We’ve all seen them – the ostentatious “Cash4Gold” commercials, sometimes featuring people on the street dancing, or at other times, M.C. Hammer promising quick cash in exchange for your old, unused jewelry. Although human nature makes us want to unconditionally trust the dancing person or even with his track record, M.C. Hammer, it turns out that Cash4Gold may not in fact be too legit to quit.
Recently Representative Anthony D. Weiner called Cash4Gold out on their bad business practices. Standing in front of legitimate jewelry appraisers, Weiner urged consumers to take their business to a place that they knew was valid as opposed to the shady mail in gold exchange.
Cash4Gold operates by sending out special envelopes to customors in order to mail jewelry and gold to the company’s offices in Florida. According to the commercials, the company will give customers with a quick appraisal of the value of the items they have sent, and then they will mail them a check for that amount.
Apparently customers are given a twelve day period in which they are able to return their check and get the jewelry back. Yet according to research by Rep. Weiner and Consumer Reports, Cash4Gold paid out only 11 to 29 percent of the actual value of valuables sent to them, and they often refused to send jewelry back when it was asked to do so within the 12 day period.
Weiner proposed that the Federal Trade Commission should do some research the whole Cash4Gold problem, adding that he wants to introduce laws that would regulate companies that use mail to exchange cash and jewelry.
This law would impose fines on companies that melt down gold without the owner’s permission or before a return period has passed. It would make companies allow enough time for consumers to request a refund and ensure that companies actually insure the jewelry they are returning to consumers.
Mallory Megan works for a debt collection company. Also she writes stories on business and finance, consumer spending and collection agencies.
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