SD Bullion Review

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SD Bullion is a precious metals dealer based in the US. Though they have only been in the industry since 2012, they have been recognized as one of the fastest growing US companies. There are reviews from thousands of customers online, and this is one of the first places that people turn to when they consider buying bullion.

But does being one of the biggest companies make them one of the best? Though many customer reviews are positive, there are some major red flags. Most importantly, the company has tons of complaints with the Better Business Bureau, very few of which were resolved to the customer's satisfaction.

We've taken a look at everything you need to know before you decide to invest.

  • Product Type: Precious Metals
  • Owner: Tyler Wall
  • Rating: 1.5/5

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About SD Bullion

SD Bullion Review

SD Bullion was founded by a pair of doctors who wanted to help people's financial health. Precious metals are a solid investment because they are a stable asset during times of economic turmoil. Websites like Trustpilot show largely positive customer reviews, with 85% of consumers giving the company five stars.

The company sells platinum, gold, and silver coins and bars. With an average of over $150 million in sales per year, they have facilitated more than $1 billion in consumer transactions in less than a decade. The firm states that they are committed to good customer service and to giving customers exactly what they need for solid financial health.

There are several services available. In addition to making investments for your personal portfolio, it's also possible to open a precious metals IRA through the company.

The bullion and coins come not just from the United States, but also from international countries like the UK, Mexico, Australia, South Africa, and China.

IRA Services

SD Bullion Review

SD Bullion is one of dozens of companies that help people start a precious metals IRA. You can hold some of your retirement savings in precious metals by opening a self-directed IRA according to IRS guidelines. But the paperwork to do so can be complicated, which is why these companies help streamline the process.

The process of opening an IRA through SD Bullion is fairly simple.

First, you'll open the account itself. Your company representative will guide you through the paperwork to set the account up. You'll also need to suggest a custodian, who will maintain the account. If you don't have a custodian in mind, SD Bullion will recommend one of the partners that they frequently work with.

Then you'll fund the account, either by using your savings or by using existing funds in a retirement account. You can roll over your funds without incurring any penalties or fees. Again, the paperwork to do so can be complex, so a company representative will help you.

The third step is to purchase the precious metals with your funds. Only some metals are eligible to be held in an IRA. They need to meet certain purity standards or be a specific type of currency. You also can't enter any precious metals that you already own into the vault.

You'll buy the precious metals from SD Bullion. Their staff can recommend the right purchase for your needs. You'll talk to them about your options, finalize your purchase, and lock in the trade. Then you'll send your payment. Once your payment is received, the company will ship the metals to the storage facility and the custodian of your choice.

Depository

SD Bullion Review

The company also operates a depository, which you can use to store the precious metals from personal investments. This is ideal for people who prefer not to store their metals at home.

The minimum cost of storage is about $10 monthly. Then there are fees calculated by the percentage of your holdings.

Percentage-based fees aren't as ideal as flat fees, though. Some investors believe that these punish you for making additional purchases. You'll need to pay more every year as you add more assets to your account.

SD Bullion Complaints

SD Bullion Review

Though SD Bullion has quite a few positive reviews online, their presence with the Better Business Bureau raises concerns. They have an A+ rating and a bureau accreditation, but they have also had more than 60 complaints filed against them in the past three years. Over half of those were filed just within the last year.

This might indicate that the company's management has gone downhill, or that there have been patterns of ethical issues. The BBB hasn't set up an alert for any patterns, but that doesn't necessarily mean that none exist.

The complaints are also surprisingly broad in nature. The only category without any filed complaints is the "guarantee/warranty" one. There were 21 issues with billing, 18 issues with delivery, 14 issues with the products or services themselves, and 11 issues related to the company's advertising.

That seems to show that there are problems with every aspect of the company, rather than just one or two poor practices.

Obviously we can't look at every single one of the complaints. But let's examine some of the most recent ones.

Unfair Cancellation Fees

SD Bullion Review

A complaint from August of 2021 says that the customer made a purchase of silver costing several hundred dollars. They sent the payment in time. A month later, they were told that the order had been cancelled. When the customer called the company, the representative said that the check had never arrived.

The company went on to say that the customer then owed them $75 for a cancellation fee, plus the loss of value that the items had suffered over the time period. The representative stated that the customer had received phone calls and emails, but the customer had never been contacted.

When the customer said he hadn't been contacted, the rep changed his tune, saying instead that it wasn't possible for the company to call every single consumer. The customer said that they had bought metals before without a problem, but now they would no longer do business with the company and wanted a refund.

The company responded to say that even though the customer sent the check, it was never received. Because USPS has been backed up, they waited longer than a week for the payment to arrive. That was why it took a month for the cancellation to happen.

They also quoted their policy on cancellations, including the fees and the market losses. The price of precious metals dropped during the month that the company was waiting for payment, which was why the charge was incurred. They went on to say that there was no way the customer hadn't received an email, as such reminders are sent automatically.

The customer replied to say that they weren't happy with the company's response. They wanted a refund and were irate that they didn't receive one. As of writing, there hasn't been any resolution for this issue.

Unexplained Shipping Delays

SD Bullion Review

Another complaint from the same month came from someone who ordered almost $20,000 in silver. The customer mailed a check, which cleared after five days. But the company didn't ship the order. They said that a glitch had caused the order to be cancelled. They created a new order and marked the payment as received, but still didn't ship the order.

The customer finished by stating that they had called the company repeatedly to ask about when the order would be shipped. The representatives told them shipping would happen soon. But more than 2 weeks after placing the order, no shipment had been sent out.

The company responded to say that they talked with the customer and apologized for the confusion. They then shipped the order. Their message ended with a reiteration of their customer service hours. There was no explanation of what caused the delay, but the customer never followed up, which seems to indicate that the resolution was accepted.

Accidental Purchase

SD Bullion Review

Yet another August complaint came from someone who said they accidentally confirmed their transaction prior to finalizing it. The office was closed when they tried to call, so they sent an email. After two days, the company replied to say that the order could only be cancelled over the phone.

The customer said that between the cancellation fee and the market losses, he would have owed the company more than $800. He blamed them for taking too long to respond to his email. Since then, he had been sent collection notices and rude phone calls. Despite explaining the issue, the company was trying to collect more than $1200 as of when he wrote the complaint.

His desired outcome was that the company would adjust his bill and would not contact him anymore in the future.

The company responded to say that the reason they took two days to respond was because the order was placed on Saturday. Before cancelling the order, the customer was contacted several times in an attempt to work out another resolution.

The customer said that he wasn't satisfied with this resolution, because he had tried his best to contact SD Bullion. He even quoted parts of the company's own policies on email and phone communication to bolster his case.

The company said that the quoted part of their policy didn't actually guarantee anything, and reiterated that the customer had been contacted several times. The customer repeated that he was unhappy and that the company could pursue legal action, because he would not pay what they wanted him to.

That complaint continues to be unresolved.

Damaged Upon Arrival

SD Bullion Review

We'll look at just one more recent complaint, which was filed in July of 2021. This one was related to an issue with a product. The person placed their order and received their item quickly, but the capsule was cracked and scratched. There was no way to repair the capsule without harming the coin's value.

The customer was filing the complaint because they were supposed to be purchasing a coin in perfect condition. When they contacted the company, the representative offered them a $10 coupon but refused to replace the coin with one in the proper condition. The customer just wanted to exchange the coin.

The company responded to say that they were privately working with the customer to have the coin returned and resolve the problem. They also said that the customer service reps care about the satisfaction of every consumer.

As there is no follow-up from the customer, it seems that they were able to return the item. But they shouldn't have had to file a BBB complaint in order to do so.

Is SD Bullion a Scam?

SD Bullion Review

SD Bullion is not a scam. The company has been in business for over a decade, and there's no question that they offer legitimate services. However, that doesn't necessarily mean that they offer the best services. Though there are largely positive customer reviews on websites like Trustpilot, there is also a shocking number of complaints.

The Better Business Bureau gives the company an A+ rating based on how they interact with consumers. They have also been accredited since 2014. But there have been 64 complaints filed in the prior three years, 37 of which were closed over the past year.

Even for a company that does a lot of business, that's a huge amount of consumer unhappiness. The BBB doesn't seem to have found any patterns of mismanagement, but a good company won't garner that many complaints in such a short period of time.

There have been problems reported with every aspect of the company's management and purchase process. Just some of them include:

  • Enormous cancellation fees were charged over accidental transactions.
  • Cancellation fees were charged when customer payments were lost in the mail, even though the customers had paid on time.
  • Orders were not shipped in a timely manner.
  • Website glitches caused orders to be incorrectly filled or cancelled.
  • Items arrived damaged or in worse condition than they were sold.
  • The company was deceptive about their policies, the value of the items, or other things.

There were an average of three complaints every single month during 2021. And though the company could quote their policies to back up their decisions, many customers reported being unhappy with the resolutions. It's hard to say why they've managed to keep an A+ rating with the BBB.

Overall, it's better to work with a precious metals dealer that's actually reputable. It's great if a company can resolve problems to a customer's satisfaction, but it's even better if customers don't have those problems in the first place.

Pros & Cons of SD Bullion

Pros

  • IRS-approved silver and gold products for IRAs.
  • Multiple investment options for precious metals.
  • Buyback program lets you liquidate your assets quickly when you want to.

Cons

  • Astonishing number of complaints with the BBB.
  • Customers say they were overcharged or had their accounts mismanaged.
  • Few options to invest for international investors.
  • Company is not very transparent about the growth potential of their coins.

Final Thoughts

SD Bullion is a legitimate business, and they seem to have a wide customer base. There are thousands of reviews that can be found online from previous clients. Many of them are positive. But there are enough complaints and allegations of mismanagement that we have to give them pause.

There are many coins offered by SD Bullion, especially if you want to invest in IRS-approved precious metals for your retirement account. But they're far from the only company to offer these items. Other companies might have better customer service and more honest business practices. It's better to invest with one of those instead.

Overall, we believe that there is a better option when it comes to your investment.

The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit SD Bullion below!

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