I would send it back to the big O and ask for another one (if they have any). I recently picked up an automatic Seiko diver (the White Knight) from Overstock and I absolutely *love* it. I have autos more expensive, but I just love the WK and it is becoming my favorite. Very sturdy, accurate, and looks great, even with a suit. I don't hear anything when I move my WK.
The 7S26 movement in the Seiko is fairly accurate although maybe not +/- 60 seconds accurate IME. I have seen some that run several minutes fast. They come unregulated I believe so the accuracy can vary from one to another. My WK was running fast initially, but it has settled in and now running spot on. I have another 7S26 that consistently runs fast and needs regulation, but that would probably cost more than I paid for the watch!
So, I'd send it back, it doesn't sound right to me. The O is pretty easy on returns, so I've heard, and I've ordered a few watches from them without problem.