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: 3,680 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: 89 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: 265 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: 216 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: 265 Bronze ✭✭✭
    Weird, I just bought a flight to Ontario with my GM Mastercard.
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