Cash4Gold Scam – Former Employee Talks About The “Cash For Gold” Scam That Has Left Many Feeling Cheated

by Trendy

You must have seen the many Cash4Gold ads on TV. The “Cash For Gold” service offers cash at today’s gold rates for your old gold jewelry. Many have written being taken for a ride by this company and now a former employee is talking about exactly what happens behind the scenes. Here is the complete text of an article posted by this former employee on ComplaintsBoard.com

I am a former employee of Cash 4 Gold. I did not know much about the company before being hired. On my first day of being hired, I was taught the "Cash 4 Gold Scam" from beginning to end.

1. The "refiner’s pack" that is used for you to put your jewelry is "insured for UP TO 100 dollars, " according to how much they feel your items are worth, NOT appraised at.

2. We receive your "Refiner’s Pack" within 3-4 days, but we are instructed to tell you that it takes "7-10 business days, for us to receive your pack, ALTHOUGH your package has already arrived.

3.Your jewelry gets appraised by hand/magnifying glasses/
a small weight pad, and a bottle of mystery fluid, which your items are then give a value for. Not million dollar equipment or specially trained jewelry experts.

4. Although the payment (check) for your item is dated within 24 hrs of testing your jewelry, we sometimes DO NOT actually send out the check until up to 3-4 days later.

5. We claim a 100% Satisfaction Guarantee or your jewelry returned, BUT THE CATCH IS, that the guarantee is contacting us within 10 DAYS from when your check is DATED. (This begins with the time it takes for the accounts payables dept. to issue the check and also including the transit time for you to receive your check in the mail. **** NOTATE THE COMMERCIALS THAT STATE YOU GET YOUR CHECK IN 24 HRS.***

5. IF you are lucky you will receive your check around the "7th-10th" business day, AND more then 97% of the time Customers are outraged when they lay eyes on the amount of the check. Some Customer’s even receive a check for 0.01 cents. (TRUTH) That’s including items of great value (Diamonds, Platinum/ Gold and Sterling)

6. They sometimes even receive your valuables and like them so much THAT we CLAIM to not have received the items just so the "TOP" people or even "FAVORED" people can get first dibs on your items. From which point we issued an INSURANCE CLAIM for UP TO 100 dollars. GOD FORBID your items are worth more then a 100 dollars, and when you call in to check on the status of your items, we tell you " YOU SHOULD"VE ADDED EXTRA INSURANCE ON YOUR ITEMS." We do not have an actual Insurance company, they use customer service reps as the claim department agents.

7. For those who receive there check within the 10 day frame, GOOD LUCK with trying to get in touch with a Customer Service representative before your 10 days are up. Which after your 10 days, your items are "ALREADY MELTED" or NO LONGER AVAILABLE FOR RETURN."

8. For the "LUCKY" people who do get in touch with us within the allotted time frame, we already know what you are calling about. Customers want their items returned, because there
check amount is so insultingly LOW. The first thing a Rep will ask you is "HOW MUCH WERE YOU EXPECTING TO GET BACK?" This way we can know how much to "BONUS" you.
Definition of a BONUS: We issue low checks just to have you call us back if you are smart enough to realized that you just got scammed. For the smart one’s we are paid to offer u a bonus up to 3x the original amount of your check and you accept. For ex: Sally Smith receives a check for $27.86 for a Rolex watch(which we don’t issue value for), a class ring, a ring with diamond chips, a pair of earrings with emeralds, as well as a few sterling silver pieces, and maybe a few items that were really of no value. Now Sally Smith calls the Customer Service department, where she speaks to a rep who seems so concerned and will see if she can do better with the amount by speaking to a "SUPERVISOR". We then place the caller on Mute, and speak to our neighbors or doodle on a sheet, or twiddle with our hair for about 45 seconds, while we are supposedly speaking to our supervisor about Ms. Smith’s complaint. We then come back with an offer to "BUMP UP YOUR MELT DATE or any other lies the Customer Service reps can think of, and offer you a total amount of $53.20 which is a little under double the amount of your original check. In which case if you accept, the Customer Service rep makes a 15.00 bonus off of your transaction. If the Customer Service representative offers you under triple the amount of your original check, she makes 10.00 in bonuses.

9. If you accept the offer, the deal is done, and you are told that the call is recorded(which most of the time, the record button does not work.) Just a way to make your feel bound by a verbal contract. IF you do not accept the deal, you have to return your check, and it takes sometimes up to a month to receive your items back after we receive the check.

10. If you only want the items that we do not find of any value back, you have to pay a 10.00 shipping and handling fee to have your own items returned, which varies depending on sales for that week. IF sales are good, there is no fee, when we are slow, you must pay.
Cash 4 Gold is definitely not a trustworthy or credible company to do business with. You are almost better off taking your items to a local pawn shop or shopping around for other companies. With the economy the way it is, Cash 4 Gold seems to be a way out of financial stress for some, but in actuality becomes a stress of its own. I would advice you to think twice before sending in valuables or items inherited and of sentimental value. Its not worth it. I am not doing this as a way of Bashing their money making process :) but more so to warn everyone.

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{ 21 comments… read them below or add one }

1 Ajlouny April 14, 2009 at 10:00 pm

This information just turns my stomach. There are old people out there that get scammed by these types of offers and give away their prized or sentimental valued jewels only to feel like a sucker later. It’s so sad.

2 john June 19, 2009 at 6:17 pm

Is Cash Gold USA different to Cash Gold?

3 Very upset September 5, 2009 at 1:09 pm

This makes me sick too. these people should be put in jail or worse.

4 anoop tiwari September 11, 2009 at 4:22 am

no body can express my feelings

5 mandy September 23, 2009 at 12:27 pm

I’m sorry but if ur stupid enough to believe in cash for gold in the first place then maybe u deserve to be scammed!

6 april October 24, 2009 at 9:09 am

and why are they still in business?
answer: people are actually that stupid to send in expensive jewelry and actually expect to get their money’s worth.
my brother is 10 and he knows this company is as real as pamela andersons boobs.

7 Will October 30, 2009 at 7:18 pm

I don’t really understand these commercials, or this company. Every time I see the commercial my only thought is “Are there really that many broke people with just piles and piles of GOLD they don’t want laying around?” I’ve never used the company, as I am most certainly not one of the many hundreds of thousands of people who apparently DO have piles of gold just sitting around collecting dust (Really? WTF), but even if I did I would not be selling it. Even if I wanted to, I would not trust some faceless company with tons of “endorsements” from people I’ve never met or heard of.

8 nancy December 11, 2009 at 1:29 pm

this really is making me sick to my stomach because my sister got the swine flu and we need to pay for her med. bils so i sent a bunch of mine and my familys jewlry to cah for gold :( thinking it was a good company :( wow now im for sure gonna call when i receive my check i hope its not to late

9 Donna Downing January 26, 2010 at 9:40 pm

I went into shock when a check for $10 arrived in the mail, but the outdate was so close, I was caught up with other things and I had no use for most of the items I sent in, I cashed the stupid check. The bank teller snickered. Unfortunately, I wasn’t angry enough to demand my used dental crown back which should have brought in ten times that amount. The experience drove home the lesson NEVER to fall for a TV/email scam.

Free enterprise is alive and well on the wild, wild internet, and there’s nobody to regulate it.

10 Sam January 28, 2010 at 12:53 pm

Cash is worthless anyway when the dollar does crash your better off with your gold.

11 Seamus January 28, 2010 at 3:30 pm

I don’t know much about U.S. jurisprudence but surely there are laws applicable to the criminal activity of these sleazy people.

12 Fishy February 4, 2010 at 3:49 pm

!!!!
I was really surprised about hearing what was mentioned.
I always had a thought that it was some sort of scam but this article explains it in detail.
Great Article =)
Don’t Cash Your Gold!!!!

13 YH February 22, 2010 at 11:19 am

This email is absolutely true. I really believed the site would send me a little extra cash for my old jewlery. Instead – 2 months later I am still chasing for my jewlery back. I read this today and am horrified that it could have gone completely – they are currently telling me they posted it on 22nd Jan but its 22nd Feb they have given me a tracking number and I am in touch with royal mail trying to locate it but it doesn’t belong to them. I am waiting for someone at the post office to contact me back but cash my gold have washed there hands of the matter!

14 Sam Fieldwick March 3, 2010 at 6:02 am

i used cash my gold and got a cheque the next day for £10,000.

15 Charlie Fieldwick March 3, 2010 at 6:05 am

I’m outraged! i got 3p for my gold necklace! i bought it 2 weeks previously for 150 quid! fml

16 worked there March 18, 2010 at 2:08 am

i worked there i was sacked last month becouse as soon as you wise up to what there doing the get rid of you and take on new staff so you dont rock the boat as they say YOU WILL BE TAKEN FOR A RIDE and will be offered less than 20% of the value

17 Samantha March 29, 2010 at 12:48 pm

this really disgusts me, my mum was desperate for some money a few months ago so she went hunting round for any old gold she could find. she got 12 rings, 4 chains, 4 watches, 7 bracelets, and lots of odd earings and she only got 30 pounds and there was nothing she could do.
DON’T TRUST THESE PEOPLE ..

18 homer simpson June 19, 2010 at 2:18 pm

oh my god, why are people such idiots when it comes to these things…. scenario – a company says fill this bag full of gold, post it to us, we wont tell you how much we pay until we have your gold, then we will send you a cheque!!!! ha ha why are people so dumb…. what were you all expecting, actual gold prices!!!! actually i take it back, 90% of you are not dumb, its called greed, you are just greedy to get more money and someone out there has come up with a company to live off your greed… ok i except some vulnerable people will have been scammed and i feel for them, however it is not like cash for gold has knocked on your door demanded to see what gold you have then offered you a couple of pounds…. you idiots have sent them the gold!!! final thought – who is more greedy the nasty company paying ridiculously small prices or the person sending in the gold wanting a ridiculously high price!!!!!

19 J January 20, 2011 at 9:39 pm

WE DON’T NEED TO ENCOURAGE THIS KIND OF BEHAVIOR. INSTEAD WE SHOULD TRY NOT TO CONDONE RIPPING OFF PEOPLE. THIS KIND OF BS HAS BEEN GOING ON FAR TOO LONG. HOW WOULD THEY FEEL IF SOMEONE CAME AND RIPPED THEM OFF IT WOULD HIT HOME WHERE THE HEART IS.

20 Joy November 25, 2011 at 10:39 pm

The reason the “Cash 4 Gold” scams are on the rise is because of the loss of the “dollar” printed money has no value and Gold always will. What happens when the banks have no paper money left? That means you don’t have any either. Gold is the real value of currency and will be when the banks default and America goes bankrupt that’s why they are trying to convince you to give your currency up in favor of worthless paper.

21 mitt romney February 14, 2012 at 10:18 pm

Everyone calm down . These people are employing people my goodness . BTW I made a offer for this company and if I buy it I am gonna lay off all the workers and hire them back with a 30% wage cut . Vote for me for president please .

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