Paper checks offer customers with an easy and secure form of payment for their gold and silver purchases. Orders made with paper checks are immediately entered into the shipping queue after a 3-5 day mandatory clearance period. Unfortunately, we MUST wait these 3-5 days before releasing an order into the shipping queue without exception to ensure that the check does not bounce.
Paper checks are best suited for customers who intend to make purchases between $100 and $50,000. JM Bullion accepts paper checks, cashier’s checks and money orders. Please note that we require an actual physical check to process your order and cannot accept ACH or eChecks at this time.
The procedure for making a payment by check involves 3 simple steps: confirming your purchase, locking in your price and mailing your check.
Confirming Your Purchase
Once your shopping cart is filled with the gold and silver bullion you intend to purchase, select the payment option marked “Paper Check.” You will then have to verify that your total purchase price is between $100 and $50,000. From there, you can proceed to checkout, where you will be asked to enter some basic information such as your name, phone number, email, shipping and billing addresses, and password. After you have provided all the required information, you will be ready to lock in your price.
Locking in Your Price
When you reach this stage of the transaction, you must provide us with your credit/debit card information. This information will enable us to “lock in” or secure your price. Because of constant fluctuation in the value of precious metals, our website must continually alter our merchandise prices to reflect those changes. However, by locking in the price of a particular item, you can rest assured that the price of your purchase cannot be changed regardless of any increases or decreases in this item’s market value. Please be advised that your credit card information is used for “collateral” purposes only. As long as your check arrives in a timely manner, your card will not be charged. But in the event that your payment is not received within the appropriate time frame, your card will be billed with a cancellation fee. You will also be held responsible for any market losses that occurred as the result of your purchase.
Sending Your Check
Following the placement of your order, you will be sent an email containing the mailing address for your check. Customers are advised to mail their check within two days of purchase. Failure to receive your check within ten business days of your order placement will result in the cancellation of your order along with the incurring cancellation and market loss fees. We also advise our customers to request tracking and delivery confirmation prior to mailing their checks. Such measures allow for tracking of lost payments and can enable you to override any unwarranted cancellation of your order.
Upon receipt of your check, there will be a mandatory 3-5 day processing period. All paper checks, regardless if they are personal checks, cashier’s checks, or money orders, require 3-5 business days to clear before entering the shipping queue. After a check has been cleared for payment, your order will be entered into the shipping queue for proper wrapping and packaging prior to transport. Once shipped, you will receive a notification email with instructions for tracking your package through your JM Bullion account.
Among the benefits of checks to pay for your gold or silver purchases is the lack of associated fees. In contrast with credit card companies, which charge businesses with merchant fees as high as 4%, banks do not charge any such fees for checks or money orders. Consequently, these savings enable us to offer our customers a 4% discount on any purchases made with checks.
Because JM Bullion accepts various kinds of checks, customers often wonder which one to use for their precious metals purchase. The appropriate answer will depend upon their individual needs and preferences. In terms of finances, personal checks are best suited for those wishing to avoid the fees associated with money orders and cashier’s checks. However, those who are uncertain about whether or not they have the necessary checking account funds to pay for their purchases might benefit from the security offered by the money orders and cashier’s checks. These options eliminate any concerns regarding bounced checks. Although, it is worth noting that some checking accounts do offer overdraft policies to avoid these situations.
Customers should also take into consideration the kind of records and verification they require for their purchase. While both cashier’s checks and money orders come with a receipt, money orders also provide customers with a duplicate copy for their personal files. Personal checks offer the highest level of documentation with an official record of payment through your bank and the cancelled check as proof of payment. With regards to cancellation and replacement, personal checks provide the most convenience. In the event of a lost or stolen check, the customer can simply request a “Stop Payment” and issue a new check. This cancellation process is longer and more difficult with a money order or cashier’s check, and in most cases, there is nothing that can be done once it has been cashed. For incidents of loss, replacing a lost money order is easier than a cashier’s check, provided that you have a receipt. Cashier’s checks can take as many as 90 days to replace.
Because JM Bullion’s wide collection includes a line of copper and platinum products, customers have the benefit of using paper checks to pay for these items as well. The process of using paper checks to pay for your copper and platinum purchases is the same as those outlined for gold and silver. Customers using this method of payment for their copper and platinum purchases must adhere to the same terms and restrictions mentioned in previous sections. This includes any penalty fees that may occur due to late or absent check arrivals.
Although JM Bullion prides itself on protecting the privacy of our customers and their investment activities, we are required by law to report any “cash payments” that exceed $10,000. Included under the category of “cash payments” are cashier’s checks and money orders for LESS than $10,000. This policy also applies to any related transactions that are made within 24 hours of each other and whose combined total is more than $10,000. So an order for $11,000 worth of silver, paid for with two money orders of $5,000 and $6,000 each, would trigger a reporting requirement. See our Reportable Bullion Transactions Infographic for full details and examples.
Payments made with credit cards, bank wires or personal checks are exempt from these policies. To file this report, JM Bullion must fill out IRS Form 8300, in which we are required to provide both your information as well as the details of the transaction. Please rest assured that we only document the payment portion of the transaction, not the details of the purchase itself. Customers are also reminded that this information remains strictly confidential between JM Bullion and the IRS; no other parties will have access to this information.
JM Bullion is dedicated to providing its customers with the most positive transaction experience possible, which is why we are pleased to offer paper checks as one of your many payment options. Paper checks allow you to make full payment on your larger investments without any drawn out payment structures or potential interest rates. Paper checks also help you escape the common fees and penalties associated with credit card use. And of course, paper checks offer thorough documentation of all your payment activities.
With its dedication to high quality products and excellent customer service, JM Bullion is regarded as one of the leading dealers in the precious metals industry. To uphold our outstanding reputation and ensure the safety of your investment, we offer free shipping on orders over $99 and insurance on all orders. To learn more about our payment and shipping policies, please call us at 800-276-6508. Our staff is also happy to assist you through live chat or online form submissions.