You Deserve Better - Sweeping Changes to CS Coming!

Dear Goldmoney Client,

Josh and I want you to know that it has come to our attention that certain CS employees have been under-performing in their roles as it relates to the level of service we seek to deliver to you. I take blame for not identifying these issues earlier. This morning, I decided to take certain steps that will result in superior customer service and client relations.

Over the next week or two, you will begin noticing these changes and new blood joining the CS/RM team. Additionally, every CS/RM will now have an assistant you will be able to reach via phone and email to ensure continuity in your communications.

If you haven't already, I recommend you create a Goldmoney Holding and begin to transition your metal into that platform. It's where all the future development and engineering is taking place and it's a far superior service. You can buy and sell all four precious metals, hold 9 currencies, have several plastic and metal cards, get paid a storage credit for trading actively, and soon you'll be able to buy/sell cryptocurrencies as well. You also have a personal relationship manager with a Goldmoney Holding.

Take the time to open a Holding as approvals take between 1-2 days given the demand we are seeing. We will be uploading a blog post and video shortly which will help you transition quickly.

As always, we appreciate your continued support and confidence in our company. We are here to serve you and protect your hard-earned surplus!

Best Regards,

Roy Sebag


  • Roy SebagRoy Sebag Posts: 21 Admin - If any of you in the Toronto area seek to join us, apply here!
  • goldmoneypleasehelpgoldmoneypleasehelp Posts: 4 Tin ✭
    edited August 2017
    Hi Roy,

    I appreciate the update. I made a deposit Aug 1, 2017 in which the money was withdrawn from my bank account shortly after. Since then, I have not received an update of gold added to my Toronto Vault. 16 days have now passed, I've sent two emails, two phone calls, and am currently awaiting a call from a Compliance officer. Can someone please expedite this, I am growing restless with a feeling that my funds have gone missing. I turn to this comment as my last approach before I contact my bank for further options of investigation. Please help!
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @Roy Sebag I like the initiative to improve Customer Service; hopefully, it goes a long way with current clients and the prospect/referral segment.

    I was actually thinking about the "service industry" in general, and sometimes the customer service/support role can be a thankless job... which is unfortunate because relationships and morale are really important ...and often times they are the intangible glue that strengthens a network or team. Reps should be held to a high standard, especially today when great service is expected, but it would be interesting to see some sort of appreciation tokens/grams incorporated into the customer services that y'all provide. (Just throwing the idea out there). I guess I was influenced by steemit; but a similar pilot use-case for "Gold as money" could be a "tip" (of sorts) for excellent service. I realize that standards for "tipping" differ around the globe, but when I travel, eat out, take a cab, whatever... I tip if people go above and beyond. Even if it is .01-.1 gg ... it would be something to show appreciation. From the business side... GM would not be requiring clients to tip, and also, this might incentivize your reps to outperform. Just a thought ... might be worth a discussion with the board... or perhaps in the community.
  • TimKTimK Posts: 90 Bronze ✭✭✭
    I will never open a holding account until I don't have to go through all that stuff I had to for the personal account. I haven't changed and my information hasn't changed. I already went through the verification process. I'm not doing it again.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    I'm happy with my Personal account as well for the time being. I've been through two verification processes since Bitgold's inception, I'm not quite ready for a third.
  • TexTex Posts: 197 Bronze ✭✭✭
    @Roy Sebag As a shareholder and client THANK YOU. Customer service is probably the most important part of business. Somewhere between your vision and reality the communication isn't flowing and the vision has been lost.

    Frankly I'm very disappointed with the customer service I have received since going to a holding account. I was charged storage fees on silver purchases which was odd since I had no metal in my account until the end of July. I made my first 5 purchases the last week of July. On July 31st I was charged a storage fee. Mathematically that doesn't make any sense at all. $1 (add any number of zeros) x .005 (.5% a transaction) is greater than the storage fee of .0004083... a month (.49% per year). I asked my RM and he didn't address my concerns. I've been going back and forth with him a few times over that past 18 days (he seems to only email back on Wednesdays). Every response is a basic copy and paste of what I already know, its insulting and a waste of my time. Is it that tough for him to take the time, read my messages, see what the issue is, look at my transactions, see the quick math, and fix the problem? Instead, I'm treated like my account is meaningless and I'm a P.I.T.A. I receive better customer service through my bank. If I wasn't a shareholder I would have closed my Goldmoney account and taken my business elsewhere.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @Tex sorry to hear about your back-and-forth with CS; hopefully, it gets resolved. Roy and team seem to be doing the right things to get CS on track.

    Your post made me double check my statement, and the math seems right on mine... I don't think fees could be much lower honestly in my holding (less than $1... and I did some rebalancing/buying last month).

    One suggestion for GM development might be to have a status bar in the dashboard/home to show how much you need to purchase to be fee-less for the month. (APMEX kind-of does this with their member status... e.g. you need to spend $1,000 more or 5 transactions to get to "Gold" status)... this same concept could be applied to monthly fees and it'd take out some of the guesswork and add transparency.

    Sorry this thread was about CS... but thought I'd share.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Thank you, Roy. This is a golden project. Right up there with SpaceX and Tesla. It NEEDS to succeed. You've got my support and best wishes for GoldMoney's continued improvement and success.
  • SpartanSoulSpartanSoul Posts: 16 Tin ✭
    Well once again it's good to hear promises of improvement. The customer service definitely needed it. But there also needs to be a strong push to improve the technical side as well.

    I really wanted for this experiment to succeed. I have followed if from the start, watched every streaming Town Hall , did my best to spread the word and own the stock etc., but I have basically thrown in the towel at this point. I'll leave a few $$ in my account but have no desire to try to open a Holding again after my last disaster of an experience and I have no intention of putting money in Goldmoney Personal if it is EOL'd. I'll post below my experience that I posted in a previous thread.. There were promises of a streamlined signup process but from what I can change nothing has changed since the end of June.

    Good luck, this is a service that needs to succeed.

    Well it’s nice to hear that there are plans and goals but my experience with trying to open a new Holding was almost enough for me to wash my hands of Goldmoney entirely.

    I read of the new Holdings and decided to open one and planned on a $5000 trial balance to test drive the new features. I entered all my information in an application flow that I found totally customer unfriendly but soldiered through and figured it would be worth it. I received numerous random error messages throughout this process, but finally made it through. Next, I uploaded copies of my ID and Capital1 360 Bank account statement.

    As I went through my profile information I saw the section to add a joint account owner. Great!! I thought this was definitely a feature I wanted and had waited for with Goldmoney personal accounts. I entered all of my wife’s information, then was shocked to see she wasn’t the joint owner but the primary owner for some unexplained reason. My information was nowhere to be found. I tried to call support but of course I got the “closed” recording, so next I sent a secure message.

    Days later I received a message on how my Holding couldn’t be opened since my ID didn’t match my information (which was my wife’s) and my bank statement wasn’t OK because it was from a brokerage (which it wasn’t). The inability to speak to anyone live and the days lag between secure messages was maddening.

    I’ll skip to the end, I just asked for the Holding to be closed and actually sold most of my Goldmoney stock holdings. I just don’t see Goldmoney reaching a fraction of its’ considerable potential as long as execution is so poor.

    Why wasn’t the application process fixed before announcing the new holdings?

    Why no clear information on what the status of Personal Holdings?

    Why speak of features that currently do not exist if you don’t have a firm launch date?

    Why not communicate about upcoming changes ahead of time?

    These are just a few of the many questions that need to be answered. Gold and by extension Goldmoney is meant to be the “safe” place to store wealth. If the platform can’t be trusted it is worthless.

    I have followed Goldmoney since the early days of BitGold and I’m looking at my OG White BitGold card as I type this. I understand that there will be growing pains and bumps in the road but I feel the current status is unacceptable and will not invest more in Goldmoney the service or the stock until I can see a clear path and execution toward the company’s goals.

  • TexTex Posts: 197 Bronze ✭✭✭
    I noticed when I was balancing my books that my numbers were slightly off. So I ran the all metals and currencies report I didn't see the discrepancy, but when I ran the report under silver only the missing amount was right there marked storage fee.

    The little status bar or whatever that you mention is a good idea. It will provide transparency as well as a goal tool / selling tool.

    I only posted my frustration above for the sole purpose to provide feedback for areas of improvement. The company is run by wise people and there are a lot of great people working at Goldmoney. I'm sure my RM is a great guy.

    What I have noticed is the vision is grand, there is tendency to go before the shoes are tied but I think that is tied to the first part, the passion and excitement of what Goldmoney will be. I've also noticed that every time an issue comes up that needs to be addressed, it does get corrected, sometimes just not as fast as all involved hope it would be.

  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @SpartanSoul Sorry to hear about your experience. I remember reading about it and I felt bad (because my experience has been great). Hopefully, the declaration by @Roy Sebag for better Customer Service will raise the bar big time and lead to customer retention and user base growth.

    The "gold vs obselesent fiat" or "gold is quintessential money" arguments are not enough by themselves to retain customers long term. Customer service and a better/reliable/secure technical platform are also important. I think the GM team knows this, and they seem to be aligning their team to execute on this.

    @Tex running before the shoes are tied is a great analogy... except I'm pretty sure @Roy Sebag and @Josh wear Back to the Future auto-lacing shoes!! That's where their vision is!

    Haha! Cheers y'all.
  • TheRaveneerTheRaveneer Posts: 109 Bronze ✭✭✭
    Who cares about customer support? Where is all the promised *functionality*?? We've been waiting for almost 1 year for these promised items.
    The Holdings are a recent terrible distraction. The fees have doubled to pay for customer support, and still, people who don't think want more of it -- crazy.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    Always great to see the leaders posting on the community board. Provides everyone with a level of comfort and feel for the direction.

    4) Crypto Buy/Sell <-- this will be huge for Goldmoney. To be able to buy and sell, huge.
  • TexTex Posts: 197 Bronze ✭✭✭
    @GMONEY1 That's funny.

    @GoldIsCurrency One of the things I always found very unique about Goldmoney was the interaction between all involved.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I'm excited . Happy I already have a Goldmoney Wealth account. Once I have ACH on the Wealth platform I will abandon my network account once and for all.
  • BigMouseBigMouse Posts: 147 Bronze ✭✭✭
    yes, I will abandon my network account once ACH is available to holding account. cann't wait!
  • SecretsSecrets Posts: 59 Bronze ✭✭✭
    If Goldmoney make it possible to buy Crypto with Gold i'll shift everything I have into Holding same day. Crypto is too damn difficult to buy with all the platforms doing exit scams, getting hacked or limiting the amount you are able to buy into. If they were to set up an exchange and provide and easy route in it would be absolutely HUGE. I don't care if its only with Gold bought through ACH or Wire and not CC, but just to have a route onto the space that is trustworthy and frictionless would be invaluable.
  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    Roy Sebag said:

    What functionality are you waiting for that we haven't delivered on? The new Holding has far more functionality than the Network account ever had...

    @Roy Sebag , I appreciate that you're still working on some of the features for the new Holding, but unfortunately that doesn't change the fact that they were promised to be available immediately, and that was not delivered. @SpartanSoul made some really good points above.

    The announcement about the unified Holding said the following:
    "Clients with existing Goldmoney Wealth Holdings will instantly experience the new branding and features available to them in their Dashboard."
    "Multiple funding and redemption options (bank transfer, debit and credit cards, AliPay, etc.)"
    "Send and receive free precious metal and currency payments to and from Goldmoney Holding owners globally (gold, silver, platinum, palladium, and all nine available currencies)."
    "Earn precious metals and send free metal payments with Goldmoney business tools (payroll & invoicing)."

    The card funding and payments feature have since been implemented, but none of those features were implemented immediately as promised. I'm still waiting particularly for the ACH transfers and the Business tools.

    Even the main website still promotes features that are not currently available. For example:
    "multiple funding options including bank transfer, debit and credit cards, and cryptocurrencies."

    I very much want Goldmoney to succeed, but I think the roll-out of the Holding was way too premature. It added some cool features, but initially left new customers with only one funding method (wire transfer) and without one of Goldmoney's key differentiators: peer-to-peer gold payments. I can see that improvements are being made, but we're still not to the point of having everything that was promised to be available immediately.
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    @BigMouse agreed... ACH is a must for me as well as some sort of autoload for my pre-paid card. I dont want to login to my holding everytime i want to buy something to be sure i have money on my card... if i keep a balance of 150 and know i only spend <75$ at a time i can be sure that i have money there. Typically i spend smaller amounts like ~20 but when i get that email that i sold some gold to load my card, i get a sense of ease that next time i use my card i will be back at my typical balance.

    Also would like to see a fingerprint reader feature for logging in. this is a nice to have and not a requirement for me to fully switch over. Im sure once i get my silver card most of the features im looking for should be available.

    @Roy Sebag Keep up the good work!
  • TexTex Posts: 197 Bronze ✭✭✭
    Any updates on the new signup process or the other stuff that was supposed to start rolling out last week?
  • vapor1xvapor1x Posts: 2 Tin ✭
    Tex said:

    Any updates on the new signup process or the other stuff that was supposed to start rolling out last week?

    Roy, Peter and Josh too busy bashing crypto.
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    Any update on the new easy upgrade from Basic to Full Holding? @KatyMillington

  • ilyailya Posts: 8 Tin ✭
    "Over the next week or two, you will begin noticing these changes and new blood joining the CS/RM team. "
    If it ain't broken, don't fix it. @Roy Sebag I have submitted my request on 14th of August, and my issue is still not resolved. So yeah, I did notice some changes, but I'm not sure this is an improvement.
  • CampeadorCampeador Posts: 221 Bronze ✭✭✭
    "Bear with us, the platform will be perfect by mid September IMHO.



    According to Mr Sebag the changes should be around mid Sep. What are the changes? Not trying to be rude, not at all, just asking :)
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    Posting timelines and predictions on Twitter in something Roy does often. Rarely are those timelines and predictions right...... I have the same issue at home with work around the house when I give my wife predictions and timelines lol . I admire Roy and his teams ambition a little patience is required at times but in the end it will be well worth it IMO .
  • mr1mr1 Posts: 375 Silver ✭✭✭✭

    One of the changes is the simplified sign-up process which Roy said went live today. Yay!

    Another big one we're waiting on is ACH transfers.
  • rfallonarfallona Posts: 10 Tin ✭
    Hmmmm. I am a GoldMoney Wealth customer and sent a message to my "personal relationship manager" ..... I had some questions about the Paypal funding option and how to use Schiff gold for physical delivery. Five business days later and counting and I have NOT received answer. Considering the amount of money I have involved with this company, it does not inspire confidence. On a positive note though, I requested a call-back from Schiff Gold. I was called that same day by Fabian Gambino and he was professional and answered my questions.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    @rfallona thanks for the info. We do know that Goldmoney is hiring more customer support personnel. Hopefully response times will improve.
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