Monthly Storage Fee Credits - Holding account

TexTex Posts: 197 Bronze ✭✭✭
Does anyone know how that works?

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Answers

  • GoldIsCurrencyGoldIsCurrency Posts: 1,776 Gold ✭✭✭✭✭
    Hi @Tex

    It is explained in this doc. Cheers.

    https://www.goldmoney.com/images/media/Files/Docs/goldmoney-fees.pdf


    MONTHLY STORAGE CREDITS

    Goldmoney rewards clients with credits to apply against storage fees.

    We calculate your total buying, selling, and metal exchange activity each month, and apply the total commission you paid
    against your monthly storage fee. This means that you only pay storage fees during months you are less active.

    For example:

    • An account with a gold balance of $25,000 would only need to make $500 worth of gold transactions per month to
    avoid paying a storage fee.
    • An account with a silver balance of $25,000 would only need to make $2,500 worth of silver transactions per month to
    avoid paying a storage fee.
  • TexTex Posts: 197 Bronze ✭✭✭
    Thanks @GoldIsCurrency I read that but it's not very clear on how it works and nowhere in the holding account does it show a credit balance.

    Do the credits automatically cancel out the storage fees?
    or
    Do the credits reimburse you for the storage fees that are charged at the end of the month and/or when you sell out of your metal position?

  • GoldIsCurrencyGoldIsCurrency Posts: 1,776 Gold ✭✭✭✭✭
    I am not sure of the detail. Maybe @Melanie or @KatyMillington can help clarify.
  • TexTex Posts: 197 Bronze ✭✭✭
    That would be awesome if they could.
  • TexTex Posts: 197 Bronze ✭✭✭
    So I received a response and it seems customer service knows nothing about the storage fee credits. @KatyMillington @Roy Sebag @Josh Crumb
  • TexTex Posts: 197 Bronze ✭✭✭
    I wrote:

    I noticed I was charged a storage fee for my silver on July 31st. I thought the transaction fees paid would cancel storage fees?


    The response was:

    A representative of the Goldmoney Relationship Management Team wrote on 2017-Aug-08:

    Dear Mr _______,

    Thank you for your online message.

    No, you will be charges a storage fee of 0.49% per year (this includes insurance).

    Please feel free to visit the Goldmoney website in the support section for further information in regards to our fees.

    Kind regards,

    Simon Freer
    Senior Relationship Manager
    Goldmoney
  • KatyMillingtonKatyMillington Posts: 49 Tin ✭
    @Tex Apologies - our RM should have explained the credits to you. I will ask him to get in touch again and clarify.
  • TexTex Posts: 197 Bronze ✭✭✭
  • TexTex Posts: 197 Bronze ✭✭✭
    "This means that you only pay storage fees during months you are less active."

    @KatyMillington I opened my account in July and started buying silver the last week of July. I made 4 purchases yet I was still charged storage. That seems very odd. The purchase fee is .5% per transaction and the storage fee is .04% a month. That math doesn't add up and explain why I was charged a storage fee.

    I thought the storage credit was figured like this: total transaction fees for the month - storage fees for the month = storage fee due / 0. Am I correct?

    The dollar amount of the storage fee was minuscule, it's the principal. I have since sold out of my silver position (and charged another storage fee when I did) and I'm waiting for this to be sorted out.

    I'm thinking either my math is off or there is an accounting glitch with the storage credit.

    If I'm wrong and I was supposed to receive a storage fee please educate me as to why so I can adjust my future purchases.

    Thank you for your assistance.
  • KatyMillingtonKatyMillington Posts: 49 Tin ✭
    I'll ask Simon to speak to Dealing and ensure everything has gone through as expected for you!
  • TexTex Posts: 197 Bronze ✭✭✭
    The issue was corrected. Thank you.
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