Wells Fargo Closed My Checking Account Upon Linking to GoldMoney

enduroxendurox Posts: 7 Tin ✭
Wells Fargo closed my checking account due to suspected fraud when I linked my checking to GoldMoney.com.

Long story short, I contacted them and they informed me that it is against their terms of use for a client to disclose their login information (even just temporarily) with any third party (I believe GoldMoney uses SynapsePay) and will close down any accounts in violation (such as mine and potentially other clients).

I had to visit a local branch to recreate a new account since they closed the one I used to link to GoldMoney.com. Now I only have manual wire transfer ($20 fee), GoldMoney Credit Card, or physical gold redemption to retrieve my deposited funds. This is not desirable. Checking linkage is what would be ideal (for me).

Please let me know if their is a work-around in the works. Hopefully GoldMoney gets this issue with Wells Fargo account linking corrected so we don't have to disclose our online banking username and password.

It took Wells Fargo over a week to catch this suspected fraud activity, which I find funny since it is an automated system. You would think it would be ... automated and thus faster at detecting suspected fraud. Oh well...

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Answers

  • AtlassatproAtlassatpro Posts: 1 Tin ✭
    How i can withdraw goldmoney to bitcoin
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    isn't Wells Fargo under investigation for fraudulant accounts?
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @endurox I assume that you have filed a support ticket with Goldmoney via

    http://support.goldmoney.com/customer/portal/emails/new

    If not please do. This is something @Melanie needs to be aware of, particularly in light of fact that WellsFargo is listed as supporting Goldmoney ACH. http://support.goldmoney.com/customer/portal/articles/2090740

    SynapsePay also lists WellsFargo as accepting SynapsePay.
    https://help.synapsepay.com/hc/en-us/articles/205312148-What-banks-does-SynapsePay-support-

    I did not do a one-to-one comparison, but it appears that the Goldmoney list of banks is just an alphabetical sort of the SynapsePay list.

    Something smells fishy.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    edited December 2016
    Wells Fargo? The bank that just lost its CEO to scandal? Maybe its time to find a new bank.
  • enduroxendurox Posts: 7 Tin ✭
    Hello and thank you for your response @79Au197

    I have indeed filed a support ticket with GoldMoney and await their response. Again, the issue is that it is against WellsFargo online banking policy to disclose your online access credentials to anyone. In this case, SynapsePay, when I attempted to link GoldMoney to my WellsFargo checking. I was unaware of that policy until they closed down my checking account due to the fact that they (SynapsePay) logged in with those credentials to make the link between the two accounts.

    I just connected PayPal to my new checking account and how that was accomplished was by providing the two tiny deposit amounts that PayPal had made (and subsequently withdrew) into my checking account. Interestingly enough PayPal had an instant verification process which required my online banking username and password (which is again, against WellsFargo online banking policy).

    I do not want to switch banks because all new banks require fees for personal checking (effectively negative interest rates). I have been grandfathered in with my free checking account. I simply refuse to be charged to give my money to a bank which then profits from my deposit. This is why I love GoldMoney (yes they make money too) they let me have my deposits in a form which protects my purchasing power. I am not against profits, I am against forced financial bleep.

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @endurox

    As I said, "something smell fishy" (at Wells Fargo).

    1) SynapsePay lists Wells Fargo as a valid customer
    2) PayPal worked, but also required login credentials

    Perhaps Wells Fargo is looking for any excuse to close your account, considering that you have been "grandfathered in" with free checking. Would not surprise me in the least based their recent shenanigans. >:)
  • enduroxendurox Posts: 7 Tin ✭
    I must admit, the attacks against WellsFargo in this particular case are unwarranted with all do respect to those against WellsFargo. Clearly you all have been burned one or more times by such large banking institutions. I too have been burned but lets get past this and support GoldMoney and make sure that others like me can use the WellsFargo bank checking linking feature. Without ease of use and a connection into existing systems GoldMoney will not take off.

    WellsFargo closed my account and simply re-issued me a new checking account number at no cost (minus the cost of my time).

    PayPal did work, but as I stated, I used the 'verify by bank deposit' feature rather than 'verify instantly' feature which required me to provide them with my online banking credentials.

    I am meeting with a local WellsFargo representative next week to discuss this issue to see if it was just a glitch. I will then re-attempt to connect GoldMoney to WellsFargo and see what happens.

    Another note, GoldMoney requested my ID for a new checking account connection and I uploaded it multiple times in different formats with all being rejected. Not sure what else they need. I followed their requirements to the letter.

    Fingers Crossed! We (the world) need GoldMoney to work and succeed!
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    edited December 2016

    How i can withdraw goldmoney to bitcoin

    I don't think that this possible, as yet. @Atlassatpro
    Is this correct? @Agos @Melanie

  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    Wells Fargo: Caveat emptor
    Sorry to hear that @endurox
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @endurox please keep us appraised of Wells Fargo's response to your problem. I bank with one of the other major banks that use SynapsePay to link to Goldmoney and have never had a problem.

    I think that the negativity you are seeing from other users is based on the egregious fraud that Wells Fargo perpetrated on its customers earlier this year. Such conduct is difficult to condone or forget.
  • RocketDogRocketDog Posts: 624 Silver ✭✭✭✭
    It is also Goldmoney's unorthodox use of a COMMUNITY DISCUSSION board as technical support which is causing your over-exposure to un-needed comments. People read your comments and want to "discuss" them, like you do on a "discussion board".
    I realize it is a cost-saving measure. But it leads to a board that is not truly a community discussion and not truly technical support. It is unfortunate that you need to air your problems in public to get them solved...though we are all under alias if we choose to remain unknown to the other people on the board.
    On the other hand, there are lots of helpful and curious people on this board that will help you if they can. And your post helps other people understand the issues with Goldmoney. Goldmoney's own support people do seem to respond reasonably quickly to the posts as well.
    Glad you got the help you needed from both institutions.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @RocketDog to clarify, we discourage the use of the Community for specific account questions. We have private email support where we can discuss the issue freely with the user for that purpose. This Community is meant for discussion about Goldmoney as a whole, products, global markets, asking other users for their opinions - but not specific technical or account support.

    However, some users post about their accounts here rather than email in, or email and post. Many of our Community members have so much knowledge of the platform that they may in fact be able to help, but most of the time Goldmoney staff are needed to respond to an inquiry. Our team works diligently to help as many people as quickly as possible, but we appreciate the kindness of Community members wanting to assist where they can as well! Thanks to all the GMHs :smile:
  • GoldmattersGoldmatters Posts: 3,785 Admin
    @Melanie Thank YOU TLM :) for leading the way. We all learn from you and follow in your Tarantallegra
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @GoldMatters LOL! Excellent reference :smiley:
  • RocketDogRocketDog Posts: 624 Silver ✭✭✭✭
    Thank you for the clarification, @Melanie.
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