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CBMint is a precious metals dealer based in Texas. The company was founded by several bullion investors. They claim to be set apart from the competition when it comes to investment-grade bullion. But are they actually? What do the past customers have to say?
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CBMint's main focus is on selling precious metals. They have a huge number of products available, including both numismatic rarities and IRA-approved investments. There are even junk silver options for avid collectors.
In addition to selling a variety of gold, silver, platinum, and palladium, the company also sells:
They seem to want to be a one-stop shop for any kind of precious metals purchase you could make. However, they also seem to struggle to keep their inventory fully stocked.
Is CBMint a Scam?
CBMint isn't a scam. The company has been accredited with the Better Business Bureau, and they hold an A+ rating based on their handling of complaints.
But a company can still be unpleasant to work with even if they don't scam you. The reviews of CBMint online have been mixed. On the BBB website, there are 7 customer reviews with an average star rating of 3.29 out of 5. That indicates that several customers were unhappy with the service.
There have also been 5 official complaints filed in the past three years, though only one of those was filed within the last year.
One positive review was from someone who said that the company went out of its way to provide good customer service. He had ordered without knowing anything about them. When the transaction first happened, he was worried that the products wouldn't arrive, since they were backordered. But the company kept him informed of the situation the whole time and managed to source the products from a different place.
The company responded to thank the customer for the feedback. They said that silver was currently in high demand, and the supply chain issues had caused certain delays in replenishing their inventory.
Another satisfied customer said that she was very happy with how quickly and reasonably her Buffalo Coin shipped. She said that she was given her items ASAP. One more customer stated that he frequently buys from CBMint because of how simple and streamlined the process is. He said he was happy that they took his most preferred payment method, as that made the whole situation more convenient.
Now let's take a look at some of the complaints. Complaints can tell you a lot about a business. They can show whether there are any patterns of mismanagement, as well as how the business communicates. Sometimes businesses handle complaints so well that it works as a point in their favor.
In December of 2021, a customer filed a complaint about a purchase made in early November. They paid by check, which was cashed immediately upon arrival. But then the gold ingot was never received. When the customer emailed and called, the representative they spoke to would only say that the item would ship out the following week.
But every time the next week rolled around, the package still hadn't shipped. As of when the customer wrote the complaint, it had been over 5 weeks since placing the order. They still hadn't received a shipping notification.
The customer followed up to say that the package had actually been in transit when they wrote the complaint, but they hadn't known that. They said that they were satisfied with the solution and would still recommend the business to others.
Unauthorized Order Cancellation
One complaint came from a customer who said that the company cancelled an order without authorization, then didn't uphold their market loss policy. They were writing on behalf of their son, who had made the purchase before being deployed by the army.
When the order was placed, the website stated that the items were in stock. As soon as the check was received, the items should have been shipped. The check arrived safely, but the order wasn't shipped. The company asked if the order could be cancelled and the money refunded.
The customer's son said that he did not want to cancel the order. He wanted the silver that he had purchased. In response, the company returned the check without cashing it and told the son to try again in a few weeks.
The son wanted the original order with the original pricing to be filled. He said that he would have worked with a different company had he known that this one would cancel his order.
The company responded to say that they needed to mail the check back due to supply disruptions and COVID-19 issues. They said that they would get in touch with the customer again once the situation with the supply chain had changed.
The customer said that they didn't accept this response. The website had stated that the silver was in stock. This should have meant that the silver was in the company's inventory already. The customer felt misled by the company and still wanted the original order to be fulfilled.
The company never responded to this.
One customer complained because he had purchased a platinum bar that was on backorder. He expected it to take a few weeks to ship, since the company needed to get it in their inventory. But after several weeks went by with no response, he emailed to ask if the company had received his check.
The customer said that the company rudely responded and said there would be a month delay. They asked if he wanted his check to be returned. He told them that he just wanted to know whether the check had arrived. A week later, the check was returned uncashed.
The customer believed that the company had chosen not to honor the sale because the price of the bar had gone up in that time. But the review was written in April of 2020. It seems more likely that the company was unable to acquire items on backorder because of the sudden global COVID-19 shutdowns during that time.
Pros & Cons of CBMint
CBMint is a US company that sells bullion to people all over the country. But they have fairly mixed reviews online. Some people say that they've received excellent service. And yet there are patterns of complaints about the inventory being on backorder.
It's expected that precious metals companies might struggle to fulfill their inventory during the supply chain shortages. That's not inherently a problem. The biggest problem with CBMint is that they seem to lead customers into believing that the items are in their inventory, and then they are unable to fulfill the orders.
Unfortunately, this appears to have happened several times. Multiple customers have written complaints and reviews about the issue. Some had their checks returned unopened because the company realized it would not be able to fulfill the orders.
Though about half of the clients seem to have had a fine experience, it's not worth the risk. The waiting and struggle to communicate both seem far too frustrating. It's better to work with a company that has high customer satisfaction levels and a large on-hand inventory instead.
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