Does ACH with Schwab or US Bank work?

coinradcoinrad Posts: 15 Tin ✭
edited March 2017 in About Goldmoney Products
After reading this article I researched available financial institutions of interest in the drop-down list, selected and established an account with Schwab which successfully linked to my Goldmoney according to these instructions.
http://support.goldmoney.com/customer/portal/articles/2329303

Within 3 days of submitting my first Depost via Bank Transfer "Gold Purchase ACH - Confirmed" appeared in my Account along with "Charge - Aborted - Gold Purchase ACH - Confirmed"

With no progress getting to the bottom of the issue with Gold Money Support I came back to this Community and found an article (early 2016) indicating that only pre-2015 Schwab Accounts work so now it appears I may have to find another Bank.
http://community.goldmoney.com/discussion/346/has-anyone-successfully-done-an-ach-transfer-with-schwab-bank

I prefer internet banking and am leaning towards US Bank but before going through the trouble of establish an account there was wondering if anyone has successfully done an ACH Bank Transfer with Schwab or US Bank.

Answers

  • TexTex Posts: 197 Bronze ✭✭✭
    @coinrad In my opinion, I would suggest keeping your checking with Schwab and skip the ACH link (there seems to be many problems with that option at this time). Instead use a credit / debit card to fund your gold money account and then use the prepaid mastercard to spend / remove your funds. This seems to be the easiest option (at this time). That's how I run my account and it has worked flawlessly (my bank card did flag my first purchase until I approved it). You can revisit the ACH option in the future as Goldmoney improves the system and save yourself the hassle of changing checking accounts. Just some food for thought.
  • coinradcoinrad Posts: 15 Tin ✭
    edited March 2017
    Thanks @Tex for that perspective. The reason I'm so keen on ACH is to avoid the 1% international fee as was incurred on my initial purchase with my credit union debit (which I originally had hoped could ACH with Goldmoney but wasn't on the list as was Schwab).

    So, while my sense is that Goldmoney ACH Provider may be missing the boat on exclusion of the all-import routing number used through-out US ACH (contrasted with the alternative approach of Customers passing their login through Goldmoney as was vigorously discussed here)
    http://community.goldmoney.com/discussion/comment/16641#Comment_16641

    .. not privy to the nuances of international ACH I'd be satisfied with Goldmoney narrowing their list of US Banks to those that reliably work.

    I concur completely with using the prepaid mastercard to spend / remove funds which didn't occur to me right away but I realize now is the killer proposition for most users of having a gold-back savings account, to be able to freely spend as they please. Thanks for that affirmation.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @coinrad

    http://support.goldmoney.com/customer/en/portal/articles/2090740

    The above link (provided in the link you cited) suggests that US Bank supports ACH, but not list Schwab.
  • SpontaneousOrderSpontaneousOrder Posts: 270 Bronze ✭✭✭
    ACH with a Schwab bank account is working for me. It's an "Investor Checking" account that's attached to a brokerage account.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Sorry - "Charles Schwab" is listed - my error
  • coinradcoinrad Posts: 15 Tin ✭
    Thanks @SpontaneousOrder for confirming Schwab Investor Checking works for you. My account linked-up fine although I'm at a loss as to why my Deposit kicked back as non-sufficient funds with $15 extra on account. I'm hopeful your input will prompt Support to take a closer look.
    http://community.goldmoney.com/discussion/comment/23221#Comment_23221

    @79Au197 , I appreciate your taking the time to check the list of Banks. I considered US Bank as an alternate based on my positive experience years ago when I seem to recall it was free although that doesn't appear to be case now and therefore I won't be pursuing that option.
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