Should I start using my Holding Account?

TomSwiftTomSwift Posts: 40 Copper ✭✭
I opened up a Full Holding Account and it took months to get verified. I found that the customer service on the Holding side is much slower than on the personal side (if that is possible). I sent a simple request to them last week and still no reply and the error on their website I was pointing out to them still has not been fixed. I wanted to start parking large amounts of cash with them via wire transfers from overseas but now I am wondering if it is worth it. Reading all the comments on this forum about wire transfers taking weeks and the total lack of communication makes me nervous. Should I just send cash to companies in Canada and buy gold outright and have them send it to my mother? Not the best system and the costs will be higher but at least I would know where the gold is. What do people think? Is it worth it?
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Comments

  • RocketDogRocketDog Posts: 403 Bronze ✭✭✭
    Hi @TomSwift. Now that you are verified you should be OK to use your account. It depends on what country you are in and your particular banking situation, how much trouble/expense you may have making deposits/withdrawls. In my experience (USA) deposits are easy and have no bank charge through ACH. I think that if what you want to do is deposit money and hold precious metals in your account you should not have that much trouble or expense.
    If you suddenly need your money out in a hurry our think it is some sort of day-trading platform you will be frustrated, because the transactions regularly take a couple of days to clear (to account for the physical gold register) and some people have had significant delays (but I think those are a rare few who come here and express their understandable frustration).
    If I were you, I would start with some small deposits and try a withdrawl or two as well as experiments, make sure the mechanism is working for you and you understand it. Then, if it seems OK, start your larger deposits with a great degree of confidence that once you're set up you will be able to have the peace of mind of being invested in actual, spendable precious metals.
  • IrishGuyIrishGuy Posts: 85 Bronze ✭✭✭
    edited October 7
    @RocketDog is correct in everything she says.
    I also think Customer Service would improve the more you have lodged/transact there as you will become a valued customer.
    It makes sence for customer service to prioritise the customers who are making money for GoldMoney by buying /storing/Redeemibg precious metal.
  • Marco_1983Marco_1983 Posts: 129 Bronze ✭✭✭
    @IrishGuy I would have to disagree on that. A customer is a customer. no matter how much he/she spends. And customer service, which is the BASICS of a business, needs to be top notch, always.

    Also, we've been told that we would get better customer support once we would have transferred from Personal to Holding, but it seems it is the complete opposite.
  • IrishGuyIrishGuy Posts: 85 Bronze ✭✭✭
    @Marco_1983
    I am not saying it is right or defending it, but it is the reality of life. I am sure if I was a million + customer with GoldMoney, I would have a different helpdesk number for my "Platinum service level" etc., I see it in Banks and it will be the same here. Have a large enough account, and I would say you would have Peter Schiff's contact details.

    It is even interesting that the verification form section 2 actually asks that question on level of activity.
    https://www.goldmoney.com/images/media/Files/CAP_Individual_A4_Form.pdf

    I agree with you second statement 100%. "we've been told that we would get better customer support once we would have transferred from Personal to Holding, but it seems it is the complete opposite"
  • Marco_1983Marco_1983 Posts: 129 Bronze ✭✭✭
    @IrishGuy I know that, in life, money brings more money (thus more attention). I get that.

    How about this though. Let's say I'm a customer that is worth millions of $ but the company doesn't know yet. I'm just testing the platform, so I do not invest a lot at first. I get awful customer support and I notice that what the company promises often doesn't reflect reality 100%. So, I decide not to invest in the company anymore and put my money elsewhere. See where I'm going here?

    A customer is a customer, and you never know who you are dealing with. Treat customers as they should be treated and money will come in.

    Again, we are talking about the basics here, not exceptional services. It's basic customer support!! If 50% of the community is talking about bad customer support and bad verification process, there is clearly something wrong.

    I'm done complaining. As I already said several times. I'll just wait until the end of this year to see if something changes by then..
  • GMONEY1GMONEY1 Posts: 392 Silver ✭✭✭✭
    edited October 8
    @Marco_1983 is spot on in the last post. As someone who is just testing out the waters (and I have a decent network of HNW ppl), I would like to have more confidence in consistent customer service; in the event that I or any other customer won the lottery (literally or figuratively), the first financial services name that comes to mind should be Goldmoney. The company is not there yet. If customer service is subpar with <$10,000 , it'd be hard to not take business elsewhere. I am pretty darn patient, but I am quite surprised that customer service is still an issue.

    CS was brought up in an earnings call about a year ago; it has been all over the forum; and Roy has even made statements about it.

    I remain optimistic, but definitely still surprised.

    GM has a decent roadmap for differentiating itself from competition ( e.g. mene, coldblocks, patents, p2p, institutional, trusts, branches), but competition is increasing in the space and they cannot forget that good customer service and timely responses are a basic expectation nowadays. It would be most unfortunate if THAT were the growth inhibitor to this company. So much potential here... my fingers are crossed!
  • Lone_StarrLone_Starr Posts: 5 Tin ✭
    edited October 9
    @Marco_1983 and @GMONEY1 you nailed it.

    Bad customer service = a bad reputation. Customer service is more important than the actual product. New and better products can be offered but once your reputation is hurt ... well history is full of examples.


  • TomSwiftTomSwift Posts: 40 Copper ✭✭
    Here is the issue. I initiated a wire transfer then stopped because I was just checking to see the process. The system initiated the transfer and is now waiting for me to complete the transaction. I messaged them to cancel this transaction and that when I click on "More", nothing appears but a tiny flag. See the images I posted. How can I trust them when they still have not done this simple thing or even fixed the issue? Even if I was going to transfer funds now, I can't bring up the transfer information since all that shows up is a tiny flag.

    https://drive.google.com/open?id=0B3V-ooy7WnHhRzZGUTNOMDJMU28
    https://drive.google.com/open?id=0B3V-ooy7WnHhOFBwb1h1UmxaNEU


  • RocketDogRocketDog Posts: 403 Bronze ✭✭✭
    In as much as Goldmoney is providing a rare, desired service and it is a NEW, and potentially valuable service, I am willing to be patient as they work out the bugs in the system. Holding physical gold in a spendable digital format may very well save our bacon if/when currency meltdown occurs.
    I would encourage new users to experiment with small amounts of money in their holdings...nothing they will need in the next month or two...until they know their account is working. Then load it up and relax. Goldmoney will HAVE TO improve customer service methods and response times in the future, as they mature and grow. Now they are still new, small, growing, and figuring things out.
    I am sorry for all of the NEW customers (post-Personal Holding account). The Personal account is/was as easy and convenient as you hoped it would be.
    I think the main problems that exist in Goldmoney now are of two types:
    1) Getting verified for a full holding. Apparently this is easy if you are in USA/Canada and have a good Equifax record of your identity. It gets more problematic (even for Canadians) if something is wrong with your credit history. It is more problematic for non-Americans, perhaps in countries where record-keeping and proving identity is not as standardized. It is also difficult for people who do not have a traditional, verifiable stream of income from an employer. Please note: These verification requirements are part of the USA PATRIOT Act, Bank Secrecy Act, Anti-Money Laundering regulations and their foreign equivalents. Banks are required to follow these rules and Goldmoney would not be able to interface with banks (to get your transfers etc. if they did not also follow these rules).

    2) Transferring money. It seems that a lot of complaints deal with setting up the transfer mechanism with the various banks around the world. Different countries use different transfer mechanisms. The ACH method in USA works great in my Personal holding with no extra fees. I have heard that Paypal works in most places. There are other postings dealing with other transfer methods. For most people, once they successfully set up their transfer method they can continue to use it successfully. There have been a couple people who have reported that a previously working method is no longer working and they can't get their funds. (That is TRULY maddening and I understand their frustration and anger over the situation.)

    For the most happiness/least stress, open your account, be prepared for verification delays (you know how transparent your life/work style is), don't be surprised if you have trouble if you are living a non-traditional lifestyle or are living/traveling abroad. You will have to figure out how to lay the groundwork for a legitimate account. I understand it is frustrating to be treated like a criminal when you are not. Today, everyone is suspect. I needed 3 forms of verifiable ID to RENEW my driver's license. I was livid, I thought it was the deep state prying into my affairs. Turns out that the state is trying to prevent identity theft and therefore I should appreciate their efforts...(still frustrating). So we are suffering for the actions of criminals who are everywhere these days.

    Once you get verified, then start transferring small amounts of money into your account (like $50). If you can do it for free then make those transfers as small as you want. If you have to pay for a wire transfer then it is still worth taking the $20 the hit on a couple of small transactions before you start transferring thousands of dollars that might get stuck there. Practice redeeming your gold as well, back to your bank, or to a Goldmoney Debit card. Learn it before you fund it significantly. Then you won't be angry/panicked.

    Last note: I see some people posting on this board that they deposited $40 and now they need it for an emergency. What? This is not an ATM and it is not the Walmart Customer Service line. If you are down to $40, keep it in your pocket. $40 may go far in some countries but it won't attract the attention of a western financial company.

    Further I disagree that every customer should be valued the same. A successful company will focus on the customer base that will sustain their revenue model. Goldmoney is not a social service. They want to attract and maintain customers that will transact in precious metals at a level that will sustain their revenue models (they make money off the transactions--and now a bit off of storage). A high-maintenance customer from a small country with poor AML/BSA compliance, a tiny deposit, and high customer service needs, is not the customer they are looking for. Obviously, the wider the base of users of Goldmoney the sooner it could become the standard, currency alternative. But there will undoubtedly be competition in this space and they will be smart to focus on the lower maintenance, AML/BSA compliant customers with greater storage/transaction needs. This will benefit the smaller user in the long run, in that they can stay in business and improve their services.

    If you are panicking about wanting to buy gold NOW and your account is being delayed. Then why not contact Schiff Gold or some other reputable gold vendor immediately, and arrange for delivery of physical gold/silver to you? Then you can rest easy that you've got some physical in your possession. And hopefully your digital gold issues will be getting sorted out eventually.




  • Marco_1983Marco_1983 Posts: 129 Bronze ✭✭✭
    @RocketDog Can you please ask Goldmoney if you can work with them/for them? You would probably solve the majority of the customer service/support issues this company is facing. Thanks for the very good answers you give to the community.

    "1) Getting verified for a full holding...It is more problematic for non-Americans, perhaps in countries where record-keeping and proving identity is not as standardized. It is also difficult for people who do not have a traditional, verifiable stream of income from an employer"

    This is exactly the situation I'm in. I will probably have a hard time getting verified unless laws change...unfortunately..
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