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Investing in precious metals is one of the most highly recommended ways to diversify your portfolio. But some companies are better than others.
Acre Gold is a company that claims to help people access precious metals at a low cost. You can pay a subscription over time, adding money until you reach a goal. At this point, your gold bar will be shipped physically to your address.
Though many people report the service working as intended, there have been many concerning customer reviews too.
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Is Acre Gold a Scam?
Acre Gold appears to be a legitimate business. But they have a C+ rating with the Better Business Bureau due to the whopping 31 complaints filed against them. The company has not managed to adequately resolve all of the complaints to the satisfaction of the customers. The vast majority of complaints were related to issues with products or services, but there were also delivery problems, billing problems, and advertising problems.
Basically, customers have reported having issues with every aspect of the sales process. And the company's customer service policies have left something to be desired.
With all of this in mind, we definitely don't recommend that you work with Acre Gold. There are plenty of businesses that actually have a good BBB rating and an accreditation, not to mention a team that works to resolve issues before they need to be made public. Too many past customers have run into problems with Acre Gold for it to be worth the risk.
We definitely can't detail all 31 complaints that customers had. But we can take a look at a few of the most recent ones, along with how they were handled by the business. Complaints often give you important insight into how a company is run, both in the complaint itself and how the business resolves it.
The Better Business Bureau website is far from the only place where customers have lodged complaints. You can also find them across other third party review sites. But we'll just look at official BBB complaints for now.
No Reward Sent
A customer filed a complaint after they reached their financial goal, but the company never sent the items that they'd earned. Their initial goal was to purchase 2.5 grams of gold at $50 per month. Once they reached that goal, they were supposed to have the item shipped.
The customer had finished paying off the subscriptions several months prior. But they had not been sent their package or given any information about it. The complaint was filed when they were charged over $100 for an automatic renewal that they said they never signed up for.
They said that they wanted to stop using the subscription service, and that their only desire was to be sent the gold they'd paid for. They provided their phone number and said they'd attempted to make contact with the company, but there was a total lack of customer support or even a business phone number on the website.
The company responded to say that the customer signed up to have their subscription automatically renewed after every 30 days. They also said that the person's subscription had started five months ago. When the person reached their goal, they were sent an email that informed them the bars would ship on Friday.
The representative went on to say that the second subscription had been paid for three months, but that the person had not yet reached the fulfillment level. Then they said that there was contact information available on the website, social media, and through email. They finished by saying that the customer never reached out.
The customer did not respond to this reply.
It seems possible that this issue might have arisen because the customer had accidentally given the company the wrong email address. But the response was very frosty. The representative did not seem interested in resolving the issue or figuring out what had gone wrong. They were just annoyed with the customer for filing a complaint.
Ongoing Shipping Delays
Another customer stated that they had paid more than $400 over four months to reach their goal of a 5 gram gold bar. They were notified that the shipment was meant to be sent on August 18. But then they got a follow up notification that the delay had been pushed to August 23. Then it was pushed to September 3, September 7, and finally September 10.
Apparently the company representative told the customer that there were delays in shipping from Switzerland. But the customer didn't believe that. They said that they have never had a problem with having shipments delivered to them from Suisse Gold. The customer said that they believed this was an excuse and that the company didn't care to send the items in the right time frame.
The company responded to say that the customer's account was closed and they were refunded the day after filing their complaint. Then they said that their shipping problems had nothing to do with excuses. They condescendingly encouraged the customer to watch the news and find out about problems with the international shipping chain.
The customer said that they were not happy with the response. It took the business a month to respond to the public complaint, and it also took weeks to get a response to private emails. The customer said that the representative had been rude and unprofessional in every interaction, continually making excuses and refusing to refund the customer.
They added that $200 worth of their refund ended up in a closed bank account, which caused the money to be routed back to the company. The customer said they were still without half of their refund thanks to the delays and negligence of the company.
The company responded to say that they had responded to the customer's emails promptly. Then they said that they were professional. They stated that the issue with the refund wasn't their problem, because it was the responsibility of the customer's bank to make sure that they received the money.
The customer never followed up after this.
Now, judging just by the responses that we can see, the Acre Gold team seems to be incredibly unprofessional. They do not appear to be interested in resolving customer problems or making their customers happy. Instead, they respond with anger and condescension whenever there is any complaint filed. They also repeatedly make excuses and refuse to apologize for their actions.
There are many companies that are much more proactive about working with customers to achieve a resolution.
Many of the complaints are related to hidden fees. People noted that they were charged more per month than they anticipated, and several people were surprised by the automatic billing.
One customer stated that they were under the impression that they would be paying $50 per month, but they were charged a little over $53 instead. This wasn't the biggest issue, though. After the customer had put in enough money to get their first bar of gold, they decided that they wanted to discontinue the service.
Their gold was shipped ten days after they reached the threshold. The customer decided that they wanted to discontinue the plan the month afterward, when the automatic billing went through. They then sent an email to cancel the plan. The company replied saying that since a gold bar had been shipped, the customer would be subject to an $8 cancellation fee.
The customer hadn't known about that, but they didn't have any problem with it. Except that the company failed to refund the customer's money or to cancel their plan. Every time the customer emailed, they received no response. The company then owed the customer over $100.
The company replied to say that they hadn't received an email from the customer in over three months. The cancellation request was automatically processed. Apparently the confirmation email said that the customer needed to respond in order for the cancellation to be processed. The customer hadn't replied.
But the company did say that they had refunded the customer for $84, including their monthly payment of $50 and their plan balance of $34. They said that they didn't owe the customer over $100. In addition, the payment method had been changed, and the company needed to send the refund through the first card because of the legal requirements.
They finished by adding that if the customer still hadn't received their refund, they should talk to their bank.
Total Lack of Shipment
The final complaint we'll look at is from a customer who said that they were actually happy with the company at first. They made their payments, reached the threshold for their purchase, and were sent the gold without issue. Then they decided to triple their subscription.
At that point, the company processed the payments, but they did not ship the gold. The customer could not find a phone number to call. They emailed asking to have their money refunded, but the team just said they'd waive the processing fee.
The company responded to say that due to how the customer had set up their account, they actually didn't have enough money in their account to have their gold shipped. But they hadn't been very transparent about when the gold would be shipped; the client had met the criteria for one of their bars, but not the other two.
Pros & Cons of Acre Gold
Acre Gold is a legitimate company that claims to do something innovative. Their system lets you invest in gold slowly over time, so you aren't obligated to spend thousands on a single piece at once. But though that makes the precious metals market more accessible to the average person, there are too many complaints to recommend this practice.
Acre Gold isn't the only company that allows people to save toward gold purchases in increments. There are other platforms that will save your money and make the purchases automatically as well. And many of these haven't been subject to the same number of complaints.
The company has received 31 complaints in the past three years, and it hasn't managed to resolve all of them. Customers have reported repeated patterns of mismanagement, unethical practices, and hidden fees. While there isn't proof that the company uses unethical sales tactics, these patterns are concerning.
If you want to invest in precious metals on a strict budget, that's great! Many investors recommend doing this to diversify your portfolio, even if you have relatively meager savings. But you want to make sure that you're working with a company you can trust. The best way to do that is by looking for companies that actually have good customer feedback, a good BBB rating, and generally good policies 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 Acre Gold below!