What is JM Bullion?
JM Bullion is a Texas-based precious metals company that was established in 2011 by Jonathan Wanchalk, CEO of the company, and Michael Wittmeyer, Vice President of Operations.
It is an online retailer that supplies individual investors with physical gold, silver, platinum, and copper products, and it deals strictly in physical metals intended for delivery directly to the customer.
Find the Best Rated Gold IRA Company of your State
JM Bullion offers a full catalogue of precious metals products and keeps its product catalogue simple and consistent to ensure a sufficient inventory of each product.
They are also a member of the Industry Council for Tangible Assets (ICTA) and the Professional Numismatists Guild (PNG).
People Behind JM Bullion:
JM Bullion was founded in 2011 by Jonathan Wanchalk and Michael Wittmeyer. Michael Wittmeyer is currently the CEO of the company, and Tom Fougerousse serves as the Vice President of Operations. The company has grown to employ over 100 people, including customer service representatives, operations personnel, and executives. The team behind JM Bullion is dedicated to providing investors who want to diversify their portfolios or safeguard their retirement with physical precious metals.
How to Invest in JM Bullion IRA?
Investing in a JM Bullion IRA is a popular option for those who wish to diversify their retirement portfolio with precious metals.
Here are the steps to invest in a JM Bullion IRA:
- Choose your custodian: If you do not already have an IRA account, you will need to open one with a custodian that allows for precious metals investments. JM Bullion recommends using New Direction Trust Company or Equity Trust Company as custodians.
- Fund your IRA account: Once you have opened an IRA account, you will need to fund it with cash or assets from an existing retirement account. This can be done through a rollover or transfer.
- Select your precious metals: After funding your IRA account, you can select the precious metals you wish to invest in from JM Bullion’s website. They offer a wide variety of gold, silver, platinum, and palladium coins and bars that are eligible for IRA investment.
- Place your order: Once you have selected the precious metals you wish to purchase, you can place your order through JM Bullion’s website. You will need to provide your IRA account information and pay for the purchase using funds from your IRA account.
- Store your precious metals: After your purchase is complete, JM Bullion will ship your precious metals to a secure storage facility of your choice. They recommend using the Delaware Depository or IDS of Delaware as storage providers.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
JM Bullion Products:
JM Bullion offers a wide variety of precious metal products, including gold, silver, platinum, and palladium coins and bars.
Here is a brief overview of some of the products that they offer:
Gold Products:
Gold is a highly sought-after precious metal that is often used as a hedge against inflation or economic uncertainty. It is also highly valued for its beauty and rarity. Investors and collectors often choose to invest in gold products as a way to diversify their portfolios and protect their wealth.
- American Gold Eagles
- American Gold Buffaloes
- Canadian Gold Maple Leafs
- South African Gold Krugerrands and
- Gold Bars from various manufacturers
Silver Products:
Silver is a versatile precious metal that has a variety of industrial and investment applications. It is often used in electronics, solar panels, and medical equipment, and is highly valued for its beauty and rarity. Investors and collectors often choose to invest in silver products as a way to diversify their portfolios and protect their wealth.
- American Silver Eagles
- Canadian Silver Maple Leafs
- Austrian Silver Philharmonics
- Silver Bars from various manufacturers and
- Junk silver coins (pre-1965 US dimes, quarters, and half dollars)
Platinum Products:
Platinum is a rare and valuable precious metal that is used in a variety of industrial applications, including automotive catalytic converters, electronics, and jewellery. It is considered to be one of the most valuable precious metals, with a higher price per ounce than gold or silver. Investors and collectors often choose to invest in platinum as a hedge against inflation or economic uncertainty.
- American Platinum Eagles
- Canadian Platinum Maple Leafs
- Platinum Bars
Palladium Products:
Palladium is a relatively rare and valuable precious metal that is used in a variety of industrial applications, including catalytic converters, electronics, and jewellery. It has been gaining popularity as an investment option in recent years due to its scarcity and potential for price appreciation.
- Canadian Palladium Maple Leafs
- Palladium Bars
Copper Products:
Copper is an important industrial metal that has a variety of applications, including in electrical wiring, plumbing, and construction materials. It is also highly valued for its antimicrobial properties and has been used in hospitals and other healthcare settings to reduce the spread of infections. Investors and collectors often choose to invest in copper products as a way to diversify their portfolio and take advantage of its unique properties.
- Copper Rounds
- Copper Bars
- Wheat Pennies
- Copper Bullets
In addition to these products, JM Bullion also offers a variety of speciality and collector coins, such as lunar series coins, historical coins, and limited edition releases. They also offer IRA-eligible products for those who wish to invest in precious metals through a self-directed IRA account.
All of JM Bullion’s products are guaranteed to be authentic and come with a quality assurance guarantee. They also offer competitive pricing and frequent sales and promotions. Making them a popular choice among precious metals investors and collectors.
JM Bullion Fees and Charges:
JM Bullion charges various fees and charges depending on the product and payment method. Here’s a breakdown of the fees and charges you can expect when purchasing from JM Bullion:
- Product Prices: The price of the product you are purchasing will vary depending on the current market price of the metal, the weight of the product, and any additional premiums for collectable or limited edition items.
- Shipping Fees: JM Bullion offers free shipping on all orders over $199 within the continental US. For orders under $199, a flat shipping fee of $9.95 will be charged. Expedited shipping options are also available for an additional fee. Customers have the option to upgrade their shipping method for an additional fee during checkout.
- Payment Method Fees: JM Bullion accepts a variety of payment methods, including credit/debit cards, bank wires, paper checks, and PayPal. However, certain payment methods may incur additional fees. JM Bullion uses a variety of carriers to ship orders, with most orders shipped via USPS or UPS. The Base Shipping method is JM Bullion’s choice of carrier. Which allows them to ship orders at the lowest possible delivered price. Depending on the contents of your order, you may have the option to upgrade your shipping method during the checkout process.
- IRA Fees: If you are purchasing precious metals for an IRA account, there may be additional fees and charges associated with setting up and maintaining the account. JM Bullion partners with New Direction Trust Company to provide IRA custodial services, and their fees vary depending on the type of account and the value of the assets.
It’s important to carefully review all fees and charges associated with your purchase before placing an order.
JM Bullion Reviews and Complaints:
- JM Bullion Better Business Bureau (BBB): JM Bullion has A+ ratings with 4.58 stars out of 5 stars in their BBB account. Approximately 7,947 customers reviewed them on Better Business Bureau. They had 248 closed complaints in the last 3 years. Also, they have been in business for 12 years. Overall, all the customers provided positive reviews of the company and its services. But there are some negative reviews too.
- JM Bullion Trustpilot Reviews: JM Bullion has a rating of 4.3 stars out of 5 stars on Trustpilot, based on 1,088 customer reviews. These reviews are a mixed bag of both positive and negative ratings. Some examples of both ratings are given below.
Additional JM Bullion Reviews:
- ShopperApproved: JM Bullion has 4.8 stars ratings out of 5 stars on ShopperApproved. About 351,271 customers reviewed them there. The majority of them are positive, with only a small number being negative.
- Sitejabbar: The company has 4.8 stars ratings out of 5 stars ratings on Sitejabbar. This rating is based on 3,104 customer reviews. Which are mostly positive, and only very few of them are negative.
- ConsumerAffairs: JM Bullion has 3.6 stars ratings out of 5 stars on ConsumerAffairs. About 280 customers reviewed them there. This customer rating is a mixture of both negative and positive types of reviews.
According to their reviews, it’s clear that JM Bullion is great for precious metals investing but not for opening a gold IRA. For a gold IRA, you’ll be better off with a more specialized service provider.
Complaints Against Them:
#1. Santhi M reported purchasing Gold bars from JMBullion with a proper sending address. However, JMBullion failed to include the Apt number on the shipping label, resulting in the package being returned to them by USPS.
Despite 20 days passing since the package’s return, JMBullion claims to have not received it and has closed the claim, stating that they are not responsible for the undelivered bars and that the order is complete.
Santhi M believes that JM Bullion’s actions are an attempt to cheat customers by shirking responsibility. Consequently, they have given JMBullion’s customer service and claim department zero stars.
#2. According to Chris B, an order for bars of gold was placed on December 5th, 2022. The most recent shipping update was provided on December 9th, 2022. After contacting the company the following week, an agent promised to investigate and provide an update within two days, but no follow-up call was received.
Upon contacting the company again last week, it was discovered that the credit card had been charged, but the package never arrived. The company stated that they had transferred the matter to an underwriter, which could take over 30 days to resolve.
The author believes that the gold has been stolen and finds the company’s customer service to be unsatisfactory. The author requests a refund instead of the gold and will purchase from a more reliable company. Additionally, this was intended to be a holiday gift.
“Disappointing Customer Service”
#3. Leland C reports that he made a purchase of over $750 for a set of Silver Bullets, which he believed to be made of pure silver. However, upon receiving the product, he had them tested by a reputable coin dealer and found that each one only barely qualified as sterling silver.
Leland was understandably sceptical and contacted JM Bullion to request a refund, but was informed that he had exceeded the five-day waiting period (even though it had been a month). He then attempted to use the buyback program but was informed that he would only receive less than half of what he had originally paid.
He would also need to have over $1000 worth of product to qualify. Leland concludes that this company is a total ripoff.
Are There Any JM Bullion Complaints? Should You Be Concerned?
Yes, there are some more complaints about JM Bullion. Some of these are attached below:
#1. Erwin reports that he narrowly avoided a poor business relationship with JM Bullion. When he called them to inquire about IRA-related information, he was passed between three representatives before being informed that he would be transferred yet again. Frustrated with the experience, Erwin decided to end the call at that point.
#2. Kimmy Eads advises against doing business with this company, as they do not prioritize their clients. She describes them as money-hungry scammers and shares her own negative experience with their customer support services. Kimmy has decided not to do business with them again.
Positive Reviews:
#1. Tom reports having made five purchases from JM Bullion since March 13th and all transactions went smoothly. Tom appreciates the selection of items available at JM Bullion and notes that they purchase from multiple online retailers depending on availability and pricing.
#2. Rob comments on the military discount offered by JM Bullion and expresses satisfaction with their purchases over the past few years, which have included various items from silver monster boxes to gold eagles.
Rob notes that JM Bullion has consistently delivered on their orders, and customer service has been reliable. During COVID-related delays, JM Bullion was transparent about the situation and kept Rob informed. Overall, Rob is pleased with the service received from JM Bullion.
#3. Newbie Stacker shares that they were initially hesitant about ordering silver through a mail service due to being new to the world of silver. However, after placing their first order with JM Bullion, their fears subsided.
The order was promptly received, and the silver was as advertised. Since that first successful order, Newbie Stacker has placed additional orders and has been consistently satisfied with the service and product quality.
Newbie Stacker notes that JM Bullion’s prices are reasonable, with lower premiums compared to other sites they researched. Overall, they express gratitude for the excellent service and quality products received.
#4. Vicky Downs reports having used JM Bullion for some time and expresses satisfaction with several aspects of their service. Firstly, the pricing has been agreeable, regardless of whether Vicky has purchased small or large quantities. Secondly, shipping has been prompt and discreetly packaged, ensuring privacy. As a small investor, Vicky appreciates the availability of smaller units. JM Bullion also offers a range of metals, including tungsten, zinc, tin, and others, which helps diversify the portfolio.
JM Bullion Lawsuit: UniCourt & Justia
Many clients have filed various forms of lawsuits against JM Bullion. This is the company’s most serious drawback because it indicates that the company has experienced legal consequences as a result of misleading activities, which could be an alert for future customers.
UniCourt
- Suk filed a contract lawsuit against JM Bullion. This case was filed in U.S. District Courts.
- Hobbs filed a Civil Right-Other Disability Discrimination lawsuit against JMB.
- JM Bullion was sued by Bell for an intellectual property copyright lawsuit.
- This company was also sued by Newman for a contract lawsuit, which was filed in Kern County Superior Courts.
- Carrillo filed a contract lawsuit against JM Bullion.
There are still many lawsuits to cover, you can have a look here: JM Bullion Lawsuits
Is JM Bullion Legit? Should You Invest with Them?
Yes, you can invest with them.
JM Bullion is a legitimate precious metals dealer that has been in business since 2011.
The company has established itself as an industry leader.
Furthermore, they have a good reputation in the industry with hundreds of positive reviews. Also, they are accredited by the Better Business Bureau with an A+ rating.
Pros:
- One of the largest product selections in the industry
- Quick and reliable shipping
- Free shipping on orders above $199
- Competitive pricing and frequent sales and promotions
- A+ rating on BBB
Cons:
- Limited buyback program
- Regulatory reporting of transactions
- Unsuitable for gold IRA
- Many lawsuits have been filed
JM Bullion offers a wide range of gold, silver, platinum, and palladium products from reputable mints and manufacturers, and they provide transparent pricing and fee information on their website.
However, it is also important to note that too many lawsuits have been filed against JM Bullion which could be a serious drawback.
Overall, the decision of whether or not to invest in this company is up to you. However, you should do your own research and understand the risks involved before making a decision.
