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Teletrade is Dead to Me!
gemini12398
Posts: 885 ✭
I returned an expensive coin to Teletrade and found out today they charge a 5% return fee plus another 10 bucks for coins over 2 G's
What did these guys to deserve such cash? Is this a new policy? They will NEVER see me again!!
What did these guys to deserve such cash? Is this a new policy? They will NEVER see me again!!
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Aerospace Structures Engineer
Doesn't anyone appreciate the cost to the consumer of just returning a dog coin?
<< <i>Is this a new policy? >>
It depends on how you define new. Teletrade has always had a return fee, but the additional $10 thing was added about six months ago.
Russ, NCNE
Those guys should be ashamed.
<< <i>People should boycott their services. >>
Either that, or read the TOS before bidding.
Russ, NCNE
I won a Suunday night Teletrade auction (10pm est) ; the coin was in my mailbox Wednesday at noon....and I'm on the East Coast. On top of that, three days after receiving the coin, I received a wet ink "thank-you" note.
I bid as if it were an Ebay auction----and was well aware of their return policy prior to bidding (unlike other auctioneers, their return policy is easily accessible under the "how it works" link). So far teletrade's provided better service than any other internet auction house....sorry you had a bad experience.
The return policy is well within the industry standards.
If someone is thinking about bidding on a $2,000+ coin at auction and doesn't want the hassle of a possible return, then consider seeking assistance with the purchase from a local dealer who can lot view the Teletrade lot in advance of the auction. I have the ability to inspect any Teletrade lot before the auction as does many other local dealers. Fees are generally 10% or less for this service and ONLY on the coins which are actually purchased. And, of course, all the coins which are not "up to par" result in non-purchases and -0- being paid for the service.
I have little interest in providing these services to anyone other than my current customers, so I am not trying to "drum up business" here. I am just laying out an easy way to possibly avoid getting disappointed at auction. In fact, if you PM me, I would be happy to give you the names of other dealers or local collectors who might be able to assist you in the future.
Wondercoin
I appreciate your offer of information, but I will pass. If one has to go through all this hassle (and expense) to buy a coin online, I would rather invest the money and go to the FUN show or a local coin show or ebay. If that is the industry standard, then the industry is going to lose collectors like myself. Teletrade lost my business.
Link to 1950 - 1964 Proof Registry Set
1938 - 1964 Proof Jeffersons w/ Varieties
How about paying $500+ to return a $10,000 coin? That's a lot to have the honor of bidding on a lot. I feel that Teletrade would prefer than coins get returned a few times as they make 5% each transaction for the same coin. It's a real sweet heart of a deal.
roadrunner
Guys, we should launch a protest!
at least there's some recourse with TT; unlike a forum such as ebay where the possibility of a return is hit or miss or on "good faith" (unless paypal and credit cards are involved). TT has distinct advantages over ebay in that you are dealing w/ a 3rd party, and for the most part the pics are better.
Dude, here's an example of a nerve-racking ebay experience: mailing a $4200 ck off to a "dealer" for a Morgan and 20 days later still no coin.
How about paying $500+ to return a $10,000 coin?
how about a pos and no return?......would you feel more comfortable sending 10K to some random "dealer" on ebay who doesn't accept cc's or paypal?........at least there's recourse and a comfort level knowing that you can get at least most of your $$$ back.
TT is basically a junk store auction, however a few good deals can still be had. But the distinction is the fact that you’re dealing w/ a third pary…yes a refund will cost you, but at least there’s recourse, something which is not guaranteed w/ ebay. I suppose you could think of the return fee as both a nuisance fee + insurance fee.
michael
It's little different than people who charge exorbitant shipping on eBay in that respect. If you think you'll return one coin out of five, then reduce each bid by 1/5 of the cost of a typical return. I'm not sure I'd bid $2000 somewhere on a coin with a restocking fee unless I could examine the coin in hand or had an opinion I trust vouch for the coin after *they* viewed it.
rule #1 - If you view the lot and win it you own it
Is there a competant in house numismatist at Spectrum/Teletrade
that can give an appropriate lot description? I heard this fellow Mr.Paul Song aka LA Coinboy is pretty good.
Stewart
Cameron Kiefer
If I were near TT's location, I'd love to view just 200-300 coins per auction for clients. Easy money, and you get what you expect.
<< <i>Either that, or read the TOS before bidding. >>
How many have actually read this? I have! The very first article provides for the consignor(s) to bid on his(their) own coins which, of course, is why with hours left to go in an auction prices are pretty much right at full retail. If you're gonna play, learn the rules of the game.
In the good ole days I used to get a lot of PQ stuff at really GOOD prices, before their "terms" were ammended. If I had a bad coin it was returned with no problems. I've had coins incorrectly labeled. (ie a particular date and mint mark was described yet inside was a totally wrong mint mark) I don't pay for other people's mistakes or attempted cover ups.
Now, if lighting is manipulated and flaws purposely hidden in a shadow, return policy or not/ re-stocking fee or not, the coin is going back and I WILL NOT pay these bogus "FEES"! I have yet to do so. The promise of putting a charge in dispute along with the hint of litigation regarding Fraud/ false & deceptive advertising works wonders.
TT has produced some great "scores" on coins this year. For example, a Lincoln cent that sold for around $500 at TT auction, upgraded and sold at auction recently for just under $10,000. I bought a coin recently for a customer for around $1,100 where my customer had a $2,750 bid with buyers fee on the coin after my inspection and pre-auction report - do you think he cared about adding $110 to the purchase price for my pre-screening of the one coin he actually bought out of the 1,000+ lot sale I reviewed?
I also like Paul Song from TT a great deal as well (not as a coin grader, but as a super marketing guru for Teletrade). I consign and buy coins at TT regularly - they do a super job considering the thousands and thousands of coins they offer at auction each week with pictures, and often descriptions where warranted.
Where Heritage has done a fine job or Bowers, I have consistently commented there as well.
Wondercoin
Dale Larson is with Spectrum/Teletrade. He posts here on occasion as Toningintheblood. Dale is a pretty cool guy and is very knowledgable. I recall he wrote a nice personal note when I made an ebay purchase from him a few years ago.
I just wish they would list coins that I want and can afford! It's been a long time since my TT "Mr Want List" scored a hit.