Direct Deposit

GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
edited February 2017 in Wishlist for Goldmoney
Direct deposit is on my wishlist; but I think the incentive should be a 0% / no fee (on the on-ramp*). Seems like it would be a win/win; customers would be able to save more (in gold), and Goldmoney would get more volume and flow on their platform.

(*GM could still charge .5% for the off-ramp on redemptions)

Comments

  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    edited February 2017
    @GMONEY1 I would lose my bleep if this happened. What are the chances? Is it something that is difficult to make happen?
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GMONEY1 It's shocking how hard it is to convince my employer to open a business account. It's such a no-brainer.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    ike11ike said:

    @GMONEY1 It's shocking how hard it is to convince my employer to open a business account. It's such a no-brainer.

    @ike11ike I can imagine; I was JUST about to start a discussion about 'HOW TO GO ABOUT CONVINCING YOUR EMPLOYER TO PAY YOU IN GOLD'.

    I want to be paid in gold, but I am quite sure my company will not do it...even though we had losses specifically due to fiat CURRENCY MANIPULATION!!

    Agree, it is a no-brainer for ANY company, especially if they have significant FX exposure and risk!
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GMONEY1 this is going to be the tipping point for the global monetary system...

    "A $2.99 trillion war chest or a $3 trillion war chest sounds like plenty. But as Jim Rickards explained recently, it’s not nearly as much as it sounds:

    Of the $3 trillion that China has left, only $1 trillion of that is a liquid. One trillion is invested in hedge funds, private equity funds, gold mines, et cetera. That money is not liquid. It cannot be used to support the currency, so remove a trillion.

    That leaves $2 trillion:

    Another trillion has to be held on what’s called a precautionary reserve to bail out their banking system. The Chinese banks are completely insolvent. That system is going to need to be bailed out sooner rather than later.

    Scratch another trillion:

    That leaves only $1 trillion of the original $4 trillion in liquid form. The problem is that capital flight is continuing at a rate of $1 trillion per year, so China will be devoid of usable liquid assets by late 2017.

    Repeating: Two-thirds of China’s reserves are doing other service. About $1 trillion remains"
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    ike11ike said:

    @GMONEY1 I would lose my bleep if this happened. What are the chances? Is it something that is difficult to make happen?

    @ike11ike I would too... and I would start channeling more money onto the platform, for sure.

    Not sure about the technicals though; maybe it is harder than it seems; or maybe there are some regulations that prohibit it. I guess we'll see.
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GMONEY1 Yea I think it is definitely harder than it seems with some annoying bureaucratic nightmare dogpoop regulations...as you mentioned.
    I WANT FREEDOM FROM THE FEDERAL RESERVE SYSTEM!
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GMONEY1 William Wallace..."FREEEEEEEDOMMMMMMMMMMM!!!"
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @ike11ike @GMONEY1

    Recall that a Goldmoney Network account (Personal or Business) is only free up to 1kg (USD $39,000 as of today). That could impact direct payroll deposit in gold.

    @Melanie - we know that Goldmoney charges no fees up to 1kg, but above 1kg is there a hard limit on how much one can have in a Network account?
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    edited February 2017
    Most employers can split direct deposits to different banks*; that's what I was referring to--a split. For example, each pay period 50% to checking 50% to savings etc. 5-50% could be going to my Goldmoney account instead of a bank. That was my point. And I agree about the 1kg cap- good point- I think most customers in personal will have a long ways to go before that because it's not designed for HNW customers. Plus you can always funnel money through the Toronto personal/wealth link. Cheers

    *I realize GM isn't a bank
  • packetmagicpacketmagic Posts: 7 Tin ✭
    Direct deposit into GM is something I would love to use.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭

    Direct deposit into GM is something I would love to use.

    @packetmagic Same here.
    Fingers Crossed for this feature!! :wink:

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