• Report: #315416

Complaint Review: Sterling-Trust Company, Fidelity Trade And APMEX Precious Metal

  • Submitted: Thu, March 06, 2008
  • Updated: Sat, March 14, 2009

  • Reported By:Planto Texas
Sterling-Trust Company, Fidelity Trade And APMEX Precious Metal
7901 Fish Pond Road Waco, Texas U.S.A.

Sterling-Trust Company Precious Metal IRA Service, Fidelity Trade Parthner Of Sterling Trust To Store And Ship Your Gold Coins. APMEX Trading Precious Metal deny the services and responsibilities when the problem caused by Sterling-Trust and Fidelity Trade. Waco Texas

*REBUTTAL Owner of company: APMEX Response

*UPDATE Employee: Now for the rest of the story - "Planto, Texas" was not ripped off!

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I sold the Gold Coins to APMEX from my IRA account on January 7, 2008. APMEX faxed the Purchase Order to Sterling-Trust to ship the Gold Coins. Over a month, my account statement stayed the same. It seemed there was no transaction. I called them for the status to push this transaction. Then the agent reported the
problem. She said, "you have to pay for the shipping." Well! no one has reported to me or they can deduct the money from my account. The transaction was hanging there. APMEX did not follow up the order either. Sterling-Trust m and APMEX management are really dis-organized and bad communication.

I checked my account statement again. There were three coins left that haven't been shipped. The purchase order was indicated how many coins will go to ship.The Sterling-Trust and Fidelity Trade shipped without verifying the quantity of coins that needed to be shipped in my Apmex purchase order form. Apmex reported on 2/19/08 that Gold Coins were received but APMEX did not report the coins was short.

I called to report my account statement indicating 3 coins left behind. I requested Sterling-Trust to review my purchase order again to identify how many coins that actually been shipped. So they had to re-ship the remaining coins.

Sterling-Trust had to request Fidelity Trade to ship the remaining coins. The coins were indicated to ship out on 2/25/08 in his record. On March 6 2008, I called Sterling-Trust to check the status of shipping. Have APMEX received the remaining Gold coin yet. The employee denied his responsibility to follow up the transaction. "Sterling-Trust did not take care the shipping, Fidelity Trade did that. We only got the order to tell them to ship." I got my Fidelity Trade account number from the agent. I called to check with Fidelity Trade - Does it have any confirmation of receiving from APME . The agent said, " We just followed the order from Sterling-Trust to ship the Coins." Then I called APMEX;
He said, " I called Sterling-Trust then called you back then hung up the phone." Usually, He won't call me back!

Sterling-Trust, Fidelity Trade and APMEX did not take ownership to resolve or follow up my Gold coins transferred transaction in my Precious Metal IRA account problems that were created by them. They denied their responsibilities and played YoYo. APMEX has recommended Sterling Trust to process your Precious Metal IRA account. Right now, APMEX had already removed Sterling-Trust from his Website.

They let me hung there and ignored and no action was taken or response from them. I lost over $2700 dollars now. The transaction was issued on 1/7/08. Today is 3/6/08. The transaction still haven't completed.

Advice to the other: They are not trustworthy to do business with them.

Precious Metal IRA Account
Planto, Texas

This report was posted on Ripoff Report on 03/06/2008 03:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sterling-Trust-Company-Fidelity-Trade-And-APMEX-Precious-Metal/Waco-Texas-76710/Sterling-Trust-Company-Precious-Metal-IRA-Service-Fidelity-Trade-Parthner-Of-Sterling-Tru-315416. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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Updates & Rebuttals

#1 REBUTTAL Owner of company

APMEX Response

AUTHOR: Scott Thomas - (U.S.A.)

I will say Sterling Trust has properly explained this situation well. These transactions do take 2-4 weeks to finalize. Sterling Trust had an issue in getting the paperwork faxed to Fidelitrade and Fidelitrade did not ship the order in full. However, this report hardly falls in the category of "Corrupt Companies". There is probably a bit of blame to go to everyone except the customer.

I do recall this transaction and we did advise Sterling Trust the shipment was 3 coins short. After several weeks, the final 3 coins did arrive and the transaction was complete. The customer was never shorted any money.

We have had a very successful long term relationship with Sterling Trust Company and continue to do business with them on a daily basis. This was one transaction that had a few bumps along the way but was eventually resolved to the satisfaction of the customer.

Scott Thomas
President & CEO

American Precious Metals Exchange, Inc.
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#2 UPDATE Employee

Now for the rest of the story - "Planto, Texas" was not ripped off!

AUTHOR: Kelli Click, Vp-marketing - (U.S.A.)

In regards to Rip-Off Report #315416 filed by author, "Planto, Texas", I am a current and 18-year employee of Sterling Trust Company and hold a position as Vice President. The report filed by this individual is not altogether accurate and we would like the general public to hear our side of the story.

First, the transaction which "Planto" described took place between 4 parties: (1) Planto (the client), (2) Sterling Trust Company (Custodian of Planto's IRA account), (3) FideliTrade (the coin depository firm used by Sterling Trust Co - and it is quite common for firms to use one for storage and safekeeping of precious metal coins, and (4) APMEX (the precious metal brokerage firm which the client selected to sell the coins).

Second, these transactions can and often typically take 2-4 weeks to complete due to the instructions, communication and processing required between all parties. In addition, the coins had to be physically shipped from FideliTrade (in Delaware) to APMEX (in Oklahoma) before the coins could be sold.

In reviewing all aspects of the timeline for this transaction, there are couple of reasons for the delay in this transaction. One, it took "Planto" 9 days to authorize the payment for the shipping charges incurred by FideliTrade. Two, a mishap with a faxed request from Sterling Trust to FideliTrade (to ship all coins to APMEX), did result in a 12-day delay. Sterling Trust takes full responsibility for this delay and, when we promptly took the action necessary to make sure FideliTrade shipped the additional 3 coins to APMEX to complete the sale.

Third, and most important, "Planto" did not suffer any monetary loss whatsoever from this delay. In fact, "Planto" received the same price for the sale of the additional 3 coins as "Planto" received for the initial sale of the 63 coins.

Sterling Trust Company strives to provide prompt and accurate service to its clients, and its business has been built largely on referrals - so fulfilling our clients needs is of utmost importance. However, as with any processing, human error will happen, and when it does, Sterling Trust will do whatever it takes to make the transaction right - including making up a monetary loss that has occurred.

Sterling Trust Company was founded in 1984 and has a solid reputation as a successful national leader that specializes in the administration of self-directed retirement plans. We currently service over 60,000 accounts for individuals and businesses across the U.S. whose assets exceed $4.5 billion.

As a Texas-chartered trust company, Sterling Trust Company is regulated by the Texas Department of Banking. Sterling Trust is a wholly-owned subsidiary of United Western Bancorp (NASDAQ: UWBK). In addition, Sterling Trust Company is a member of the Better Business Bureau and the Greater Waco Chamber of Commerce. The company is actively involved in industry trade associations, invests resources in the success of its employees and proudly supports the local community through its volunteer and fundraising efforts.

Inquiries regarding this matter or questions about our company should be directed to:

Kelli Click
Vice President - Marketing/Product Development
Ph: 254-399-5210

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