A Matter of Trust: Full Disclosure on Website to Prospective Clients of US Bank List for ACH Use
Thanks to Melanie, I now understand why ACH is not currently available to me (and many other Americans). This fact is a disappointment, but I am willing to give the benefit of the doubt to BitGold that it is a technological and/or legal problem beyond their control. Hopefully it will be resolved in time.
The far more serious issue here is this: I feel deceived by the BitGold website in that it led me to believe that if I opened a BitGold account, I would be able to make deposits and redemptions via ACH. This was a major selling point to me, due to the high cost and complexity of wire transfers (or credit card fees). For many years I have used the ACH system on a daily basis for both personal and business transactions, so I was really looking forward to this. ACH is the fast, free, and simple way to move money to and from US banks at the present time.
The management of BitGold could have easily prevented my disappointment and my sense of being lured into opening an account by the withholding of factual data needed for a realistic choice. Their failure to disclose before the sale suggests a possible deceptive trade practice, and undermines my trust in the integrity of the company.
Before opening my account, I endeavored to read every word on the BitGold website which was accessible to prospective customers. I even found the greyed-out line of tiny print which said, "*Please note: At this time, US residents are not able to send or receive payments." (This manner of disclosure is better than nothing, but it is an insult to US residents who have had every reason to believe from the website they could send and receive payments until discovering this well-hidden line). Still, technically I can't say that I was deceived about that. I opened my account in spite of it, hoping that someday this will change.
However, as of April 8, 2016 there is nary a hint to prospective US clients that they can use ACH only if they bank at selected banks.
I am rooting for the success of BitGold. I don't expect BitGold (or any company) to do everything I want perfectly. I do expect them to be honest and upfront about their limitations. I have owned and operated businesses for many years, and I know that full disclosure to customers is vital for building a business based on trust. BitGold will succeed only with client trust and good technology.
BitGold has so much going for it. Why does the management feel the need to hide the company's few limitations from prospective clients? This policy is guaranteed to backfire, like it did with me.
I call on the management of BitGold to include an easily-readable sentence in your public presentation of ACH capability to this effect: "Click here or call for the list of US banks which can use ACH with BitGold."
Honesty trumps clean webpage design every time.
I will again be a happy client of BitGold when a policy of full disclosure is evident on the website, starting with the ACH issue.