Personal Acct no longer offering ACH Bank transfer option?

Mr_Troy_OzMr_Troy_Oz Posts: 75 Copper ✭✭
edited April 25 in About Goldmoney
What happened to the Personal acct deposit option for ACH bank transfer?
In its place is 'bank wire' as the only option, other than Interac, to transfer deposit funds for gold purchases.
Why would we now need to 'wire transfer funds' from our local banks to fund what used to be an ACH transfer?

Was there an announcement for this change that I somehow missed?
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Comments

  • BancersBancers Posts: 23 Tin ✭
    No, just notice the change on 4/24/2018. What happen to those individuals who had automatic deposits made via ACH bi-weekly?
  • powslayerpowslayer Posts: 105 Bronze ✭✭✭
  • ArchionArchion Posts: 1 Tin ✭
    I would agree wholeheartedly - it is a mess. I could have absorb the change to no ACH, but no notice for a financial institution that I have parked significant savings in is, at a minimum, uncomfortable. I did NOT see any notification this was coming.
  • tamayoktamayok Posts: 21 Tin ✭
    I can confirm to having the same inability to transfer/redeem via ACH.
  • tamayoktamayok Posts: 21 Tin ✭
    Received responses from support... in effect, ACH has been disabled as it 'introduces the possibility of counter-party risk'.
    All other methods will remain in place. This young company fails in their communications-department time and time again. Eventually they will get it right but will upset MANY customers in the meantime.
  • Mr_Troy_OzMr_Troy_Oz Posts: 75 Copper ✭✭
    edited April 25
    @tamayok ..Thank you for delving deeper into this issue and getting the answers!

    You are right, they should have communicated this to everyone earlier on.
    In many respects, it shows a considerable lack of consideration for their customers in not informing of policy changes, or the reasons why.
    - Open communication builds trust - This action, or lack thereof, did the opposite.
  • Mr_Troy_OzMr_Troy_Oz Posts: 75 Copper ✭✭
    edited April 26
    After some thought about the policy change to 'disable' ACH on the Personal acct, presumably to protect us from the possibility of 'counter-party risk', - "Why then are they promising to introduce ACH on the 'Holding' platform? "

    I, or anyone I have talked to, have never experienced issues with ACH transfers. Certainly nothing like the issues that can happen when a 'wire transfer' goes wrong.

    Until I were presented with the perceived 'risk-level' and evidence for the 'possible' causative factors for such concern, I remain doubtful there is any untoward risk in using ACH over wire-transfer or even 'Interac' or PayPal!

    In some way, something doesn't smell right here! And the lack of communication only serves to add to the flames of my distrust.
    So, a thought comes to mind.. Could it be possible this 'policy change' was designed to make the 'Personal platform' less attractive' by chipping-away at it functionality?

    - What do you think? I'd be interested in hearing any comments on this ACH policy change.

  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    Thats a shame.
  • Zach3000Zach3000 Posts: 11 Tin ✭
    Yeah... I don’t like this. I don’t like this as a user or as an investor. This only makes it more expensive to use and will drive down the transaction rate. The lack of communication is appalling. I’m really trying to stay positive but, if I have to pay extra in the form of a bank wire or cc fee I’m just gonna buy physical elsewhere. These guys need to figure something out before they burn what’s left of a good name.
  • RocketDogRocketDog Posts: 651 Silver ✭✭✭✭
    It would be nice to receive information on this from the company. I too am missing the ACH function. I now have Bank Wire and Credit/Debit.
    I suppose credit/debit may still work for people who want to make frequent, small deposits. I will have to check the fee structure on that. I was sticking with the Personal Account due to the ACH feature. We can still get money out into the Goldmoney Debit card -- if we want to spend it. Bank Wire now seems the only way to transfer money out.
    It definitely seems to posture the platform more as a storage facility and less as a platform for frequent transactions in gold. I hope I am wrong about this.
  • MaxLambMaxLamb Posts: 44 Staff ✭✭✭✭✭
    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.
  • powslayerpowslayer Posts: 105 Bronze ✭✭✭
    @MaxLamb so its safe to say that ACH will never be available for a holding account?
  • mau5trapmau5trap Posts: 24 Tin ✭
    Before seeing this thread, I emailed GM and got this response:

    "Apr 25, 15:55 EDT
    Dear Mr ______,
    Thank you for your message!
    Canadian ACH is temporarily unavailable and it will be fully functioning again shortly! Apologies for the inconvenience!
    Let me know if you have any other questions!
    Best Regards,
    Savva Tukayev
    Relationship Manager"


    Interesting that Max has now commented a slightly different stance. Let's wait to hear a definitive answer on the status of ACH. It certainly made me feel like I was getting a great "deal" on my Gold!
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    Sounds like the communication within the company is lacking too.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    Funny, I JUST made an ACH transfer. Max where did you get your information from? You might want to talk to Savva Tukayev.
  • Mr_Troy_OzMr_Troy_Oz Posts: 75 Copper ✭✭
    edited April 26
    Well it's wonderful that, as Max put it, "Goldmoney has made the decision to remove ACH on behalf of our Client base", (i.e. to protect our interests).
    However, I'm sure most of Goldmoney's clients are not children. And as adults, we are capable of determining what is acceptable risk, and which is not.
    It was as adults that we assessed for ourselves the 'risk' of signing on to a brand new company (Bitgold /Goldmoney). And it was as adults, we accepted any and all consequences for that decision to sign-up.!

    I would prefer to have optional choices in how I transfer my funds in or out of any institution or corporation.

    - If Goldmoney is worried about somehow becoming liable for customer losses in using the platform, or endangering their reputation for security of service, why could it not be possible to offer ACH transfers with a caveat attached.
    -
    - It would be simple enough to provide an 'Acceptance' key after having provided a statement of risk, with a declaration as to the customers sole liability for any losses incurred by the client in having provided 'acceptance'.
    - Many companies already provide this statement and the appropriate keys .
    -
    I could live with this. It would continue to offer the ACH service.. That is, if you are still willing and daring!
  • Mr_Troy_OzMr_Troy_Oz Posts: 75 Copper ✭✭
    @Powerlunchmoney , Thank you!
    I just checked and you are correct - ACH Bank Transfer (Best option) ..is back!
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    Why didn't you give us a heads up? Unacceptable. Unless I missed it somewhere?
  • GoldmattersGoldmatters Posts: 3,813 Admin
    I will get clarification on this for the community. Give me a day and I will get a response from the Company regarding this
  • Zach3000Zach3000 Posts: 11 Tin ✭
    It’s back up on my end too. But before, here is what was sent to me.. they obviously planned on nixing it without telling anyone... then must have brought it back due to backlash.

    Savva Tukayev (Goldmoney)
    Apr 26, 09:47 EDT

    Thank you for your message!

    As you've noticed, your U.S. bank account is no longer linked to your Goldmoney account for ACH transfers. Goldmoney Network no longer supports direct bank transfers from U.S. bank accounts. This means that the U.S. bank account you had previously linked for direct deposit and redemptions, to and from your Goldmoney account, will no longer be available to perform these functions. If you have setup any recurring deposit via ACH, these have also been terminated. We apologize for the inconvenience.

    To continue make gold deposits and redemptions from your account, please use one of the alternative methods below
  • RocketDogRocketDog Posts: 651 Silver ✭✭✭✭
    edited April 26
    I have ACH again too. Use it fast, before it disappears again!
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited April 27
    @RocketDog I did! B) I don't know how I am going to fund it if they take that away. I'm with a credit union that is unsupported.
  • GoldmattersGoldmatters Posts: 3,813 Admin
    UPDATE:

    Yesterday I said I would seek clarification. I have a statement from the company for the community regarding what was reported in this thread below:


    “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

    Goldmatters speaking again... I understand this might not answer every question community members have about the change. If you have specific questions that have not been addressed, its best for you to contact the company yourselves so they can respond directly to your questions: [email protected]

    Like always, I will continue to collect information and concerns here on the community and pass them on to the relevant parties.

    Goldmatters
  • RocketDogRocketDog Posts: 651 Silver ✭✭✭✭
    Well, I for one am glad the Canadians (my friendly northern neighbors) can still use EFT. Cause USA gets better gold delivery rates and we get a debit card in our currency (no CAD) so it only seems fair that you get to keep your EFT. Well-played, Canada!
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    I wonder what sort of counter party risk suddenly showed up with the ACH program? Can anyone share with us?

  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    Thanks @goldmatters for the clarification.
  • GoldmattersGoldmatters Posts: 3,813 Admin
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    Counter party risk? So no ACH on holdings either? I doubt it. My guess is they are trying to push the personal account hold-outs into the new holding account. Take away the most used options.

    Either way, a 30 day notice at a minimum would be the barely professional standard.
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    Well they are still doing the EFT for Canadian Banks and something for European Banks. So just seeing it as a way to wean U.S. customers off the network system could be right but they are still allowing those countries to continue on with direct bank transactions. So overall I don't think they are trying to push all their customers off the network (if that's the case)

    Seeing that US banks are suddenly seen as a third party risk is very interesting. My guess, and this is just a gut guess, do with it as you will, is this has more to do with US and Chinese relations and the potential fallout from that than anything else.

    It's also really interesting that there was no notice, but Goldmoney has never been one to communicate well with its clients. That is something I wished they put more energy into.
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    “It's also really interesting that there was no notice, but Goldmoney has never been one to communicate well with its clients. That is something I wished they put more energy into.”

    Amen. Love the philosophy, but the execution is lacking.
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