What causes "Chargeback - Aborted - Gold Sale (ACH)" ?

I recently attempted my first redemption via ACH transfer to my bank account that I used to purchase all the gold I currently am holding. The redemption was approved, but then later that day another transaction came through for the same amount that was categorized as "Chargeback - Aborted - Gold Sale (ACH)." I was not notified about this, so when the money didn't arrive in my checking account three days later, I logged into goldmoney and then found out. Then I attempted the same type of redemption, got the same "aborted gold sale" result, and again was not notified about the aborted gold sale.

What causes this?
What can I do to avoid it?
Why do I not get an email notification when this happens?

This is very frustrating, particularly not being notified and given no explanation that this happened. Then you add in the fact that when I eventually am able to successfully to do an ACH redemption that the gold price may be lower, it really sours my attitude toward the product.

I found one other post about this problem, but none of the details of the cause were listed in the response. Thanks in advance for any insight you may have!

Best Answer

Answers

  • kaheb001kaheb001 Posts: 3 Tin ✭
    Were you able to get this issue resolved? I just had the exact same thing happen to me. The redemption was approved. When I logged into my account it showed Chargeback - Aborted- ACH Sale. Totally confused because they just approved a redemption on the 10th of this month and it went through without a hitch.
  • YossarianYossarian Posts: 3 Tin ✭
    I too have had the same issue. What makes it strange is that I've withdrawn money successfully before and to each of the bank accounts I'm attempting to transfer to now. Plus, I've initiated six different withdrawals in the last two weeks and only one went through (for the smallest amount). I've sent requests to customer service to fix this problem but have not heard back. It is particularly frustrating because I NEED the money to close on a deal. Furthermore, GoldMoney is currently sitting on a not insignificant sum of my money. I was depending on it being available and now it is not.

    It would also be nice if there was an email from GM telling you "chargeback aborted" and explaining the reason. Instead of, you know...letting you think everything is working until you check your bank account two days later and see it's not. I would really like some kind of explanation for this!
  • YossarianYossarian Posts: 3 Tin ✭
    edited October 2017
    I got a response from Gold Money today. It was very curt and offered "not enough funds in my account." This is FALSE. I have ample funds in my account unless I'm missing some basic part of the process or something new they've only recently added. Whatever the case, the response I got was NOT sufficient.
  • mau5trapmau5trap Posts: 26 Copper ✭✭
    Have you tried withdrawing based on the gold weight, not amount of $? There might be fees which may need consideration when requesting a withdrawal amount.
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