Collectors Vault redemption fee

[BobC]

Originally Posted by russkcpa

My cards were moved from Goldin Vault to Collectors Vault after Collectors acquired Goldin. I am not impressed with the Collectors vault. The vault site sucks and the values assigned for insurance purposes are ridiculously low.....let's leave it at that. I could be more specific but its boring. Does anyone know if there is a Collectors "fulfillment fee" Telephone customer service is useless.

Hey Russ,

Like others, I never have, and probably never will, use a vault service, so can't directly answer your question either. However, in your case I would sincerely hope since you did not voluntarily choose to move your items from one vault to another that they cannot just impose such a fee on you should you wish to remove your cards from this new vault. I would think/expect that from a legal standpoint, the new vault company is required/compelled to treat and handle charges for your items just as they were for when they were held by Goldin in their vault, in accordance with whatever contract/agreement you originally signed or digitally confirmed with Goldin. Unless you have since signed/agreed to a new agreement/contract with the Collectors organization, or there was some clause or portion of your original Goldin agreement/contract that gave them the right to sell/transfer your contract and then allowed the acquiring company to arbitrarily amend or change your contract at their sole discretion. I would doubt such an arbitrary change could be made without your knowledge and/or permission otherwise, but you never know what some companies and their attorneys will try to get away with.

I would think you might want to go back and review your original contract/agreement with Goldin, and operate under the assumption that the terms and charges for keeping your collection in a vault are still subject to that original agreement's specific terms and conditions. I'd then continue to try contacting an actual human at the new vault company now holding your items and get confirmation that your original contract/agreement terms with Goldin are in fact still in place. And if they say no they are not, I would further inquire how they could have been changed without your knowledge and consent.

Hopefully you can finally get through and get some answers, but first make sure which agreement/contract is actually still in effect and force in regards to your vault holdings. Good luck, and do come back and let us know what you find out.

Additionally, since I don't use and know about these vaults, have a question for you. Under your original agreement/contract with Goldin, did you have some kind of monthly or other periodic rental charge for them holding your cards in their vault? If so, I can maybe understand why a vault would possibly put in place and then enforce such a "fulfillment fee" if you suddenly decided to remove cards from their vault before some agreed upon minimum period of time, to make up for the loss of rental revenue. Or to also make up for the loss of the profit they may have expected if you sold your cards through them or a related company of theirs at some future date. Sort of akin to the idea an early withdrawal or early payoff penalty that many institutions will put in their agreements to insure they maximize their profits. Good luck in whatever you end up deciding to do. But do let us know what you find out.