Make money fast! Send us your Rolex and Grandma’s emerald earrings and we’ll send you a check in a few days! We will even pay the postage and provide a pretty professional envelope.

The commercials show well-groomed men and women with jeweler’s loupes and expensive looking equipment appraising fine jewelry and issuing flashy checks for thousands of dollars. Satisfied customers opening their mail and doing the happy dance in anticipation of spending their newfound wealth.

The reality is those Cash 4 Gold places are taking advantage of people with financial woes and making a hefty profit. Truth be told, it’s probably one of the best scams out there. You don’t know what your great Aunt’s tennis bracelet is worth, otherwise you’d have sold it already. You place your trust in a company that shows you all the right things with it’s million-dollar marketing campaign, knowing their professional appraisers will give you what your gold is worth because the television told you so.

Their ”lab” is actually a bunch of kids with gloves in a chemical hazed room dripping acid onto your jewelry to make sure it’s real. Hospitals report many ER admissions from these “labs” with injuries ranging from chemical burns to severe lung infections.

After you contact them, they mail out a preaddressed padded envelope with a checklist to document your valuables. You stuff your shinies in and put it in the mailbox. They appraise and issue a check the day of receipt.

A week later you get a check!

That’s when the problems begin. That envelope of jewelry is worth far more than the $27 they sent! But you’re lucky, some people receive a check for $0.01. You call the customer service number remembering the guarantee.

Unless you chose the Fast Cash direct deposit option, in that case you have no recourse because you automatically waived your rights to a jewelry return, even if unhappy with your check.

If you are irate enough, they offer you double the amount as a “bonus”. There have been a few cases of them tripling it.

The guarantee states you can return the check within ten days if you aren’t happy, and they will immediately mail back your jewelry. Immediately In a month or two, after you foot the return bill which averages only $10-$15.

They train their employees to issue the check then let it sit for a few days before mailing. The postmark on the letter is always a few days after the check date, further cutting into your ten day window.

And this is if your valuables aren’t “lost”. In this case they are kind enough to begin an insurance process with the USPS. Which only guarantees up to $100. God forbid your jewels are worth more- you are gently reminded that you should have paid for additional postal insurance. However, unless you paid to ship your items in your own packaging and not the companies kit, you are unable to add insurance to said package.

Cash 4 Gold companies sell themselves as being a way out of financial crisis. In reality they create a whole new crisis. If you are thinking about selling Grandmas pearls, have them appraised at a reputable local jeweler. Even a pawn shop will give you more money that cash 4 gold companies.

As with anything, research ANY venture you are considering. And when in doubt, or if something sounds too good to be true- listen to your instincts. They will never steer you wrong :)

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