- Price Confirmations and Binding Agreement
- Payment options
- “Good Funds” Policy
- How to make payment
- Cancellation Policy
- Market Risk Policy
- Shipping your items
- Return Policy
- Listing Errors
- Investment risk disclaimer
- Anti-Money Laundering Policy
- Security Policy
Price Confirmations and Binding Agreement
When you place an order with Midwest Bullion Exchange, you have entered into a binding agreement. When your online order is placed with us, you agree that the submitted order is the price that is “locked in”. You will subsequently receive a confirmation from Midwest Bullion Exchange within 24 hours. It is essential that you receive the confirmation to ensure the order has been placed. To guarantee all orders, you must submit your credit card information.
When selling to Midwest Bullion Exchange, the price is locked at the time we issue a confirmation number to you by email. Once the price is locked in for you, the order cannot be cancelled. We can, however offset the order at current market price. Note: if you decide to cancel the confirmed agreement, depending on the current price fluctuation, there may be an offsetting charge under this obligation. The purchase must be shipped to our vault facility the next business day upon receiving the confirmation number. A tracking code must be submitted when delivery is made via email to operations(at)midwestbullionexchange.com. You may also call in your tracking code by calling 1-888-928-3390. Your shipment must be received within 5 business days.
Midwest Bullion Exchange accepts payment by personal check, cashier’s check, bank wire and credit card. ALL CREDIT CARD TRANSACTION ARE LIMITED TO A $750 MAXIMUM. Payment methods recommendation to ensure a smooth transaction:
- Orders under $750 (USD) may be paid by any of the above payment options within 5 business days of the confirmation date.. We will not accept credit card payment greater than $750 (USD).
- It is recommended that orders ranging from $750 (USD) to $10,000 (USD) be paid by personal check, cashier’s check or money order. Checks must be received within 5 business days of the confirmation date.
- It is recommended that orders greater than $10,000 (USD) be paid by bank wire and must be received within 3 business days from the confirmation date.
Personal checks, cashier checks and credit card payment policy Certified checks and cashier’s checks are held until “good funds” are verified. This can take 1-10 banking days. Personal checks are held for 7-10 banking days regardless of when they clear prior to shipping. Direct bank wires are held 1 banking day prior to shipment.
**WE ALLOW ONE CREDIT CARD TRANSACTION PER MONTH PER CARD**
“Good Funds” Policy
- Bank wire – 1-3 business days unless otherwise noted
- Certified check, cashier’s check or money order – 1-10 banking days
- Personal checks – 7-10 banking days.
- Credit card –discretion of Midwest Bullion Exchange upon verification of all security assessments. Typically 3-5 business days.
- Once good funds are verified, we will process your order for shipment. This typically takes 1-2 business days before a bill of lading and tracking code are generated. When this occurs, you will receive a confirmation by email with a tracking code.
How to make payment
When you receive confirmation of your order it will include payment instructions. As mentioned above, you will receive confirmation of your order by email within 24 hours of submittal. Midwest Bullion Exchange does reserve the right to cancel all order that do not meet all requirements. Midwest Bullion Exchange does also reserve the right to cancel all orders that appear questionable under our risk assessment guidelines regardless of method of payment or price confirmation. Midwest Bullion Exchange does not accept cash or C.O.D. orders.
When a confirmation is issued, price for your metal is “locked-in” at that current market price at time of order. This presents a binding agreement whereby you agree to buy or sell from/to us and we (MBE, INC) agree to buy or sell precious metals from/ to you at the agreed upon price. Should circumstances present themselves whereby you need to cancel or offset the order the price of the metal must then be marked to market at current market price to determine the offset. In the event of a deficit, you would be held responsible for that liability. When placing an order with us, you accept this risk as we likewise accept the risk of locking in the order on your behalf. All cancellations must be approved by phone during normal business hours of 9:00 am – 5:00 CST Monday – Friday. Please note cancellations are subject to a $35 (USD) cancellation fee plus all deficits in accordance with our market loss policy. Again, all cancellations must be approved by telephone. At that time the metal will be marked to market and a cancellation confirmation will be issued. In the event a deficit is determined, you can elect to pay the market loss amount plus the cancellation fee of $35(USD) by credit card or we can invoice you with payment due within 20 days. Market gains due to cancellation remain the property of Midwest Bullion Exchange, Inc.
Market Risk Policy
When an order is placed with MBE INC. a confirmation number will be issued. This confirmation is a guarantee of price at time of purchase. This also represents the commitment that we (MBE INC.) have made in the transaction on your behalf to lock in that price for you. In doing so, this action by you in placing an order and us locking in the price, represents a binding agreement between parties. The order cannot be cancelled but only offset. Any deficit between the locked price and our current ask price will become your responsibility should you choose to cancel or return the item(s). That amount will be charged to you along with a $35 cancellation fee. Any market gain on the cancellation will become property of Midwest Bullion Exchange, Inc.
Similarly when you sell product to MBE INC. you be issued a confirmation with a price. The price will be locked in and the transaction cannot be cancelled. Although the order cannot be cancelled, it can be offset at the then current market purchase price. Any difference between the price we locked the purchase and the current purchase price will be considered a deficit that is your responsibility. The deficit amount plus a $35 (USD) cancellation fee will be billed to you. MBE INC. has the right to retain any market gain at their discretion.
Orders when confirmed with an incorrect price resulting from computer error, price error, improper description or condition of product or sudden price fluctuations in the precious metals market can be cancelled by MBE INC at its discretion. MBE INC. also reserves the right to refuse or cancel an order under circumstance of fraud, suspicion of fraud or any other questionable activity that poses a risk to MBE INC. MBE INC. requires payment to be received within 5 business days on all order under $25,000 (USD) and 3 business days on order larger than $25,000 (USD). When an order is placed with MBE INC and confirmation is issued, it is considered a binding agreement.
Shipping your items
Orders placed with Midwest Bullion Exchange, Inc. will be shipped to you by the following methods at the discretion of MBE INC: USPS register mail, UPS or Federal Express. All items are insured. Once you receive a tracking code for your shipment, your items will be received with 1-5 shipping days depending on the method of shipment. Midwest bullion Exchange, Inc. ships all packages FOB destination with signature requirement. Packages are fully insured in the event the package is lost, damaged or stolen during shipment. We are responsible for the shipment until it arrives for your signature. It is however, not our responsibility if you give instructions to a third party to accept delivery on your behalf. This would include an apartment building manager’s office, a neighbor’s house or a UPS/Mailbox ETC store. In the event the metals are lost, damaged or stolen in transit to you, it is our responsibility to file an insurance claim for either replacement of the metals or a complete refund to you.
Above all, we at Midwest Bullion Exchange, Inc. guarantee your complete satisfaction. We will provide you with a refund, return or exchange on all the precious metals we sell. Since we work in a fluctuating pricing market our return policy is subject to the following conditions:
- You contact our customer service department by phone (888-928-3390)
- You contact us within 14 days from the date of purchase
- The items are kept on the original package
Our Customer Service Department will gladly guide you through the return process. All returns must be carefully packaged and secure prior to shipping. Shipping charges are the responsibility of the customer and are non-refundable. MBE INC. reserves the right to reject any returns that do not comply with the above. Our main goal is for you to be please with doing business with Midwest Bullion Exchange, Inc. If for some reason there is a problem please contact our Customer Service Department. We can assure you, we will put our best foot forward to come up with a solution. We do charge a 4% restocking fee on order returned that were paid with a credit card. Our exchange policy states that if we can not find a suitable replacement product, we will refund your money. MBE INC. does reserve the right to charge a market related loss (see our market loss policy) in the event of fluctuating prices. Any market gains retained in the return transaction remain the property of Midwest Bullion exchange at their discretion.
Although it is rare, there may be an instance of incorrect pricing listed on our website. In this event, MBE INC. reserves the right to reject an order for incorrect pricing or incorrect product description. Additionally, product availability may be listed incorrectly (especially in our numismatic stock) that would prevent the order from being fulfilled. We reserve the right to reject the order in these instances.
Investment risk disclaimer
Investing in precious metals involve some degree of risks similar to any other investment. The value of coins and bullions continuously fluctuate under various market conditions. Many economic factors including but not limited to, supply and demand of precious metals, market sentiment, coin rarity and condition, play into value. Prices of coins and bullion can decrease in value under these market conditions. When considering investing in precious metals, one should understand them well. We recommend that when investing in coins and bullion, you have adequate cash reserves and or disposable income to do so. Therefore, precious metals investing may not be suitable for everyone.
Anti-Money Laundering Policy
Midwest Bullion Exchange, Inc. takes money laundering very seriously and aims to prevent and educate wherever we can. We believe money laundering is not only a threat to our company, but more importantly to the citizens of our country. Money laundering is a criminal act that is perpetrated by individuals who have committed serious crimes. These criminals attempt to conceal or disguise the source of the money. Usually this money is converted into other forms of money or investments, and then later converted back into currency and other forms of money. Terrorism, both domestic and international, has become a tremendous threat to our nation, and nations like ours worldwide. Precious metals like gold and silver bullion coins and bars are an ideal way for these terrorists to launder large amounts of money that is then converted into tools for activities that threaten the safety of our citizens.
Money laundering is also a major problem in the white collar community where quite often ill – gotten funds are injected into our financial markets, creating artificial gains and false earnings that affect legitimate investors and entities. This problem has come to light excessively the past few years with record Ponzi Schemes stretching from Wall Street to Main Street. Therefore, to eliminate the inherent risks of money laundering, Midwest Bullion Exchange, Inc. is committed to the most stringent measures possible for the prevention of money laundering, and the results from its deployment.
Midwest Bullion Exchange, Inc. has the latest news and bulletins from the Financial Crimes Enforcement Network, a division of the United States Department of the Treasury, emailed to our compliance officials on a daily basis. This means information keeps us informed of the procedures and guidelines that pertain to our Anti – Money Laundering enforcement, and governs Anti – Money Laundering policies and procedures. Midwest Bullion Exchange Inc. maintains standard protocols for the identification of our customers and will routinely implement appropriate measures for customer identification. Our employees are trained to identify the threat of money laundering, and situations where further customer identification is required. Midwest Bullion Exchange, Inc. maintains standard protocols for identifying and the handling of suspicious transactions. We take immediate actions when there is the threat of a suspicious transaction, and report these transactions to the appropriate authorities. Please don’t hesitate to contact us with any questions you may have regarding our Anti – Money Laundering policies and procedures.
Midwest Bullion Exchange, Inc. (MBEI) is serious about protecting sensitive information and is deeply committed to the security of our online trading platform. We currently use today’s most advanced security solutions, and we are continually exploring new technologies to ensure the highest level of security possible when utilizing our online trading platform. We use SSL (Secure Socket Layer) encryption standards that safely transport your transaction details directly to Midwest Bullion Exchange, Inc. Any information we collect related to your transaction is protected against unauthorized access.
Effective: March 21, 2013 Midwest Bullion Exchange, Inc. and PrivateBullion.com are committed to your security. No information we obtain including emails, addresses, etc…will be offered to outside parties. We hold your security in the highest regard. Types of Information Cookies. A Cookie is a randomly generated unique number placed on your computer. It allows us to identify your computer without requiring your disclosure of any Non-Public Personal Information. Cookies make it possible to both store and retrieve information through your internet browser. A Cookie itself cannot read information off a hard drive or read Cookie files from other sites.
General Information is information that does not itself reveal your identity. General Information may include, without limitation: generic business type; SIC code; information derived from publicly available databases (such as Dun and Bradstreet); user behavior on our Web site; and aggregated generic information.
Non-Public Personal Information is any non-public information you provide to us or our Partners that is proprietary or identifies or can be used to identify, contact, or locate you or someone at your business. Non-Public Personal Information may include, without limitation: name; address; phone number; e-mail address; credit card number; account information; voting behavior; spending patterns; and individual tastes and preferences. Partners are individuals or entities we engage to help us carry out our mission.
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Changing Your Non-Public Personal Information Midwest Bullion Exchange, Inc. (MBE Inc.) and PrivateBullion.com provide you with the opportunity to change your non-public personal information online for all registration information. Please contact Private Bullion to change any non-public personal information provided to us through a contact form. If you have any questions or concerns about any privacy issues, please contact us.