Holding vs Personal Account

So let me get this straight - (because no where does it seem that any of this is fully and clearly explained all in one place):

With a GM personal verified account, you can deposit and withdrawal funds relatively easily via ACH for no fees. But you can't get a GM prepaid mastercard.

With a GM verified holding, you can get a prepaid mastercard, but you can't fund or withdrawal funds via ACH, so you have to pay extra fees to do so via credit/debit card or via wire transfer.

Plus with a Holding, you have to pay a monthly storage fee, which you don't have to pay if you just have the GM personal account.

So bottom line, a GM personal account is a lot cheaper and easier, but you can't get the prepaid card. The Holding is more expensive but you can get the pre paid card.

Have I said anything incorrect?

Right now I am having buyer's remorse for having opened a Holding account and transferred money from my personal account to the Holding account. From my perspective, it isn't any better and now I'm paying more fees, and I can't fund or withdrawl money from the Holding without paying more fees than I was when I was funding the personal account.

Best Answers

  • IrishGuyIrishGuy Posts: 149 Bronze ✭✭✭
    Accepted Answer
    You are correct but if you had ordered a card with your personnal account while it was available then that continues to work.
    The first 1kg is free storage also on the personal account. After that fees kick in for storage.
    The personnal account is closed now to new entenanrs and you can only open a holding.
    The advantage of the holding is you can trade various metals.
    They also are building up the holding so ACH should come at some stage.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    Accepted Answer
    almost correct @Zman ... The Holding does have a storage credit program, so if you do transact monthly from your holding (e.g. purchases, metal-to-metal transfers etc), then part of their commissions would be credited to your storage. So you have to be kinda smart about it if you want to reduce your storage fees.

    You are definitely correct about off-ramping and withdrawing from a Holding vs a Personal account. ACH or something faster is needed.
    Both accounts have their pros (e.g. metal and currency diversity with Holding and now Bitcoin vs optimal low-fee liquid Gold in the Personal account). Newbies only have one option, so it'd be great to get all the features functional in the Holding.

    Some have said that they feel like their money is "hostage" in the Holding; I find that a bit extreme; but you definitely need to weigh the pros and cons before transferring GAUs from Personal to Holding ...until Holding has full offerings and capabilities.

    Just my 2ggs.


  • ProsperProsper Posts: 5 Tin ✭
    Do anyone know if it is possible to deposit fund back into an account like Square does? We use it and they just initiate a refund onto the verified card, skipping the banking information if we so choose and depositing funds the next business day. I hope GM institutes that one to speed up everything.
  • LarrikinLarrikin Posts: 1 Tin ✭
    I was happy with my personal account. Why do I have to get a Holding account? I provided all the extra online ID they requested to get the Holding account but now it says I'm still not 'verified' and it wants me to resubmit the same ID via hard copy but how? It gives me addresses in the UK and US only to post hard copies but I'm in Australia. I don't understand what's going on with Goldmoney any more.
  • JamesTkirkJamesTkirk Posts: 19 Tin ✭
    Funny thing is on the personal site they still talk about "Personal Verified" and the ability to get a pre-paid mastercard. Its a real mismash of info. It never instills a strong sense of confidence. If I'm forced from my personal account to a holding while they still provide non-working method for the online verification for the holding, I will bail. They are not the only game in town. They were the best at one point but things went down hill when they stopped issuing credit cards for the verified personal accounts and forced people into the holdings accounts to get replacement cards. This was done while they had a flawed online verification process where most people have to go get certified copies of their passport from a lawyer or doctor because the online verification system sucks.
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