Personal Account US Bank Accounts unlinked & ACH not available anymore?

GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
All of a sudden, my ACH deposit option is gone @Goldmatters; trying to make a deposit but all of the linked bank accounts are no longer stored/linked.

Was there a change that happened since last month?

Comments

  • GoldmattersGoldmatters Posts: 3,757 Admin
    Yes. The following are statements from the company regarding this:

    MaxLamb said:

    Hi all,

    We have recently received feedback regarding the cancellation of ACH payments through Goldmoney Personal. We completely understand the usefulness of ACH over other multiple funding methods, it is a decision we have not made lightly.

    However, it has recently been brought to our attention a potential counterparty risk exists regarding ACH transfers. As such, Goldmoney has made the decision to remove ACH on behalf of our Client base.

    Goldmoney is proud to call itself the most trusted name in precious metals. A reputation which has taken many years to attain. We regularly review our own products and services to ensure they meet Goldmoney's highest standards and above all, protect our Clients wealth.

    To view all alternative payment methods to fund/redeem within your Goldmoney Personal account, kindly view our support and FAQ page:

    https://support.goldmoney.com/hc/en-us/categories/115002456627-Goldmoney-Personal-Accounts

    Thank you for your understanding and please feel free to contact us with any further queries.




    “Hello Everyone,
    Just want to elaborate on Max’s earlier post. Canadian banks accounts use a process known as Electronic Funds Transfer or EFT, while US Banks use Automatic Clearing House or ACH. Clients with Canadian bank accounts can still make recurring deposits as we still support the EFT platform while US bank accounts cannot due to the removal of the ACH platform.

    Apologies for any confusion. Thank you for your understanding and please feel free to contact us with any further queries.”

    - Senior Relationship Manager Richard
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    Thanks @Goldmatters .
    It’s good that GM is taking action, but it’s unfortunate that the most convenient on/off ramp isn’t available to US customers. And it’s unfortunate that customers were not notified (I shouldn’t have to submit a support ticket or post to discussion to find out one of my core deposit/withdrawal functionalities has disappeared over night).

    Can y’all disclose the details of the counterparty risk? ACH is one of the most widely used transfers; I’m wondering if this risk exists with my ACH linkages to other non-GM accounts.
  • Lone_StarrLone_Starr Posts: 97 Bronze ✭✭✭
    Anyone ever get an explanation about this abrupt move?

    It really makes it tough to put my PM in someone else's care. It also says to me as an American maybe I shouldn't put my PM in goldmoney's hands because there is something going on in the background that they can't / won't tell us about. If the company protecting my insurance policy doesn't open and chooses not to clearly communicate, can I trust them?...

    I really wish the communication from goldmoney to their clients was open, transparent and flowing but, I've been saying that for two years now.
  • PowerlunchmoneyPowerlunchmoney Posts: 272 Bronze ✭✭✭
    No argument there @Lone_Starr. If transparency is the Goldmoney mantra, then it should certainly be practiced in their user account policies with 30 day notices for such policies that heavily impact a user especially when it involves entry/exit fees for for assets held by the company in trust. @Josh Crumb @Roy Sebag
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    edited May 22
    Making it harder for me to continue using the service when many places decline my gm MasterCard but do accept MasterCard and getting money back into my bank for large purchases or transfers is no longer a reasonable option. My father has a large holding in the personal account and now is just learning of this. I’m not sure he will be happy to hear that he has to do a bank wire to get money back in his account in a timely manner.
    I agree this move was not communicated effectively. Not too pleased that after so long as a customer, gm appears to be reversing its features and making it easier to get money on the system but harder and longer (inconvenient) to get it out.
    I understand the crypto additions but seems a lot of work has been focused on that arena while leaving the useful features and ease of use if the original platform to slowly Rot away..
    harsh for me to say but each passing month I think more and more about closing my account.
    I need a renewed sense of focus from the team that customers are being heard and action is being taken or at some point I’ll pull out and go back to the old way of buying gold.
  • PowerlunchmoneyPowerlunchmoney Posts: 272 Bronze ✭✭✭
    Weird, I just bought a flight to Ontario with my GM Mastercard.
  • tamayoktamayok Posts: 21 Tin ✭
    I've NEVER had problems using my GoldMoney MasterCard... restaurants, stores, etc. In fact, I love the card. I have used it without a glitch everywhere here at home in Puerto Rico (USA) but I don't use it online.

    In regards to the ACH-USA transfers, all I can say is that I think it was not handled properly -- and I think it was a grave mistake because wire-transfers are manual, costly and might prompt your USA-bank to ask questions due to these being somewhat unusual. Not to mention, most of us are here for the combination of convenience and physical-pm storage. Some of that convenience level has been removed. Perhaps all this happened because GM is wanting to stay further away from the US banking system.
  • Lone_StarrLone_Starr Posts: 97 Bronze ✭✭✭
    I would think credit cards pose more of a third party risk than ACH. If they are trying to get away from the US banking system they need to stop taking credit cards, drop mastercard, and drop all USD. Like I said, there is something else that went on with the sudden drop of the US ACH. It seems like a knee jerk reaction rather than a planned thought out move.

    What I liked about Goldmoney was it was built along side the banking system and not against it. What I mean by that is they weren't going to war against the banks but were simply giving people another option on where to store their earned value and were building a system where people could spend that held value. I liked the idea of a payment system and thought the move to the holding account (that holds cash as well as metals and cryptos) was great because it gave them the ability to be like a paypal but better. But as we can see they have moved away from payments and have just stuck with storage and stopped any innovation.

    I went to make a purchase through Mene but as an investor I was really disappointed for the simple fact that Goldmoney wasn't a payment option. (Mene's site is awesome and I look forward to receiving my product Mene.com/invite/3C51Jj . They've done a great job with it.) As an investor I really wish there was more synergy between the various brands.
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    I typically don’t have issues with the card but have found myself worried it will be declined in front of friends who notice I’m using a silver card. I have to mentally keep track of which places to not use it to reduce hassle.
    All in all it’s fine but I’m still very disappointed that we won’t have ach, it makes removing money much more inconvenient and expensive. I’ve used my gold account to hold my purchasing power for several months then needed a few hundred to a couple thousand dollars that I would use to buy land, using ach was awesome and super convenient and cheap. Now I’ll have to only use that process for very large withdrawals because I know I’m gonna hit several fees for a wire transfer.
    Trying to get cash from an atm and then running to a bank to deposit is not ideal because of the limits of the atm withdrawal per transaction and the associated fee for using the debt card at the atm.
    If someone has a solution or an alternative method for pulling large amounts of money out of gm, I’m all ears. Large would be minimum 1500$ US.

    Thanks
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    One other thing I forgot to mention about the metal card is it seems atm withdraws are not supported so I can only use that method with my plastic card.
    Let’s say I wanted to sell $6000 worth of gold and use atm withdrawals.
    That would take 10 days due to the 600$ a day withdrawal limit unless I split transactions up to max out the 750$ daily limit but would incur another $2.50 fee. So 10 days at $600 and $2.50 per transaction, brings me to $25 in atm fees. Not sure if a wire transfer is quicker but I know my bank said I’d be charged min $50 for a wire. So to make a wire transfer worth the price I’d have to be withdrawing at least $12000
    Again looking at the numbers and difficulty of redeeming from gm is becoming a losing battle for me. If this was the beginning and there were rumors of easier ways to get money out, I’d be onboard but this is the opposite direction. I see lot and lots ways to get money in but reduced ways of getting it out. Not good.

    My 2 grams
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