to his BullionVault account and transfer his funds but have so far not heard back from him.

We would like to bring this issue to resolution as soon as possible to our client’s satisfaction and he is most welcome to contact me directly either by email me at [redacted] or by telephone using the contact details listed on our home page.