GRAND RAPIDS, Mich. - The Better Business Bureau is warning Michigan residents to look out for a scam regarding silver bars.
According to a press release, an advertisement from a group called the Federated Mint makes it appear that the federal government has just made a large number of silver bars available to lucky Michigan residents. However, the bars are not from the U.S. government, and the value of the silver inside is worth much less than customers may believe.
“This is an example of an offer that doesn’t specifically say it is from the federal government, but it works very hard to get consumers to think it is,” says Phil Catlett, President of the Better Business Bureau Serving Western Michigan.
A man concerned about the offer contacted the BBB about a mailing that included a letter from Mary Ellen Withrow, 40th Treasurer Emeritus of the United States of America.
The letter says there's a deadline to claim the silver bars, and it includes a fake article from USA Today that's actually a paid advertisement that ran with the newspaper.
The advertisement claims consumers must act fast because the price has been lowered from $50 per bar to $29 per bar. Each bar weighs a half ounce.
“That’s about $7.50 worth of silver,” says Bruce Talsma, owner of Talsma Jewelry in Grandville. Talsma Jewelry has been accredited with the Better Business Bureau since 1994. “Anyone can make generic bars. The concern always is the silver content,” Talsma tells the BBB.
The BBB recommends customers use caution when purchasing items by phone or online. Do your research into the product and seller. If customers are searching for investments, it is a good idea to consult with an investment adviser before making a purchase.
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