Teletrade Rant....

A lot of you regulars know by now that I like to use message boards as my soap box - a town crier type of thing. Sometimes I see it as a public service type of thing, other times, I know it is just my whimsical alter ego of a little pea brain doing the talking and that no one is interested but me.

I think the following mostly applies to those of us who buy widgets. Not those who buy coins over 1k...

My suggestion is do not waste your time at Teletrade in comparison with buying widgets at other venues like eBay. Comparatively, I have had another initial bad experience once again.

IMO - These auction houses do not have better widgets, they cost more, there is game playing with reserves. Lousy pictures, excessive hard to understand/complicated cumulative buyer premiums. Excessive shipping charges on top of the Huge Premiums. Slow to no replies to email..

Furthermore - I think dealers actually dump their junky slabs on sites like this since they are isolated from loud mouthed unreasonable buyers like me.

In short:

Teletrade will not combine items won from multiple auctions into one shipment. Why does this matter? They make no mention of this anywhere on their extensive website. That alone should be a HUGE warning and indication of other hidden practices - operative word = should....... It matters to me because my request was not unreasonable.

The following messages have been reversed and edited to make the sequence of events easier to read and to protect the innocent: :devil:






----- Original Message -----
From: "Donna Gakenheimer" <donnag@teletrade.com>
To: EyeEatWheaties
Sent: Friday, February 4, 2011 1:15:45 PM
Subject: A friendly reminder from Teletrade Coin Auctions...

Dear EyeEatWheaties,

Thank you for bidding in Teletrade Coin auctions. We still show
that the following auction lots remain unpaid.

2997,3001

We accept payment online using MasterCard, Visa, American Express,
Discover and PayPal. To pay online please click on the link below:

https://www.teletrade.com/coins/acctinfo/home.asp?auction=2997&r=02
https://www.teletrade.com/coins/acctinfo/home.asp?auction=3001&r=02

If paying by check/money order, please ensure that your ID Number
and Auction are noted on the back of the check or money order. Our
mailing address is:

Teletrade, Inc
18061 Fitch
Irvine, CA 92614

For more information, please refer to our payment information page
located at: http://www.teletrade.com/coins/help/fees.asp#payment

Should you require any further information about Teletrade, please
do not hesitate to contact us via e-mail at info@teletrade.com or
telephone 800-949-2646 or 949-250-4490.

Sincerely,
Teletrade Coin Auctions
http://www.teletrade.com/coins/
Address: 18061 Fitch, Irvine CA 92614-6018
Tel: 800-949-2646, 949-250-4490
E-mail: payments@teletrade.com




From: EyeEatWheaties
Sent: Friday, February 04, 2011 2:45 PM
To: Donna Gakenheimer
Subject: Re: A friendly reminder from Teletrade Coin Auctions...

Donna, I recently requested that both these auctions be combined into one shipment, I am still waiting for a revised invoice to that effect.

Thank you,
EyeEatWheaties




----- Original Message -----
From: "Gilbert Dominguez" <gilbertd@teletrade.com>
To: EyeEatWheaties
Sent: Saturday, February 5, 2011 8:19:44 PM
Subject: FW: A friendly reminder from Teletrade Coin Auctions...

EyeEatWheaties,

Unfortunately we are unable to combine auctions. This is directly from our insurance underwriters.
All auctions must be handled as separate transactions.

Thank you,

Gil Dominguez
Teletrade Auctions





From: EyeEatWheaties
Sent: Saturday, February 05, 2011 9:58 PM
To: Gilbert Dominguez
Subject: Re: A friendly reminder from Teletrade Coin Auctions...

Gil,

I am sure that you can understand that I am quite incredulous. Quite frankly - I do not believe you.

I could understand some type of insurance for coins of a certain value. That they be handled a certain way however, I have one invoice for $75 dollars and you are telling me that you will not put one small slab in with another and save me the lousy 5 Bucks because your insurance company will not cover what?

Certainly it is not USPS insurance - you already are charging me for insurance according to the information on the Teletrade website. Therefore that is my insurance that I am paying, not yours.

Gil, I just looked at the second invoice and there is a charge for $10.50 for shipping of 3 coins worth less than $300 dollars - the weight of this package would be about 8 ounces which will ship First Class Mail - That is an excessive charge to handle and ship 3 coins on top of an excessive buyer premiums of $46 for these 3 coins.

Have someone write to me with a reasonable and plausible explanation.

Thank you.



----- Original Message -----
From: "Gilbert Dominguez" <gilbertd@teletrade.com>
To: EyeEatWheaties
Sent: Sunday, February 6, 2011 10:39:33 AM
Subject: RE: A friendly reminder from Teletrade Coin Auctions...

EyeEatWheaties,

I am the Director of Operations and I must abide by our policy. I am sorry you do not agree with
our shipping charges. I believe you will only be satisfied if we combine these two and others in the
future. This can not be done.

You have the right to cancel these two auctions.

Thank you,

Gil Dominguez
Teletrade Auctions



From: EyeEatWheaties


Mr Fish Gills,

Before telling me that you are right and that I am wrong. Why didn't you take a look at your accounts receivable from yesterday? Having Customer relation problems that the Director of operation needs to deal with first thing on a Sunday morning?? - Are ya! ?? How are things going over there???

I already paid for them last night - I paid for them after I sent you my plea to Honor my request and treat me fair and reasonably. I knew what the answer was going to be.


I am not unreasonable - but you guys most certainly are. I will be more careful when bidding on any more items - if I bid on any more at all. AND - I will do my best to inform others of what I think about your ridiculous policy, that it makes absolutely no sense to and for the customer. I will also point out that this policy, of not combining invoices into one shipment (a common practice), - that it is not noted anywhere on the Teletrade website that I could find. I will do my part to inform those who might be interested about this underhanded and obviously intentional omission that ends up costing a customer needlessly more.

In closing, Mr Operations. I will venture a guess that if you were to ask your insurance company on how you can combine items into one shipment to better serve your customers, that they will offer a solution.

Best Regards,
EyeEatWheaties


From: EyeEatWheaties

(I also sent this as an additional afterthought)

Mr Dominguez,

Furthermore, past shipments from Teletrade were sent to my shipping address. I just noticed that on my PayPal confirmation that the shipping address has changed to my Billing address. I did not change this. My Billing address is over 100 miles from my physical address. I expect you to correct this and send the 2 shipments to the previous address that you sent to.... The shipping address of record on both my account at Teletrade and PayPal.

Furthermore - it would serve you and your customers well to remove the name Teletrade from the Return Address on your shipping label. I do not want to have any problems or incur additional risk with potential theft due to a prominent Coin Selling business name appearing on my shipments.

Thank you advance for fixing these problems.

Sincerely,
EyeEatWheaties

 

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I am sorry to say but that's what happens when an eBay buyer has eBay expectations, doesn't do the due diligence to know the difference between venues, and becomes argumentative in email. Frankly, I think Gilbert did a good job with you, because I would not have been so kind if you had called me a liar.

 

return address doesn't show up as teletrade. Can't remember what it is, something of an acronym close to PCGS or the company that ships mint products I think. But it doesn't say teletrade.

 

What is complicated/confusing about this:

http://teletrade.com/coins/help/fees.asp#postage

As for shipping/Insurance, they charge per invoice:

 

I have a teletrade envelope in my hand and it does say "teletrade", received it last week.

 

I understand your frustration but I also think that your trying to cross the ebay way of things to an auction house and it just isn't going to happen. I've had very good transactions with Teletrade with the only problems being scratched holders. This was happening fairly consistently, but for the last several months anyway the holders have been in good condition.

 

I agree with EYE's primary point,, that being it is best to avoid TT or HC for widget's... unless it's a "must have" coin. I remember my first experience with them, where I purchased a coin for thier minimum bid ($6)... it was about a $12 coin of the 'bay and I was happy as a clam feeling that I got a great deal...... and then got my bill for ~$26 for this one. Paid it with no noise, and then applied the F' me once F' me rule and have stayed on the 'bay for most of the time. I think last week or the week before I was searching for a few Jefferson nickels and found a nice one on TT for $45, then did the math,, 45+8+12 = $65 !.... and went back to the 'bay and got two PCGS certified Jeff's in ms65 (nicely toned) and ms63 for around $30.

Anyway.. the quick rule for bidding on TT:
1 - Any coin currently bidding at less than $53 > ADD $20 to your bid,, this is what you'll pay, roughly.
2 - Anycoin currently bidding at more than $53 > ADD 15% + $10 to your bid,, this is what you'll pay,, where a coin won for $100, will cost you $125.... etc....

I have never in my life found a coin sold on TT which I would consider a super deal... I'm sure they may be out there, just never seen one that qualifies in my book.
I have found 1 or two on HC,,but those are insaily scarce also, as your up against thier premiums.
I have many on the 'bay,, but they are becomming harder to find also as more folks realize this...... still a few however, and I've had some pretty good luck over there recently,, but a looong dry spell before that... just gotta keep you line in the water to catch the fish as they say.

 

I agree with leadfoot. I also think everyone should know what the rules are by reading them at Heritage, teletrade or any of the other auction houses. You have to learn how to bid and understand shipping costs. If you are going to buy widgets from heritage or teletrade - then buy lots of widgets in one auction. On heritage I like to win multiple coins in one auction and then I can spread shipping costs across all the coins. So the cheapest you can buy a coin on heritage is $15 and $14(is the minimum buyers premium). You have to take all of this and shipping into account when bidding.

I find what I consider good deals on heritage even with the buyers premium. If I can find the same quality of coin on Heritage I can usually get it cheaper than from a dealer. I also find a few now and then on EBAY.

 

They clearly state the costs, excellent costumer service, generally cheaper than Ebay and Heritage.So if you bid accordingly you will find Teletrade a very great venue to acquire coins.

 

Paying shipping charges and buyers premiums are much less expensive and easier than traveling to shows. Flat out, these services are great and I can't imagine what coin collecting would be like without them. To me, it is a lot like any programing. If you don't like the show, change the channel. I can use one less person running me up on auctions when I am participating on one of the mentioned sites, which IMO is a privilege.

 

I didn't call him a liar. I don't know if he has first hand knowledge of the risk assessment and the policy coverage with their insurance company. I mean, come-on, he is on a Sunday Morning doing CS with widget buyers before he is looking at the actual operations? Like shipment of items paid for? I told him I don't believe him. Not the same thing. For all I know he was fed the same crap by his superiors.

I did due diligence. No where do they say they will not combine items won into one shipement. Tell me another business that wont do this upon request

NOPE!

Nothing at all.. My first email said very clearly that I was waiting for a combined invoice.

Raider, I'll go out on limb and ask - Do you consign coins to TT for sale?

YEP!

They would do well to take some lessons from eBay - eBay is new and grown big for a lot of reasons. Seeing to the buyers wants/needs brings customers Customers have the money.

Thank you for reading and repeating the point. This forum has a lot of new and lot of casual collectors. I would bet that the majority of them don't even know about TT or HA or DLRC, Bowers, Stacks etc etc

My thread starts with "this applies to those who buy widgets" poor choice of words because the uninitiated probably doesn't understand widget??






I pose these questions.


Does anyone, can anyone explain to me what type of insurance mandates that items from each auction be paid for and shipped separate?

I am no risk assessment manager however I do have some common sense and common sense tells me that it has something to with the organization of all those little plastic slabs. That performing a task like combining items from different nights creates havoc or a greater potential for a mistake to happen. It's more like assurity - not insurance.

Who here who buys coins weekly would rather have every auction shipped separate? Doesn't it make better sense to receive batches or groups. Or is TT only for the collector and the majority of people only buy one coin at a time?


Look, I could easily be the odd ball out, but the obvious can't be denied. These auction houses do little to appease the customer. As a new set of eyes to this hobby, I see things that just blow me away. The room for improvement is the size of a house and as long as you guys lay over and take it, then continue to pay more than you should.

On the other hand, if the number of people who I have seen post that buy at TT all do the same thing - accumulate invoices and then demand combining - then it stands to chance they might start offering this reasonable and plausible expectation.

Asking for items to combined into one shipment is a reasonable request.

 

I was referring to what you said in your original post "IMO - These auction houses do not have better widgets, they cost more, there is game playing with reserves. Lousy pictures, excessive hard to understand/complicated cumulative buyer premiums. Excessive shipping charges on top of the Huge Premiums. Slow to no replies to email."

The bold is mine.

To answer your question, I am not currently, nor have I ever consigned anything to Teletrade. I bought one coin from them about 2 years ago, that's the extent of my business with them.

​

 

Thats cool. I apologize.. They often have "dealer lots" that get no bids. "widgets" I have gotten sucked into buying some of those while I was looking at other coins. and then when I got the invoice it left me to scratching my head to figure out how they came up with the BP . they know idiots like me will do that, I guess there is an endless supply of us morons..! seems it would make better sense to rope me in to come back and get some more, rather than push me away.

sort of like drug dealer. give away some for free so you create an addict rather than giving them overdose that puts them in a rehab on the 1st try.



On one night honestly, I'll scan and post it if I have too. the BP was $250.00 even.. Now what are the odds the my purchases would added up to that exact number? That in itself was my 1st hint to the oncoming hokiness that they conduct their business under.. It's right along the line that their insurance company won't let them combine shipments .. yeah right........ lmao! I might be dumb, but I ain't stupid!

I am so dumb that on the 1st invoice I noticed there was no column for BP's. Just a line item on the sub total. Hint hint..

I am so dummb I saw all those "dealer lots" with no bids. hint hint..

I am so dumb, I didn't think about all the daily reminders I was getting .. hint hint

I am so dumb that I didn't think anything about the fees and how it works being the smallest icons on the page.. hint hint

I am so dumb that I didn't notice that I didn't get any follow up after the sale... hint hint


churn and burn.......!

 

Agreed - But that doesn't mean that there isn't room for improvement. I would like to take it one step farther. I would rather buy the coins from a place or any seller for that matter and pay them terms like any other bill - 30 days, 14 days what ever. per auction is silly IMO of course!

 

I still think they conduct themselves fairly. It's not their fault the price is driven up, they have to make some money somewhere... It's not a nonprofit. All the coins that they sell would be less offered for sale if they didn't sell it. If you hate the buyer's premium, clear your schedule on Tuesday with NO BP. Show me where Heritage gives up their BP. You also get points, which is a cheap way of TT appreciation and the 10% off Thank you bonuses. I like them!

 

If the bath water is to warm, get out of the bath . Rants not needed .

 

You said "Quite frankly - I do not believe you."

You didn't say "I don't believe the insurance broker".

You were speaking to Gilbert. You said you did not believe him. That's calling him a liar where I come from, and had you said the same thing to me, I would not have been so kind. Luckily, Gil has a very level head on his shoulders, and treated you with the respect you never showed him, and frankly you didn't deserve after your 2nd email.

But it gets better. Now, after accusing him of him lying, you dig the hole even deeper by suggesting he's lying about his position too.

Call them on Monday and ask what Gilbert's job is. Ask anyone there. They all know him.

Then, once you have your facts straight, ask to talk to him and apologize to him like a man, and be sure and come back here and do your mea culpa -- all because you didn't do your homework and are too cheap to pay 2x shipping.

Shame on you, sir.

 

lol

Or even better.

Just look at the bottom of the page here:

http://www.teletrade.com/coins/madness/land.asp

 

Teletrade lists less coins on Tuesday and they tend to be of inferior quality. (example: there are no rainbow toned coins)
Plus the 10% off bonus can not be used on tuesday. The only time I ever got a good deal on teletrade was when They had a 10 dollars off deal.

 

Say what you will Lead foot. My request was a very simple one, Please send me a combined invoice. They put the blame on their insurance company that they were "not allowed to" I am calling BS and until someone proves me wrong it is BS and even then after that it will still be BS

I don't believe for one minute that an insurance company mandates how they are to ship and refuses to allow them to combine invoices and ship one shipment.

This is not a safety rule , this is an operations rule. No insurance to the best of my knowledge mandates how a company is to conduct their operations unless it crosses the line of safety.

Combining invoice and subsequent shipments is certainly not dangerous. No, this appears to me to most definitely is a choice of operations and I believe blaming someone else is the easy out.

I would never ever apologize to any supplier for a making a reasonable request.

The $5 savings is what makes this so ridiculous. If it wasn't one lousy coin that I wanted added to the other 3, then billed and shipped accordingly. such a simple request. So imagine what it will be like when dealing with them over something more substantial. NO THANK YOU>