New $10/month storage fee

Hello, if you’re holding low amounts of metals with Goldmoney, you need to do the math and consider whether storing with them will still be viable.

Comments

  • rfallonarfallona Posts: 10 Tin ✭
    Not exactly sure where the break even point is but I have a combination of gold and silver holdings which currently exceed the $10 month minimum. You can run a report on the fees translated into the currency of your choice. It will vary depending on the type of metal and the particular vault.
  • IrishGuyIrishGuy Posts: 206 Bronze ✭✭✭
    Ok. If a flat fee then people will either leave or boost metal to that level I think longer term. It however to impact new entrants to Goldmoney unless they phase in this charge.

    Note: if it was a pension fund charging you to manage the fund it is typically 1-2% of the fund which is more than $120 a year for most pensions if in them years

    Just my thoughts
  • brodelabrodela Posts: 2 Tin ✭
    Is this new fee per vault or just 10usd/month per holding account?
  • joao2019joao2019 Posts: 2 Tin ✭
    I was told by support that the fee applies per vault. In my case I will have to consolidate all my holdings from four vaults into one vault to reduce the fee but exchanging between vaults is not free. I'm also considering moving to BullionVault and with all the fees involved in selling, moving the money around and buying back on BullionVault I may still come out ahead.
  • HotpotatoHotpotato Posts: 1 Tin ✭
    Are we sure the fee is "per Vault". The email which was sent out states the following:
    "If the the total storage fee on the custody of your precious metals is less than US$10/month, the minimum fee applies."
    Note the words "Total" and the plural "Metals".
    After listening to Peter Schiff, rather than my friends who use BullionVault, I thought Goldmoney was a good solution for the "average Jo", I guess not?? Seems I need to humbly join my friends on the other side before fees eat away my holdings. Combined with the mysterious vanishing "add funds features" I doubt I'll be recommending GM to my friends anymore..sad.
  • GadsillaGadsilla Posts: 131 Bronze ✭✭✭
    I'll be closing my account, too high running cost.
  • RegulatorRegulator Posts: 21 Copper ✭✭
    Don't be afraid to close your accounts if you feel the fee is too high. I will say this though, the fee is on par for industry, if not below. Not to mention the service GM offers which many do not. Apples to apples GM is the best deal still, but yes I agree, it is not as good as it was before.
  • nienie Posts: 162 Bronze ✭✭✭
    Regulator said:

    Don't be afraid to close your accounts if you feel the fee is too high. I will say this though, the fee is on par for industry, if not below. Not to mention the service GM offers which many do not. Apples to apples GM is the best deal still, but yes I agree, it is not as good as it was before.

    I share your opinion.
  • andiedeedsandiedeeds Posts: 1 Tin ✭
    I have decided to close my account. It was too difficult to move money in from the US by wire (fees were exorbitant and they deposited the wrong currency so I was charged currency conversion fees as well from my bank unnecessarily); no other way to make a deposit -- like send a check; there was no promised credit card; now this $10 fee per month is the final straw. I had decided to cash out of my gold position with 24k jewelry from Mene, and suddenly GoldMoney has stopped ALL transfers while they "evaluate" their transfer system. No ETA of when this "evaluation" will be complete (per the customer service rep). I was told my own option was to convert back to currency at .5% and request a withdrawal. None of this ever gave me the warm fuzzies to send in any more money.
  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    I am having to switch banks in order to have a local bank that is large enough to do direct wire transfers to Goldmoney. My credit union was too small and had to use a regional bank for Wire Transfer and that did not work with the online Wire Transfer setup in Goldmoney. This wasn't a problem when we could use ACH/EFT transfers. And I have been in the process of closing accounts at the large national banks so I lost the wire transfer capabilities that they had. I have just found a larger, local bank that should work, so that I can get money to and from Goldmoney. I concur that maintaining access to Goldmoney is a challenge. Transferwise works for many of you, but in the US it is causing additional verification problems.
    I guess the regulators are doing their job effectively ... making it difficult for us to manage our money in a way that the corporate/financial oligarchy can't get "their" share. Viva la resistance!!
  • Goldfinger1177Goldfinger1177 Posts: 1 Tin ✭
    I really don´t understand the new fee regulation. I think most of the people don´t have a problem which a fee adjustment.
    In my case the 10$ a month are 35 times than the old monthly costs. Come on guys.
    I think 5$ as a minimum fee would be acceptable, but 10$ feels a little bit: profit over profit
  • joao2019joao2019 Posts: 2 Tin ✭
    I think they decided to cater for only big account holders. The little guy just gets screwed over... again. Not even with $15k in assets, not big not small at all, is this new few structure justifiable. An important detail that they missed to explain, the fee applies per metal and per vault and not all assets together, and I have metals in 4 different vaults which equals $40 minimum per month. I'll be closing my account as well and be charged an hefty to sell everything, withdraw, fund and buy metals on some other account, probably BullionVault. Bye bye Goldmoney.
  • nienie Posts: 162 Bronze ✭✭✭
    This is wrong.

    Please note that there is a US $10 minimum monthly storage fee that applies to Holdings with any balance. If the total storage fee on the custody of your precious metals is less than US $10/month, the minimum fee applies. If you pay US $10/month or more in storage fees, the minimum storage fee will not affect you.

    https://goldmoney.com/dealing-rates-and-storage-fees
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