Unable to make deposits to Personal account

I am unable to make deposits to my pesonal account. This is a recent development, having experienced no problems up until now.
The function pay by credit/debit card appears to have been removed. I have been with Goldmoney since the start and it will be a shame if I lose faith in the system. However, not being able to make a deposit does not inspire confidence.

I wonder if others are experiencing difficulties making deposits?

I am awaiting a response from Support.

Answers

  • Steam_DemonSteam_Demon Posts: 10 Tin ✭
    UPDATE: I have recieved a reply from Support. Basically I no longer have this option without transferring everything to a Holding account, which is what I expected would be the reply.
    I will have to consider whether this is worthwhile or whether to store my bullion elsewhere. Any thoughts?
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    That is interesting. I didn't know that Personal Holdings had stopped receiving deposits. Or is that just you for some reason?
  • Steam_DemonSteam_Demon Posts: 10 Tin ✭
    No it is not just for me. You can no longer make deposits with a debit/credit card. Here is what I was told:

    As we move towards migrating our Goldmoney Network clients to the new and improved Goldmoney Holding, we will be retiring certain deposit and redemption features available with your Goldmoney Personal or Business account.

    Deposits may be made using the following methods:
    - Bank Wire
    - Cryptocurrency
    - Canadian ACH and Interac (Canadian clients only)

    Redemptions may be made using the following methods:
    - Bank Wire
    - PayPal
    - Redeem to Holding
    - Physical Delivery
    - Canadian ACH (Canadian clients only)

    The following features are no longer available:
    - Sending and receiving payments
    - Generating invoices
    - Recurring deposits

    These features will be made available to you as you transition to a new Goldmoney Holding. If you have any questions, please let us know and we'll be happy to clarify.

    I have tried to do a bank transfer, but that facility only seems to work in US dollars which is of no use to me, so now I am unable to make deposits to my account without transferring to a holding account.

    It appears to me they want to get rid of the personal accounts now, which is a great shame.

  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    edited November 18
    @Steam_Demon thank you for your informative post. It definitely looks like they are forcing people out of the Personal accounts just by making them featureless and pointless to maintain. Unfortunately, the Goldmoney Holding is not as convenient as the Personal account used to be. Not to mention the difference in cost of holding and transaction--which is still reasonable, depending upon where you live. I hope the Holding manages to satisfy most customers in the long run, and that funding and redemption/payment methods are restored to previous standards (just as they once were in the Personal account).
  • monetmonet Posts: 17 Tin ✭
    Well... the EU sucker punched me out of my GM prepaid card... and with this... GM has lost all meaning to me.
    I can't save in gold, I can't spend or pay in gold without ridiculous fees...
  • monetmonet Posts: 17 Tin ✭
    Can I liquidate gold directly to a bank account?
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    My Goldmoney Personal account (USA) has options to Redeem to Bank Account (via wire transfer) or Redeem to Paypal (only if you deposited by PayPal), Redeem to Physical, and Redeem to Holding. You should be able to redeem directly to a bank account via wire. I would recommend setting up your wire transfer instructions and redeeming a smaller amount to make sure it works. Then do a second wire with the remainder of your account, just so your money doesn't get lost in the ether for a while and make you nervous.
  • monetmonet Posts: 17 Tin ✭
    Thanks @RocketDog I am indeed trying to do that... being an international customer I does indeed make me nervous to lose the savings I have left. So sad to have to go back to fiat and banking again.
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    @monet I am going to do the same. I decided to buy a building, another form of real property. I will keep some gold in both accounts but will withdraw most of it for the down payment. When functionality returns, I will consider filling my account back up. I thought I was going to be able to save and transact in gold. The transacting part has gotten very difficult and more expensive.
    Let's compare notes and see who gets their gold returned the fastest.
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    I sold $2000 worth of gold from my verified Holding yesterday and am wiring to a large international bank in USA. The gold sale was confirmed within a few hours. Still pending the wire transfer which can take up to 6 days according to the instructions.
    I also transferred most of the balance of gold from my Personal account over to my verified Holding, yesterday. That transaction seems to have stalled out and is still pending. We'll see how it goes.
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    @RocketDog are you planning on keeping your gold in the holding account for the foreseeable future? Why make the move from personal now?
    Thanks
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    edited November 26
    @LGJ over the weekend I did transfer most of my gold to the holding account. It went without a hitch, and only took a couple of days. They did a sale from Personal and a Purchase into Holding, but did not charge any fees for the transactions.

    I am actually planning on redeeming most of my gold for now, to buy a building. My thought is that if I have any trouble with the redemption and subsequent wire transfer then I can get better help (on the phone) through the Holding account than I can with Personal.

    Further, I believe that Goldmoney is favoring the Holding accounts over the Personal accounts and that Personal accounts will eventually be phased out. Right now Personal has no charge for storage, but it also has no phone support, no longer has ACH transfers in USA, has no debit card and other issues.

    As for the $2000 wire transfer test, Goldmoney says the transaction is complete, but my bank does not show it as received -- it could be at the bank, but just not in my account yet.

    As far as others saying there are delays in selling large quantities of gold. I can say that I sold over 600 grams from my holding this weekend with no delay (2 days to completed transaction).

    So, I can honestly say, that I am having no trouble with the Goldmoney platform for what I have been doing over the weekend.
  • Steam_DemonSteam_Demon Posts: 10 Tin ✭
    I now find that my pre-paid card is declining transactions. This has happened twice, and with organistions that have previously accepted the card with no problems. Apart from being extremely embarrasing, this is very inconvenient, and has lost me money. There are plenty of funds on the card to cover the requested transactions.
    I am awaiting a reply from support.
  • joao_oliveirajoao_oliveira Posts: 2 Tin ✭
    I can't fund my account by wire to an European bank anymore? Now only available in the US?
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    @Steam_Demon the debit cards for Personal accounts were discontinued a couple months ago. Perhaps you did not get the memo?

    https://support.goldmoney.com/hc/en-us/articles/360016422072-Goldmoney-Prepaid-Card-changes-for-non-EU-EEA-countries
  • Steam_DemonSteam_Demon Posts: 10 Tin ✭
    I am in the U.K. so as far as I am aware the cards should still be valid. The only support I can get is via e-mail which is taking days, so I still have not resolved the problem. Extremely frustrating as I need to access funds from that card.
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
    Thanks for the info on your location, that helps, as there are many international permutations represented on this board. I hope you get some resolution soon.
  • Steam_DemonSteam_Demon Posts: 10 Tin ✭
    Problem appears to be resolved. Apparantly additional security measures needed to be activated which I was unaware of. I have not tried the card again yet, but hopefully it should work again. The measures must be new as I was using the card up to the end of November. Anything to improve security is good, I just wish I had known about it!
  • RocketDogRocketDog Posts: 652 Silver ✭✭✭✭
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