PWCC Vault Storage Fees

[Edwolf1963]

Hey, curious - does anybody use the PWCC Vault and then hit with monthly storage fee invoices? I got one for $.51 this month on a $10 card I won a month ago that I thought may be easier just to have them hang onto it for now, possibly relist it down the road, etc. I mean this is small potatoes but it’s the principle of the thing. They said it’s outlined in terms/conditions but I never saw it. Just feels like another money grab.

Anyway, curious if anyone else using the vault received these, thoughts?

It sort of defeats the purpose in my mind of saving on shipping, interstate tax, etc. but perhaps it plays better if you’re holding several thousand dollars worth of cards? If it’s based on percentage of value held, I can see that adding up pretty quickly.

[swarmee]

"Saving on interstate tax..." Oh, is that what it is? I thought it was tax evasion...

[Casey2296]

That's a 5% vig on them keeping your cards. To me this is such a tactile hobby and I have to touch and stare at my cards so I always get possession after I purchase. If I don't want to pay tax, and believe me, those bureaucrats get and waste enough of my money, I'll stick to the Auction houses and BST.

Or maybe I'll start a Mudville 9 card storage facility and get in on some of that action...

[GasHouseGang]

At that rate I'd sell it sooner than later. It's certainly not set up for long term storage. You will have spent the price of the card in 20 months.

[bnorth]

Originally Posted by GasHouseGang

At that rate I'd sell it sooner than later. It's certainly not set up for long term storage. You will have spent the price of the card in 20 months.

I would have to say "good luck at finding a buyer". OK I only looked at one card they have but it is priced $1000 more than you can get it for anyplace else. Theirs is listed at $2200 and several others have the same card in the same PSA 10 grade for $1200.

[oldeboo]

From their site:
Please note that a $0.50 processing fee will be added to any invoice under $2.

Looks like you're getting whammed with the fee since it's a low dollar item.


https://www.pwccmarketplace.com/vault-pricing

[Rhotchkiss]

When you lay with dogs, don’t be surprised if you get fleas.

And, it’s ok that you avoid taxes, but you are mad that the outfit who helped you “save” on taxes is getting paid for it? Especially when it’s right there in their rules.....

[BobbyVCP]

Originally Posted by bnorth

I would have to say "good luck at finding a buyer". OK I only looked at one card they have but it is priced $1000 more than you can get it for anyplace else. Theirs is listed at $2200 and several others have the same card in the same PSA 10 grade for $1200.

The price on the cards in the Vault is set by the owners and not PWCC..so you can't blame them for fishing. They only run straight auctions all with a starting bid of $9.99

[Edwolf1963]

Originally Posted by Rhotchkiss

When you lay with dogs, don’t be surprised if you get fleas.

And, it’s ok that you avoid taxes, but you are mad that the outfit who helped you “save” on taxes is getting paid for it? Especially when it’s right there in their rules.....

Thanks Plato .. no - it’s not the tax issue since that’s minor on a small value card which I noted. I thought it might be easier just to hold things in their vault, not shipping back and forth and they benefit by relisting them (most likely) if I choose to sell down the road. My bad for not noticing that in the rules. Wasn’t mad as much as questioning if others are being assessed storage fees as a flat rate or as a percentage of the overall value they hold in the vault? Just seems to take a bite out of the appeal/value if that were the case.

[Edwolf1963]

Originally Posted by oldeboo

From their site:
Please note that a $0.50 processing fee will be added to any invoice under $2.

Looks like you're getting whammed with the fee since it's a low dollar item.

Thanks, it was more than that .. $10 card, $18 invoice with shipping or thereabouts and it noted “storage fee” monthly charge. I was just curious if that was standard, based on value of what you hold in the vault, others seeing it or even using the vault?

[bounce]

Here - copy/paste right off their site.


Archival Fee
Graded Cards – 1% of insurance value is charged at intake of assets (minimum fee of $2 per asset and a maximum fee of $100 per asset). Note: completely-graded sets, mixed-grading-company sets or sets registered with PSA, SGC, and/or Beckett use the same ingestion process as single graded cards.
Ungraded Cards – 1% of insurance value is charged at intake of assets (minimum fee of $10 per asset and maximum fee of $100 per asset).
First-Year Storage Fees
0.5% of insurance value will be charged for the first full year, billed monthly. The remaining fees for this first year will charged if items are removed from the Vault during the first year, but it will be prorated if items are sold mid-year through a PWCC Marketplace.
Long-Term Storage Fees
0.25% of insurance value will be charged for the second and subsequent years of storage. These fees will be billed monthly and will be prorated for the actual duration of service.
Please note that a $0.50 processing fee will be added to any invoice under $2.


ED - I think it's two levels of cost. There's an "ingestion fee", and then the monthly "storage fee". I think what you're showing is the "storage fee", and you got "popped" because you just have the one card and the value of it appears to be low.

They don't bill the "storage fee" by card, they bill by "total value" of what you have stored. Not sure how they compute that, I would assume it's probably "market" and not necessarily "cost", since that value is also tied to an insurance value for your holdings.

I'm sure there's some more fine print, but broadly that's what's going on.