I signed up for teletrade and won an auction on a $9 proof cent. When I sign up for a site, I usually scroll through the terms and agreement, but I will know better next time. I was charged a "buyers premium". I've been to many auctions in my life, both online and in person, and buyers premiums are usually used in auctions of expensive items like classic cars, houses, etc. So when it was all said and done, with the price of the coin, shipping, and the buyers premium, I would be spending close to $20 for a coin that is worth $10 tops. Not only is there a buyers premium percentage, there is a MINIMUM buyers premium fee of 8 dollars. I guess they implemented this so they don't have to mess with people only wanting one inexpensive coin. So I emailed teletrade and politely told them I made a mistake and did not read about the buyers premium, and that I was not interested in the coin. They never replied to my email. Only sending me emails asking to pay, and even a certified letter. My mistake, and I guess I will know better next time. It might be okay to pay a buyers premium if your going to buy some $5,000 dollar coin, but when it comes to inexpensive items like $5 to $20 coins, the buyers premium min of $8 instantly puts the price of the coin out of it's proper value.
I suspect they have a standard operating procedure for how to respond to a new member who learns of the buyer's premium, and those include emails and a certified letter. Doubt you are the first, or the last, who is surprised to learn of this little gotcha.
Well if you join heritage I would recommend actually reading the terms and conditions and not just scrolling through them. I actually think you should have bit the bullet it and paid them. You may have just eliminated a decent source for coins. Heritage and teletrade tell you about the buyers premium and then you figure that into what you will bid(and shipping also if you want). So I would not bid on the $10 coins you can get from a dealer or ebay. When you start getting to the more expensive coins that is where you can save some money. Just my opinion.
I don't mean to sound harsh but technically this is your fault. You didn't read through the terms and are now getting charged. It might be better to just pay it and take it as a lesson learned. Oh and Heritage has a buyers premium too.
Teletrade is a great source. It is your fault. You will always pay one online. Best thing about teletrade for low coins is on tuesday they have no BP. You really should read those things. How else are they going to make money. Think of photography costs... They are a precentage-based company, they need the BP to survive.
You should have paid for your purchase and when it was received, simply returned it. Teletrade has a no questions asked return policy but they do monitor who returns what and abuse of the privilege, usually results in a suspension of bidding privileges. I waste a lot of money on Teletrade but continue to go back simply because they offer lots of modern coins which are otherwise unavailable elsewhere. I've gotten some trmemdous deals which I was able to resale for a profit and I've gotten some stinker deals where I wonder what the heck I was thinking. But all in all, I am satisfied with there service. For folks wishing to purchase slabbed Lincolns, I would recommend their Tuesday Night No reserve/No buyers Premium Auctions. There are some really nice deals but, as a bidder, you must exercise good judgement.
that is what I would do- I lose some and win some- the more you do it the better the ratio. take your lumps
I've bid on coins on both TeleTrade and Heritage, but I never win anything. I determine what a coin is worth (to me), factor in all the expenses, then come to a max bid...it's never enough. Those sites are all rigged against the Buyer (imo).
Teletrade clearly states that there is a buyer's premium of 15% (minimum of $8) in their Terms and Conditions. I have had some luck with them but always factor in the buyer's premium. Great Collections is also a decent place to bid with a lower buyer's premium (10%). TC
What a bummer, Detecto. They probably state this "policy" in the fine print at the very bottom of the contract (with the mumbling, fast talking "non-attorney spokesman.") As one who had a really crappy Christmas and feels worse when a fellow CTer gets ripped off, may I offer you one or some of my extra proof cents ( I have quite a few) in the hope that it will make us both feel a little better even for just a minute or two? Either way, have a great day and a Happy and safe New Year! Terri
Well, I've bid on and won many Teletrade auctions and never once have felt like I was fleeced or robbed.
Oh please. Right at the top of the page is a button for FEES. Detecto didn't get ripped off, they merely failed to read.
