Redemption and why I lost fate in Goldmoney

LeFinancisteLeFinanciste Posts: 42 Copper ✭✭
I noticed a similar problem then mine and I decided to start a new discussion to show my discontent on Goldmoney.com.
I was ounce a real believer. I was active in the community and I was referring the website to all my clients and people I know.
Since 4 months the problems just kept building up. @melanie I am sorry, but I lost fate in the company. Soon, if I don't get my money I will be a powerful adversary to the website.

1- I sent a referal of one of my best client. He was a wealthy client with frequent transfert from CAD to USD. I presented the Goldmoney MasterCard and the site advantages. He subscribed though my link and was locked out of his account 24h later... He tried to contact help but no respond... He started to look for review of the site, he found disastrous review and stop trying to resolves the problem... I lost a good deal of credibility there.

2- I recently purchase 1000$ of gold.
Seconds later I receive confirmation of my deposit... actual value now... 978$... 2.2% fees from my money...
I know that It is only a a mean that we see, but just the fact that Goldmoney doesn't want us to see the ask and the Bid tells me the aren't playing with transparency. I ask for redemption (after the price of gold went up a bit)... It is only 950$ returning to my bank account... another High fees.... It begins to smell like a scam.

3- I made My withal to my bank account on the 6th of April. got it approved soon after...
We are now the 28th of April... I did not see one cent of my money yet in my bank account. Contacted support 4 times... Joseph from support keep telling me they have little delay... Everything is fine...
Not being able to have my money for three weeks that is not fine and it is completely unacceptable. Since then, the price of gold went up... I would have made more money. But now... You are using my money and having fun with it, while I wait with my thumbs in my backside...

I lost fate in this company. In this market so hard on confidence, you cannot act like that with your customer. I always thought something was off because I cannot see how Goldmoney can stay profitable... Now I understand why it is... by scamming people off there money with incredibly long wait of redemption and off the chart "hidden fees" since we can't really know what is the ask or bid,...

thank for listening.
Hope you change in the futur.
You just lose a big supporter and many to come...
Sorry
LeFinanciste

Comments

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @LeFinanciste After reviewing your support case it looks like you did not include your transit number in your banking instructions, causing the wire redemption to bounce back. Our team had asked you to provide it so that we may send the wire again. It looks like you have chosen to redeem physically instead, and we will be happy to facilitate that order.
  • LeFinancisteLeFinanciste Posts: 42 Copper ✭✭
    Thank you for your answer Melanie.

    I want to add that my inquiries where answer by the support team. I am happy with the way they handle my problem... after I started launching my furry about this site.

    I would've appreciated to be informed of the transit problem way before 22days. I redeemed money ounce before and the question was never asked about a problematic transit.

    How come it took three emails, to have a strait answer and a long one as a really angry dissatisfied customer to have a straight answer.
    How come you speeded up a notch this afternoon. I am sad to have to get frustrated in order to get the service I deserved.

    I wish everything will be fast and well with my delivery.

    Thanks
  • Mr_Troy_OzMr_Troy_Oz Posts: 70 Copper ✭✭
    edited April 2017
    @LeFinanciste .. I understand your frustration. You are not alone.
    I too am waiting, ..and waiting some more, for actual 'deposit' transactions to confirmed into my Goldmoney account.

    With your reported experiences and similar from others who've posted on this board, I too am now concerned how long it might take before I actually see redemption funds re-deposited back to my bank accounts.
    And as you stated, while this delay is happening, you are denied access to your funds for any further use.
    Three weeks waiting time it totally unacceptable!

    I also feel something is not quite right here when many 'other currency transfer services' are virtually instant, and especially when 'slow- as-molasses' PayPal could become the faster solution for seeing your money again .

    In the beginning, I believed Goldmoney was going to be the grand solution for reducing the "friction" of financial transaction.
    Instead, the user interface continues to have 'glitches', lacks pertinent detailed information at check-out time ..and seemingly worsening over time.

    And something else I can't understand is: why Goldmoney, developed in Canada as a Canadian company, has yet to provide a Canadian currency card for its Canadian clients!!
    The use of 'other' currency denominated cards for use by Canadians in Canada does nothing to reduce confusion, inconvenience, or friction.
    Or could it be .. the lack of a Canadian Master Card is ..by design? (Just a thought!)

    Maybe it's time for Goldmoney to look for another card provider, or possibly a completely different and innovative system with an eye on reducing much of that 'delay' and 'friction'.. which was so eloquently promoted in the early days.

    Or maybe it's time for some of us to look for alternatives. And they are coming!
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    I'm surprised by the experiences mentioned above.

    I actually doubled my personal holding this week because I have been satisfied with the service, deposits, redemptions, card etc.
    @Josh Crumb 's realvisiontv video and @Stefan Wieler 's hedgeye video had a little to do with it too :wink:

    It's unfortunate all customer aren't having the same experience as me; if everybody doubled their net holdings on the platform...that would be HUGE!
    Enjoy the weekend y'all! Cheers!
  • EdgarsArtEdgarsArt Posts: 13 Tin ✭
    Melanie said:

    @LeFinanciste After reviewing your support case it looks like you did not include your transit number in your banking instructions, causing the wire redemption to bounce back. Our team had asked you to provide it so that we may send the wire again. It looks like you have chosen to redeem physically instead, and we will be happy to facilitate that order.

    Can support team finally answer to me why my withdrawal is still not confirmed if i sent it on 28 april? Says it takes 1-3 days, ti si already 4!!
  • mr1mr1 Posts: 359 Bronze ✭✭✭
    EdgarsArt said:

    Can support team finally answer to me why my withdrawal is still not confirmed if i sent it on 28 april? Says it takes 1-3 days, ti si already 4!!

    Did it say 1-3 BUSINESS days? I think that is usually the case, and since April 28th was a Friday, that would mean Monday May 1st would be 1 business day, Tuesday May 2nd would be 2 business days and Wednesday May 3rd would be 3 business days.

    So if it didn't complete by the end of Wednesday May 3rd, then you could be concerned.
  • smashinglysmashingly Posts: 3 Tin ✭
    edited May 2017

    @LeFinanciste .. I understand your frustration. You are not alone.
    I too am waiting, ..and waiting some more, for actual 'deposit' transactions to confirmed into my Goldmoney account.

    With your reported experiences and similar from others who've posted on this board, I too am now concerned how long it might take before I actually see redemption funds re-deposited back to my bank accounts.
    And as you stated, while this delay is happening, you are denied access to your funds for any further use.
    Three weeks waiting time it totally unacceptable!

    I too am having similar issues. I watched the Josh Crumb videos and as a HedgeEye customer when I saw that Keith McCulloch had him on the show, I was impressed, so I signed up. I put tens of thousands of dollars into my GoldMoney account and now I'm stuck, with a redemption that's been stuck in "Pending" over 8 business days - since April 28th. My first support case resulted in the support person giving me instructions on how to wire money TO Goldmoney! Email replies to that person to correct their misinterpretation, were ignored. I opened another case and had a quick response, a big apology, and the assurance that the operations team had been contacted and assured me that my redemption bank wire transaction would be actioned that day. But no, alas, nothing happened.

    This is a terrible way to treat new customers, it would be one thing if this was a blip in an otherwise happy customer relationship, but this is the first experience I've had with GoldMoney and it's been abysmal. Really really poor experience.
  • smashinglysmashingly Posts: 3 Tin ✭
    edited May 2017

    @LeFinanciste .. I understand your frustration. You are not alone.
    I too am waiting, ..and waiting some more, for actual 'deposit' transactions to confirmed into my Goldmoney account.

    With your reported experiences and similar from others who've posted on this board, I too am now concerned how long it might take before I actually see redemption funds re-deposited back to my bank accounts.
    And as you stated, while this delay is happening, you are denied access to your funds for any further use.
    Three weeks waiting time it totally unacceptable!

    I too am having similar issues. I watched the Josh Crumb videos and as a HedgeEye customer when I saw that Keith McCulloch had him on the show, I was impressed, so I signed up. I put tens of thousands of dollars into my GoldMoney account and now I'm stuck, with a redemption that's stuck in "Pending" status for over 8 business days now. My first support case resulted in the support person giving me instructions on how to wire money TO Goldmoney! Email replies to that person to correct their misinterpretation, were ignored. I opened another case and had a quick response, a big apology, and the assurance that the operations team had been contacted and assured me that my redemption bank wire transaction would be actioned that day. But no, alas, nothing happened.

    This is a terrible way to treat new customers, it would be one thing if this was a blip in an otherwise happy customer relationship, but this is the first experience I've had with GoldMoney and it's been abysmal. Really really poor experience.
    Just to clarify, since my third sentence was a bit unclear - the problem isn't with deposits. It's the Redemption process via bank transfer, that is the problem. Stuck in "Pending" status.
  • dashedhopesGMUdashedhopesGMU Posts: 1 Tin ✭
    edited February 14
    Hello
    We underwent the same problem; redemption (20k€) by bank wire at the beginning of february 2018 ; no money on our bank account more than 10 days later. NOT a single contact by email (more than 4 days later), no phonecall or any other kind of support... GM looks like an empty shell (after being) drained by GM Wealth???? or... (I hope not)
    We have lost confidence
  • Arrodrig12Arrodrig12 Posts: 2 Tin ✭
    So I guess me waiting *only* 7 days for a bank wire transfer redemption (and counting) is nothing out of the ordinary for this company. I guess I will just lodge complaints to the BBB in Ontario or in the US to try to jump start the transfer. The frustrating part is that NO ONE has responded to my email. I even tried to communicate to their support on social media but was ignored. They should just call their "Support" account a sales account. Calling itself "The most trusted name in Gold" is laughable. I have lost faith and trust in this company.
  • Arrodrig12Arrodrig12 Posts: 2 Tin ✭
    Update: 11 days and counting. Got a message from support saying it should have reached my bank. It has not. If someone is unsure about Goldmoney and they find this message on a search, don't do it. 1-2 days for your deposits to hit your Goldmoney account but 3+ business weeks to make a withdrawal is unacceptable, ESPECIALLY when Goldmoney sets the parameters of a wire redemption at 1-6 days.
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