Beware of Beckett!

[BobC]

Originally Posted by Rich Klein

Bobby:

With all due respect, even Nat Turner said this was a wake up call for PSA about how to process payments and when to process payments. So it actually was on PSA but going forward a situation such as that would not be on PSA

This is the statement made by PSA after the fact

This is an unfortunate incident and our top priority is protecting the collectors who may have been impacted by the bankruptcy of Marx Cards. We are currently requesting detailed account information from Marx Cards for the impacted orders still at PSA with the expressed goal of returning cards to their rightful owners as soon as possible. We will not be charging customers for the return of their cards, other than shipping. As of yet we have not received payment from Marx Cards to grade the cards in our possession and as a result of this incident, we will be making changes to our group submitter requirements, including a new order upfront deposit and more robust policies around late payments. We will also be requiring all group submitters to bring their accounts current in order to continue service with us. We ask for patience while we sort through this expensive and labor intensive process with the end goal being the return of cards to their rightful owners.

If you have submitted cards to Marx Cards that you believe to be at PSA, please email curielj@collectors.com with “Marx Cards” in the subject line.

Rich,

This PSA statement seems to indicate they are now looking to simply return ungraded cards to Marx customers, and only charge them a return shipping fee. However, in that Sports Collectors Daily article you earlier provided the link to, it pretty clearly stated in that article that, I quote, "PSA has pledged to complete the process of grading the thousands of cards collectors had sent to Marx at no cost". That reported statement doesn't seem to jive exactly with the PSA one you just posted. So, is the SCD article full of crap or am I misinterpreting something?

In an earlier post I was lauding the now privately owned PSA for doing such a great thing, based on that article, and wondering if the former publicly traded PSA would have been so benevolent. It seems my earlier post and question may now be mute. Hmmmm!

[Rich Klein]

I think one of the confusing aspects was one of the vendors who used Marx Cards as their group submitter flew out to PSA and on his own dime paid (for a second time) to get those cards graded by PSA.

I'm not sure what the conclusion of this saga was but I do feel comfortable in saying everyone goofed up in this but PSA by not processing a payment ended up with collectors in a precarious position not of their own choice.

[bobbyw8469]

I repeat....the fault lies with Marx cards collecting money and not escrowing it to pay PSA. They HAD to have known that bill was going to come due. Instead, they chose to treat the money as their own personal piggybank. That was 100% on them. I do group subs here. Granted, not on the scale that they do. But the money I collect, is NOT spent on fancy dinners out. It is earmarked for PSA. Marx Cards sounds like a hack operation.

Originally Posted by Rich Klein

I think one of the confusing aspects was one of the vendors who used Marx Cards as their group submitter flew out to PSA and on his own dime paid (for a second time) to get those cards graded by PSA.

I'm not sure what the conclusion of this saga was but I do feel comfortable in saying everyone goofed up in this but PSA by not processing a payment ended up with collectors in a precarious position not of their own choice.

[sreader3]

PSA recently charged me upon order login for a $1K fee autograph encapsulation order.

They somehow differentiated autograph authentication from card grading.

The distinction did not make much sense to me.

So it is not just Beckett.

[Tabe]

Originally Posted by bobbyw8469

I repeat....the fault lies with Marx cards collecting money and not escrowing it to pay PSA. They HAD to have known that bill was going to come due. Instead, they chose to treat the money as their own personal piggybank. That was 100% on them. I do group subs here. Granted, not on the scale that they do. But the money I collect, is NOT spent on fancy dinners out. It is earmarked for PSA. Marx Cards sounds like a hack operation.

PSA has fault in this as well. They knew there were issues with Marx and continued to endorse them as a group submitter.