Important: EU regulation and GM MasterCard

IrishGuyIrishGuy Posts: 155 Bronze ✭✭✭
edited October 9 in Goldmoney Business
Am reposting this as some members may not read all posts. Thanks to @Lone_Starr for sharing in another post

Effective Date: October 31th, 2018

Dear Valued Client,

Thank you for using your Goldmoney Mastercard® Prepaid Card. In a long-standing partnership with Wirecard, one of the leading prepaid debit card bank issuers in the world, we are able to offer our Goldmoney prepaid card program.

Recently, the European Union (“EU”) has announced new regulations that restrict the issuance of prepaid debit cards to anyone residing outside of the European Economic Area (“EEA”). As a result of this regulatory change, Goldmoney is required to modify its card issuing program for non-EEA clients.

We are working diligently to resolve this and resume regular service to all of our clients affected by this change as soon as possible. It does mean, however, that Goldmoney clients will be required to apply for a new Goldmoney prepaid card.

What it means for you:

All existing cardholders must spend their remaining balance by October 31, 2018. Any remaining balances on your Goldmoney Mastercard following this date would require clients to submit a claim with our prepaid card issuer. If clients wish to use funds from their prepaid cards to add funds to their Goldmoney Holding and repurchase metal, they may do so before October 31, 2018. Goldmoney will ensure that you will not lose any of your card balance throughout this process.
We will require you to request your Goldmoney prepaid card once again, via your Goldmoney Holding, once we are able to reinstate our prepaid card program to clients that reside outside the EEA (“EEA”).

The Goldmoney team is working hard to ensure that there is minimum disruption.

Comments

  • RocketDogRocketDog Posts: 603 Silver ✭✭✭✭
    Wow. I totally missed that. Thank you @IrishGuy. I need to move about $300 off my card, pronto!
  • JayJayJayJay Posts: 6 Tin ✭
    So much regulations. I can't even get my plastic card. At least not yet. Regulations kill all of goldmoney's purposes. This is not good.
  • BeachBrokerBeachBroker Posts: 1 Tin ✭
    I believe strongly that the governments of the world do not want to see this service succeed. They will regulate businesses like this to death under the mask of protecting you, your credit, and your country from terrorists who are looking to launder money blah blah blah.

    I would very much like to continue with this service, but I will not refund the account until I can receive a GoldMoney Mastercard AND a new app shows up in the Apple Store. I am a US Citizen living in Miami Beach.

    In the interim, I am investing in precious metals through other mediums.
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