Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:01/12/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On December 6th I decided to fund my Vinovest account with an additional $5,000 to be invested in wine. On December 22nd, I was notified via automated message that $4,965.27 had been transferred out of my wine investing account and used to purchase whiskey without my consent. I had no existing investment in Whiskey prior to this and I explicitly selected my existing wine account when making the deposit. I sent messages to Vinovest customer support on three separate occasions asking for the Whiskey transaction to be reversed and the funds moved back to my wine account. I received no reply from the company. I now believe Vinovest to be a predatory company and am seeking to liquidate my assets and stop doing business with them altogether. While I have been able to begin the process of selling my wine portfolio, Vinovest does not even offer the option to sell the whiskey they bought with my money. In essence, it seems to me that the company has stolen $4,965.27 from me to "invest" in a product I didn't want, ceased responding to all inquiries, and has no means I can discern on their website to get the funds back. Vinovest also intentionally omits any type of customer service phone number so that they cannot be reached directly.

  Business Response

  Date: 02/12/2024

  We are sorry to hear that ************************* has been unhappy with his experience as a Vinovest customer. We take all complaints seriously and strive to provide excellent customer service.
  Our team conducted a review of Mr. ******** account.  We have confirmed that he added an additional deposit to grow his portfolio on December 7, 2023 of $5000.   On December 22, 2023 per the active management of a standard tier portfolio the funds were then transferred to the whiskey portion of his account.  
  Active management of a portfolio means that the Vinovest team tracks the performance of the portfolios on their platform and makes decisions about when to buy, sell, and hold the assets.  It also means the Vinovest team makes the decisions on what to buy for each portfolio. Clients in the Standard and Plus tiers,  will also have decisions made by our machine-learning algorithm. Mr. ******** account is a standard tier portfolio.  As the name suggests, active management applies to all managed portfolios, both wine and whiskey, at Vinovest, whereas the trading platform is self-directed. The goal is to protect and grow the wealth within each investor's desired time horizon and risk level.   
  After review our team was not able to find any email inquiries from ******************.  Our team strives to respond to each customer inquiry in a timely manner, however no such inquiries from ****************** were found. 
  ****************** successfully initiated the full liquidation of this wine managed portfolio on January 10, 2024.  Both wine and whiskey are long term assets as we try to make clear to all investors. While our platform does not recommend selling the wines from a portfolio early, we do offer the option for investors to list their wines for sale to the outside marketplace. Whiskey is a different asset however.  The average hold time depends on the  cask. For American whiskey, clients can expect to hold their cask for two to five years. 
  The barrels are in contract for 3 years before they are able to be sold. As we work directly with partner distilleries.. These distilleries are purchasing the casks upon maturity, which may be before the 3 year period, however, the highest demand currently shows for product at 3-year maturity. 
  At Vinovest, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

• Initial Complaint

  Date:01/02/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I recently made two separate cash deposits in my separately managed Wine account. Up until December 27th, no action was taken on these funds sitting in my account. I made these cash deposits in my Wine account as I wanted to bring the value of my Wine account up relative to the value of the ************ (i.e. I was more heavily invested in Whiskey). On December 27th, Vinovest transferred (without my knowledge or approval) a significant portion of my Wine cash balance into the ************. I understand Vinovest can do rebalancing without my authorization but that is limited to the investments within a specific, separately managed fund (i.e. Wine or Whiskey). Even when sending funds, one must explicitly identify which managed fund the funds should be deposited in. Vinovest then used these unauthorized funds in the Whisky account to buy Whiskey that I did not intend to buy. I had a call, scheduled through Vinovest, with **************** of Sales, on December 22nd at 10:30am EST. The purpose of this call was to discuss Whiskey. ****** noted I was missing rye casks from my current holdings. As such, ****** noted he put my algorithm on hold and said he would reserve 3 rye casks for me to purchase. I told him I would transfer funds in within days. I have this documented with ****** if you would like to see. On December 27th, the funds specifically planned for purchasing rye whiskey were transferred to Vinovest. Later that day, Vinovest automatically purchased 4 casks of American Whiskey, Single Malt as well as a single lot purchase. This is not what was planned. Now, I have a combined investment on the Vinovest platform that is way more skewed to Whisky and Single Malt in particular. Im getting no response or help from Vinovest. Im particularly concerned about 1) an unauthorized cross managed account transfer and 2) purchase of Whiskey that was not agreed to. I am requesting Vinovest to roll back all of these transactions and return the total cash deposits I had on hand prior to these transactions. Unauthorized transfers and lack of response from Vinovest is unacceptable. Thank you.

  Business Response

  Date: 01/25/2024

  Dear ****, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account..  We have confirmed that your initial deposit of $10,000 into your whiskey account was added to your account on December 5th and whiskey purchases were completed on the same day. Per your request our team transferred $3500 to your wine managed account on December 5th.  An additional $5000 was added to your account on December 28th and additional whiskey purchases were completed. 
  Per email correspondence with you it was discovered that unfortunately incorrect whiskey casks were initially purchased for your portfolio based on your conversation with our head of whiskey.  Our team relayed to you via email that a review of your account and portfolio would be completed.  Due to the holiday there was a brief delay in this review and corrections being completed.  
  The review of your whiskey portfolio was completed and the incorrect whiskey casks were rolled back in your portfolio on January 10th and the correct purchases were completed and added to your portfolio on the same day.    Our team also completed an additional transfer of funds, $900 into your wine account per your request. 
  Active management means that the Vinovest team tracks the performance of your portfolio and makes decisions about when to buy, sell, and hold your assets. Clients in the Starter and Plus tiers will also have decisions made by our machine-learning algorithm. As the name suggests, active management applies to all managed portfolios at Vinovest, whereas the trading platform is self-directed. The goal is to protect and grow your wealth within your desired time horizons and risk levels.
  At our company, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

  Customer Answer

  Date: 01/26/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:11/30/2023

  Type:Sales and Advertising Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Vinovest sent 2reciepts of purchase when there was insufficient funds..my cc company sent email of decline

• Initial Complaint

  Date:10/02/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Vinovest investment **************** different investment level options based on a dollar amount for your account. Starter level is at $1,000 and the Plus level is at $10,000 and so on. The Plus tier specifically states that you get "Access to portfolio manager bi-annual reviews" I have been in the plus tier category for an extended period of time and have received zero communication about this marketed feature. I have even repeatedly reached out to Vinovest and asked for a portfolio manager to review my portfolio because of the horrendous performance that the selected investments were experiencing. That request was over 5 months ago and was requested multiple times, and still have received no follow up. I feel that this company is openly misleading would-be investors into this higher tiered investment level by marketing additional "features" that they are not actually providing to clients. I feel that I was lied to in this case and invested money with an expectation of receiving professional portfolio support. The lack of support in this case has resulted in real losses for me financially.Additionally, I recently sold a wine position, and I am not being provided any option to withdrawal funds. Their platform stated that within one day I would receive an email from Modern Treasury to request banking information to deposit funds into my account. I have received no email from Modern Treasury to do this. I have reached out with multiple emails to support at Vinovest and have received no replies. I even booked a scheduled call with the company to get this resolved and sat on zoom for 25 minutes before realizing they were not going to show up. I communicated with the company that the funds in my Vinovest account were not to be used for reinvesting into any new positions as the platform is automated and will initiate purchases in the managed accounts if enough dollars are available. I have received no confirmation that the money will not be automatically reinvested.

  Business Response

  Date: 11/20/2023

  Dear ******, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account. We confirmed your portfolio was started in April 2022 with your initial deposit into your account.  All Plus tier portfolios are managed by our algorithm. These portfolios have the option to request a review of their portfolio, however a portfolio review is not automatically provided to plus tier account holders.  Our portfolio team does their very best to accommodate each individuals request for a portfolio review as quickly as possible.  Unfortunately, sometimes they are not able to schedule a review in a timely manner, due to scheduling conflicts, availability and communication delays. Your portfolio review was completed in October. 
  We have also confirmed that the liquidation of your portfolio was originally initiated on June 4th with additional updates in August, September and October.  Wine is a long term investment as we try to make clear to all of our valued customers.  The timeline for each portfolio liquidation varies from portfolio to portfolio.  
  Our normal policy is for all funds to be returned to the account holder when the liquidation of their portfolio has completed and all wines have been sold.  Upon receiving a request from you to withdraw funds from a recent wine sale in your portfolio our team agreed to make an exception to the normal policy and assist with a partial withdrawal of funds. 
  Our team confirmed that your bank details had been successfully linked to your account on October 2nd and the withdrawal payment was processed on October 4th.  Per our bank, the deposit into your bank account was successful.  
  At our company, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider. We try to inform our customers on estimated timelines of liquidations, market conditions,  wine investment patterns and what to expect throughout the duration of your account lifetime  within our FAQ page and through email updates and blogs. 
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

• Initial Complaint

  Date:08/04/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested in Vinovest and due to financial circumstances wanted to withdraw my money that was left in my account. It took weeks to get the wine sold and now its not giving me an option to withdraw the funds that received from selling it. The system is saying I have to wait 2-3 weeks to REINVEST the money into other wines. That time has passed since I sold my wine. It still is not giving an option to withdraw the funds. I would like my money! I have tried to contact them several times by email, since there is NO NUMBER you can call to talk to a LIVE person. No response. I am beginning to feel like this is some type of scam going. Any assistance SOMEONE can provide me with receiving my funds would be appreciated!

  Business Response

  Date: 11/20/2023

  Dear *****, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account.  We have confirmed that the liquidation of your portfolio was originally initiated by you on May 29th.  The liquidation and sale of the wines from your portfolio was fully completed on July 14th.  Wine is a long term investment as we try to make clear to all of our valued customers.  The timeline for each portfolio liquidation varies from portfolio to portfolio.  
  We received an email request from you on August 27th to withdraw the funds from your account.  Our team confirmed at that time that you had not linked your bank details to your account when your portfolio liquidation was completed.  We sent you another link to add your bank details to your account for the withdrawal of your funds on August 28th.  
  Our team confirmed your bank account had been linked to your Vinovest account on October 23rd and your full withdrawal payment was processed on October 25th.  Per our bank the funds have been successfully transferred to your bank account.  
  At our company, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider. We try to inform our customers on estimated timelines of liquidations etc. within our FAQ page. 
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

• Initial Complaint

  Date:04/11/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested $18,000 with Vinovest starting in February of 2022.At that time they said I could decide to sell my wine at anytime and that it may take a week or two. But sometime between Feb 2022 and March 2023 they decided to change those rules saying they would now charge a 1.5% fee if you decided to sell your wine before 10 years was up and giving opaque reasons for why some wine could be listed and others couldn't. So i decided to list my wine in March 2023, they only allowed me to list half of what is in my portfolio and I have asked multiple times why I can't list all of the wine I own, but they never respond. On top of all this just days after listing my wine my portfolio value dropped by 18% in one day even though it had never moved more than .5% any day in the past year since I had opened the portfolio. I decided to look into what exactly lost so much value so quickly and turned out to just be 2 cases of wine which they told me had appreciated by about $4,000 in value over the past year before falling back down in one day, but through my own research I found out these wines had never been anywhere close in value to the peak Vinovest had listed in their website. This place is a scam and I will be opening a formal complaint with the ********** ************************* shortly.

  Business Response

  Date: 04/25/2023

  Hello ******, 
  
  Thank you for bringing this matter to our attention. We are sorry for any inconvenience that you have experienced. We will do everything we can to resolve the issue. 
  Our team has done a thorough review of your Vinovest account.  We have confirmed that the partial  liquidation of your portfolio was successfully initiated by you on March 24th and then with assistance from the Vinovest team the full liquidation of your portfolio was initiated on April 5th.  Each wine from your portfolio has been successfully listed. 
  Updates to the liquidation process were announced to all Vinovest customers in November and December 2022.  These procedures and any updates are also stated in the terms and conditions and FAQ on the Vinovest website.  
  If you would like additional updates on your account and liquidation please contact our team.  Thank you again for bringing this to our attention.  
  
  Best,
  
  

• Initial Complaint

  Date:02/05/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Ive been trying to withdraw my funds from my account. Its 3/4 in cash and the remainder still in some wines (as far as I can tell) Its been 2 months since process initiated and Ive been unable to get any response to my questions on a) withdrawing my existing cash and b) how to liquidate the remaining holdings. The website also doesnt work when I try to update or look into the status of liquidation.There isnt a number to call and my emails have either gone unresponded or its an auto-reply or something unrelated.Seems a bit shady to me.

  Business Response

  Date: 02/13/2023

  Customer originally initiated the liquidation of their portfolio on December 17th.   Customer listed 4 of 6 wines in their portfolio for sale.  Four of the six wines from the customers portfolio have sold.  
  Customer then reached out on January 14th asking for an update on the sales and an explanation of the withdrawal process.  Vinovest provided the update to customer in an email on January 17th.   
  Customer reached out  again on January 25th asking for another update and requesting help logging into their account.  Additional update provided via email on January 26th.  
  Customer reached out one additional time on February 5th and received an update on their liquidation and how their fund will be returned through email on February 6th.  
  Vinovest has provided an accurate update on the status of their liquidation and sale of their wines throughout the process.  Customers remaining wines have been listed for sale in their account.  
   Vinovest has also confirmed with customer that a payment for their current available balance has been scheduled.   All emails have received an update and response.
  
  

  Customer Answer

  Date: 02/17/2023

   
  Complaint: 19338235
  
  I am rejecting this response because: rejecting temporarily until funds received. Thanks.
  
  Sincerely,
  
  **************

  Business Response

  Date: 11/20/2023

  The customer originally initiated the full liquidation of their Vinovest wine portfolio on December 17, 2022.  Updates to their wine listings were made on February 19, 2023.   
  After several wines from the customers portfolio were sold, Vinovest returned the available cash balance to the customer on February 17, 2023.  The normal policy is for all funds to be returned to the account holder when the sales of all wines have completed.  
  The liquidation of the customers wine portfolio was completed on March 23, 2023.   Vinovest returned the total of their remaining cash balance to the customers linked bank account on March 24, 2023.  
  This customers account has been closed and all funds have been returned to the individual. Vinovest has received no additional communication from the customer after their portfolio liquidation was completed and all funds were returned. 
  
  

• Initial Complaint

  Date:12/27/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I deposited ******** with Vinovest based upon representations that I could buy and sell wine on their platform. I started buying some wine but became suspicious because the bottle numbers I could get in the marketplace were so small that it did not make sense. I then read a slew of complaints about Vinovest that made me nervous that it was not legitimate. Be that as it may, all I asked for was a refund of remaining funds and a cost estimate for taking possession of the 11 bottles I purchased.
  
  I have tried every way I can think of to make this request and I get no response at all from them. Deafening silence and I fear that I am being stonewalled. All i wish to do is close the account and get remaining cash and the wine purchased.

  Business Response

  Date: 02/02/2023

  Business Response /* (1000, 5, 2023/01/11) */
  1. On December 13,2022 - Vinovest received a support request from customer, they were unable to login to their account.
  2. Vinovest responded the same day to request for support logging into their account with instructions on logging in with a ****** account (if it applied) and to send a link to reset password if needed.
  3. Customer replied later that same day (12/13/22) informing us their login issues were fixed and they could login to their account again.
  4. Customer reached out on December 16, 2022 asking about the shipment process.
  5. Vinovest responded on December 19th (after the weekend) explaining the process for shipping wines from a managed account and requesting their shipping address.
  6. Address received on December 19th
  7. Vinovest responded with an estimated price of shipping a case of 12 wines to customer on December 20th. It was also explained that wines from marketplace trading accounts cannot be shipped at this time, only full cases from managed accounts.
  8. Vinovest has not received a request from the customer to close the account or return funds.
  9. Customer has not listed any of their wines from their portfolio for sale on the platform.
  10. Vinovest is happy to return remaining funds from customers' accounts back to them. Email explaining the withdrawal process has been sent to the customer.
  
  
  Consumer Response /* (3000, 7, 2023/01/12) */
  (The consumer indicated he/she DID NOT accept the response from the business.)
  Given the potential seriousness of this matter, I think it best that you not make this response public until Vinovest has a chance to repspond. I recognize that that is your decision.
  
  The response from Vinovest is not consistent with my understanding. I received one email response on 12/19 that indicated that they would not ship single bottles of wine. I wrote back and said, in part, that "I rechecked your promotional material and I think my reading of it is fair. For trading accounts, you promise that one may purchase and sell small parcels of wine, suggesting an environment akin to an efficient stock exchange.
  
  On 12/23/22, after getting no response to my earlier email, I requested the return of funds and that the wine be sent to me. I have no indication that Vinovest responded to me and i even checked the spam folder. I also used their website "contact us" window to make the request when my emails went unanswered. Still nothing.
  
  Their claim that i cannot take possession of the wine concerns me because at least 6 bottles were purchased from vinovest itself. If the wine is held by vinovest they can send it or buy it back.
  
  As for selling wine on their "market" I have not done so because I have no verification that the wine exists and that I actually own it. Given the lack of responses to my inquiries, I cannot responsibly sell any of these bottles at this time.
  
  
  They do seem to respond to your inquiries so I will make it clear here-I want a full refund or a refund of remaining cash in the account and shipment of the wine. I want this done immediately as I have no desire to trust dealing with them directly any further. If Vinovest will not ship, they can repurchase the wine from me and sell it themselves on their market. With what I know now, I could not in good conscience try to sell the bottles myself because I have no proof that they exist. As a last alternative, send me the remaining cash now and Vinovest can put the ten bottles of wine up for sale itself and send me the proceeds when the sales occur. I just want out of this as soon as possible. Too many danger signals already.
  
  
  Consumer Response /* (-5, 8, 2023/01/12) */
  Update-checked website but found no messages in my account but did see a link to close account-used it so we will now see if that works
  
  
  Business Response /* (4000, 13, 2023/01/27) */
  Customer reached out to Vinovest on Jan 12, 2023 officially requesting to close their account.
  Vinovest replied the same day with the explanation that the account can be closed entirely once a customer sells their remaining wines through the marketplace.
  Customer was also sent instructions on how to post wines for sale and how to monitor those sales.
  To date the customer has not listed remaining wines for sale.
  Customer requested available cash to be returned to them right away.
  Vinovest replied requesting details for the accounting team to process payment.
  Customer requested funds to be returned to their credit.
  Vinvoest sent an explanation that because their deposit had been used to complete purchases in their account a refund can no longer be processed for the deposit. Vinovest again requested details.
  Vinovest received requested information for payment and confirmed with customer that information had been received and confirmation that payment is scheduled.
  Customer's wire transfer payment was successfully processed by Vinovest on January 20th.
  Vinovest is happy to complete the closure of customers' accounts once the customer lists their remaining wine holdings and the sales are completed.

• Initial Complaint

  Date:10/04/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have tried to reach out to them about my remaining funds have not been deposited to my account after closing my account. I have asked them for an update on the deposit and they said it was sent on 9/21/2022. I was reminded that it should take 1-3 business days to be deposited to my account. I called my bank to ask if the deposit came, and I was told it had not arrived. After 5 days past, I reached out to Vinovest asking for an update on the funds, and I was told it was already deposited and it's possible that the bank might have hold on the deposit. I checked with my bank and I was told that they have never received a deposit with no holds on my account. I asked Vinovest for a 15-digit Trace ID so I can provide my bank the information so that they can find the deposit. I was only given a reference number. I wanted to keep supporting this company because it is a great concept but I cannot accept poor customer service. I demand my funds to be released or at least provide me the Trace ID so I can locate the deposit that was owed to me.
  

  Business Response

  Date: 10/31/2022

  Business Response /* (1000, 15, 2022/10/31) */
  Customer requested to close account on September 6th
  Completed on September 9th
  Vinovest received customer banking information on September 13th
  Payment processed on September 14th - depending on the bank the transaction should complete within 1-3 business days.
  Vinovest banking partners show payment as completed on September 15th
  Customer reached out on September 20th that funds had not arrived
  Transaction ID provided for customer
  Additional information provided to customer on September 30th - Trace ID
  Vinovest continued to work with our banking partners to find accurate status of transaction all while providing the customer with updates along the way.
  Customer's bank is unable to locate the deposit even with the proper transaction ID provided.
  Vinovest's banking partner was also not able to confirm deposit of funds to the customer's account, even with proper transaction IDs provided.
  Additional banking information requested by Vinovest from the customer to process a new payment for the customer.
  New payment processed and customer confirmed receipt of the funds.
  Due to banking issues, the return of funds took longer than expected for the customer. Vinovest continued to work with customer and banking partners to rectify the situation as quickly as possible. All funds were returned to the customer.
  
  
  Consumer Response /* (2000, 17, 2022/10/31) */
  The issue has been resolved. They were able to refund me the money that was owed to me.

• Initial Complaint

  Date:08/18/2022

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am owed a refund of $1,000. The refund was stuck in processing on their end and reprocessed, but I've still not received it and I have not gotten replies to my follow-up inquiries. I've tried calling before and am never able to reach anyone, so it's starting to feel like I'll never get my money back. There is no way to withdraw the money yourself, and it's difficult to get in touch with someone to help.
  
  I would prefer to have a check mailed to me, if possible, in place of this twice-failed electronic refund.
  

  Business Response

  Date: 09/12/2022

  Business Response /* (1000, 9, 2022/09/08) */
  Customer reached out to vinovest requesting a refund for their recent deposits on July 24, 2022 Response sent to customer on July 25, 2022 - refunds processed as requested Deposits take 5-10 days to be completed.
  
  Customer reached out again on July 26, 2022 stating they would like to refunds for additional deposits made
  
  Vinovest responded on July 29, 2022 confirming that the remaining deposits had also been refunded. Deposits take 5-10 days to be completed.
  
  Customer reached out on August 8, 2022 requesting an update on refund of one deposit that had not been received.
  
  Vinovest responded on August 9, 2022 with an update on refund. Refund had not been completed and was processed again by Vinovest.
  
  Customer reached out on August 22, 2022 requesting an update on the final refund.
  
  Vinovest responded on August 22, 2022 indicating that the refund had not been completed and requested a billing address to send a check to customer.
  
  Customer confirmed billing address on August 22, 2022.
  
  Customer reached out on September 1, 2022 requesting update on the status of their refund via check.
  
  Vinovest responded on September 1, 2022 informing customer that the check had been mailed on August 26, 2022. Check refunds arrive within 7-10 business days.
  
  
  Consumer Response /* (2000, 11, 2022/09/10) */
  (The consumer indicated he/she ACCEPTED the response from the business.)