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Many companies sell bullion and precious metals products online. DBS Coins is one of them. It is a family owned company that claims to work hard to meet consumer needs. But how does DBS Coins compare to the competition?
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About DBS Coins
DBS Coins is family owned and operated. They are a bullion dealer that works with buyers of all kinds, from the casual hobbyist to the hardcore investor. They say that they use their resources to meet the needs of every buyer.
The company sells palladium, platinum, gold, and silver. They have products from multiple sovereign mints around the world, including:
Several products from these mints are sold in the original packaging, having never been opened.
DBS Coins is authorized as a dealer of PCGS and NGC graded coins, so you always know the exact quality and value of a purchase. They have also been authorized to work as a seller on eBay.
The company has some IRA services available. If you fill out a form with your contact info and information about the metals you're interested in, you can have a free consultation. You'll talk to one of the employees about what options are available for investing in an IRA.
DBS Coins works with two custodians: New Direction IRA and Gold Star Trust. You'll need to decide which company you want to work with. Then you have to contact the custodian. Unlike some other IRA companies, DBS Coins will not communicate with your custodian for you.
After you've opened and funded an account with your custodian, the custodian will send a Buy Direction letter to DBS Coins. This explains how much money you have to invest in precious metals.
After the letter is received, you'll be contacted by a customer service representative. They will explain to you which products are available and help you to narrow down your choices. No prices are locked in until you confirm that you're okay with the pricing information.
DBS Coins works with Brinks Global Security to provide depository options. There are vaults available throughout the US and in several other countries in the world.
In the US, your depository options are in New York, Salt Lake City, and Los Angeles. There don't appear to be any depository options in the South. If you want to store your items in the South, you're better off working with a company that partners with the Texas Depository.
Shipping to your storage location of choice is totally insured. Items typically ship within three business days and are delivered within two weeks. The transit time varies depending on which location you're using.
The costs of storage will vary depending on whether you get a segregated or non-segregated vault, as well as how much you're storing in your vault.
Is DBS Coins a Scam?
DBS Coins does not appear to be a scam. The company likely provides the services that it claims to. They have a high rating on their Facebook page, with 4.5 out of 5 stars based on 16 votes. But it's very hard to find reliable feedback from past customers on third party websites.
The company is not accredited with the Better Business Bureau. They have an A rating, which is lower than the ideal A+ standard. There have been two complaints filed with the BBB in the past three years, but no general customer reviews.
Let's take a look at what the complaints had to say.
One of the complaints is from April of 2021. This customer said that when they received the order and opened the box, all of the seals had been damaged. The rolls of coins had been opened. The customer said that they wanted information on how the plastic container could be sealed, but the coin tubes inside had been cut open.
The customer said that they called the company upon receiving the package and left a message on the answering machine. But nobody from the company had called back yet. They wanted information about how their order was tampered with.
The company responded the day after the complaint was filed to say that they were doing a followup investigation about the package. The customer's mint box had been shipped using the straps attached by the original mint. The company watched video surveillance to see how the order was processed.
They explained that the tubes can sometimes open inside the box while a package is shipping. The mint itself was working to add more packaging to the boxes to keep the tubes from moving around and becoming damaged. But there was a small gap in the customer's box that allowed the tubes to move.
The company concluded that there was no way that anybody had tampered with the order. However, the tubes had probably become damaged in transit. The coins inside should have been fine. They encouraged the customer to reach out if there were more questions. But the customer never responded to indicate whether they accepted the response.
The other complaint was filed earlier in the same month. The customer said they had ordered two packages with five gold bars. But the bars never reached the customer, and the customer never signed for them. The customer reached out to DBS coins and showed them that they weren't home when the order was supposedly delivered.
The customer said that they spoke to someone who told them that packages from DBS Coins never need to be signed for. Both of the customer's insurance claims were approved for reimbursement. But then DBS Coins stopped returning the customer's calls, and they wouldn't submit the necessary paperwork for a refund.
The company said that there were three transactions. Because they showed proof of delivery, the customer's case was closed in DBS Coins's favor. But then the customer opened chargebacks with their bank. DBS Coins created a security investigation over the customer not receiving their order.
They discovered that the package carrier had problems with the order, so the insurance claim was processed. The customer was informed that the insurance claim had been processed.
The customer updated to say that they'd received a check for half of their purchase, but were still waiting on about $5,000. Over the next several months, they periodically updated to say that they had yet to receive the money. The company consistently said that the claim was still processing. But there's no final update on whether the customer ever actually received their money back.
Pros & Cons of DBS Coins
DBS Coins is a family owned bullion dealer that works with customers throughout the US. They are a relatively small operation, which makes it difficult to find reviews online. But a few customers have filed complaints about their experiences with shipping and insurance issues.
Though the company has responded to every complaint, it has not resolved all of them. One customer described a frustrating three months of trying to get a refund for a stolen package. There was no resolution indicating whether they ever actually received their refund.
Because of this, we recommend working with a different dealer. Some negative feedback is inevitable for any company. But it's a red flag when a company has more negative feedback than positive reviews online. There are plenty of competitors that offer similar products with much better customer satisfaction ratings.
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