On February 23, I placed an order for 100 ounces of silver and sent a check for $1852.00 to Monex via overnight delivery. The price of silver at the time was about $17.60 per ounce.
On February 29th I placed another order for 100 ounces and overnighted a check for for $1874.00 to Monex. A couple of hours later, I received a phone call and had to fly to my hometown because my mom was rushed to the hospital.
The following Tuesday I called the broker at Monex and told him I was afraid I would bounce the check since I had not had the chance to transfer money to my checking account. Greg told me 'If it bounces they won't redeposit the check.' Thinking I lost out on the deal, I used the money to pay some bills.
A week later Greg called me, asking if I wanted the second order of silver. I told him that I did not, because I didn't have the money, and thought that the purchase was cancelled.
After a month went by, I called to ask about the silver that I had originally purchased. Greg did not call me back. After several repeated attempts to call I finally got ahold of him, and he said he was trying to work out the details of my account, referencing the second purchase.
I continued calling over the following month, with no returned calls.
I called the broker manager but never received a return call. 3 weeks later I called and left a message for the compliance department. That night around 9pm I received a call from Greg Morton, who informed me that I owed them an additional $136.00 to cover the cost of the original cancelled transaction. Since the price of silver dropped over $1.50 per ounce from my original purchase date, I didn't understand this. Monex was actually MAKING more money by holding on to my silver while the price dropped. However, in the interest of closing the account I sent him a check for $136, which Monex promptly cashed. That was nearly 1 month ago and I still have not seen my silver and have not heard from Monex.
If you are considering purchasing any precious metal, I strongly suggest that you shop anywhere BUT Monex. They will immediately cash your check - But may never send you your metal!
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