Redemptions in limbo, legacy holding in limbo, no response from support. Is this Hotel California?

I've had an original goldmoney account from way back (15 years?) and a second account we opened for our business a few years ago. We've submitted ID, corporate docs, etc. We've done redemptions in bullion before.

Now we've started 2 redemptions and had to jump through various hoops to prove "source of funds", which we've done. Those redemptions were finally confirmed over a week ago and there has been no further word. Tickets to support, unanswered, calls to support line, into voicemail. That's one account.

On the other legacy account, no option to redeem, which I've been working on for weeks. I keep submitting ID, never get the menu option to redeem. Now they've come back with "prove source of funds". Really? On a legacy account that predates every single employee there? I said I've had that account for 15 years and I funded it from my own money - they came back with (inexplicably) - "if your source of funds was previous employment, send us a statement of that along with your salary".

What, the hell.

I've replied that this isn't from previous employment and I'm not telling them my salary in any case. No word back.

Has anybody noticed the bar counts and serials are gone from the website? You used to be able to download the PDFs that had the bar serials for every vault, and now you can't.

Goldmoney is starting to smell like the next QuadrigaCX.

I'm also a shareholder, and this is me telling management: this is not cool.

Comments

  • nienie Posts: 160 Bronze ✭✭✭
    Goldmoney is under regulation. I wrote this a lot of times because it helps every time: did you call them? :smile:
  • markjrmarkjr Posts: 10 Tin ✭
    edited February 22
    Calls go into voice mail and are not returned.

    What do you mean that they are under regulation and it helps every time?
  • artsharkartshark Posts: 11 Tin ✭
    Hi mark jr.. I posted almost the same complaint under another heading..."WHERE CAN WE GET ANSWERS ABOUT GOLD REDEMPTIONS"and "OVER ONE MONTH LATER, AND NO GOLD SHIPMENT" . I think many here are missing the point that this company sells itself on "PHYSICAL OWNERSHIP AND DELIVERY OF METALS" I too put in a redemption on JAN 21 2019. My request was for $15,000 worth. AS of today there has been NOTHING done. People need to understand that we are desperately trying get our own money back (albeit in metal form)...with the support team doing very little to help. The objective here for me was to have a SAFE AND EASY way to store my wealth and reedeem it in cash or physical whenever I saw fit to do so. THIS IS NOT THE CASE!!! If the GM team can't get a grasp on shipping a few gold coins now...(almost 5 weeks)... I seriously doubt that when we actually have some stress in the system, that anything will function within the GM sphere. EVERYTHING IS EASY AT GOLDMONEY....UNTIL ITS NOT!!! I just caution all new investors to realize what it is you are getting into. READ the fine print about no insurance and what happens in Bankruptcy. When the SHTF in our society...and you want your gold.. but can't get to it....REMEMBER THIS POST !!!
    There are MANY more people with similar problems that don't have a clue where to go or what to do. If you read the fine print again..on the GOLDMONEY site..United States customers do have some protection with the" FINANCIAL CRIMES ENFORCEMENT NETWORK". It really shouldn't come to something so drastic, however, in my case, I will wait another week for shipment and then file the paperwork. If enough people perceive this to be a" financial crime" .... The Enforcement agency...Auditors..and
    senior vip's at GM will get our message!! (just my opinion)
  • markjrmarkjr Posts: 10 Tin ✭
    edited February 22
    On my other account they have basically told me I'm out of luck because I can't prove source of funds, that was in 2013. Now I've abandoned the redemption there and I'm trying to sell the gold and settle to my bank account. Again, transaction is "pending".

    If GM is going to make that a show stopper for getting your own gold out, they need to make that an issue ON THE WAY IN, not when you're trying to get it out.

  • nienie Posts: 160 Bronze ✭✭✭
    @artshark: I am a little bit confused – https://community.goldmoney.com/discussion/comment/29785#Comment_29785. "He apologized for the delay and said GM has faced a "SLIGHT PROCESSING DELAY WITH THE PHYSICAL ORDERS" He assured me the backorders are being processed and I should receive tracking info in the next few days. I am thrilled just to get a response and will take him at his word." - this was two days ago.
  • artsharkartshark Posts: 11 Tin ✭
    LOL Thanks nie... I have no less than 6-8 emails that say the EXACT SAME B.S dating as far back as JAN 25...I have also talked to several support people. YOU are not the one that is being defrauded here... BUT... there are many people who feel very differently. Perhaps when your money and redemptions are locked (when you get a confirmation for redemption of metal) and you have NO ACCESS TO FUNDS OR METALS.. You will understand why people are freaking out. BTW 3 days has come and gone again. I wish you luck nie and hope nothing like this ever happens to you... To all new investors...PLEASE BEWARE!!!!! MANY PEOPLE CAN"T ACCESS OR REDEEM THEIR FUNDS!!!
  • MattCashMattCash Posts: 1 Tin ✭
    edited February 26
    To the original poster, markjr, it sounds like you are getting stuck in some anti-money laundering regulation. Why don't you just send them an old W-2 tax form or something?

    I still see the bar lists on my holding account.
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    @markjr

    Yes, I have noticed that the information on bars have been removed. They did use to have individual serial numbers and a good accounting of reserves. I wonder why they removed it.
  • GadsillaGadsilla Posts: 131 Bronze ✭✭✭
    What happend to "QuadrigaCX" ?
  • markjrmarkjr Posts: 10 Tin ✭
    MattCash said:


    I still see the bar lists on my holding account.

    Where do you see that?

    As an update, last Saturday I had it out a bit with Roy Sebag on Twitter, and he reached out to me via DM and personally looked into my situation and he said my problem was that I had funding my account with Bitcoin and was withdrawing / redeeming in physical gold, which is some sort of "edge case" and had additional regulatory issues. He phrased it in a way like they were doing me a favour to finally get the redemption through.

    Which is odd, since this is about the 3rd or 4th redemption we've done in the exact same way. I asked him "so the takeaway is that the regulatory rules changed and now there is additional regulatory burden" and his response was "if you read what I said carefully, that's not what I said".
    I hate bullshit responses like that, that's what a politician tells you when he's lying through his teeth. (Sebag also insinuated in our Twitter exchange that sometimes the people who aren't getting their redemptions and complain loudly are likely criminals).

    It should be noted that all of this runaround is happening *after* my redemption requests were approved, and after I was asked to submit additional documentation proving source of crypto funds. Which we did.

    Anyway - he assured me that I would have my redemption friday, yesterday, which didn't happen. I'm now being told by a senior customer care rep there that I will get it monday. But I have no tracking number yet.

    I will say on my other account, where they were forcing me to prove "source of funds" on a fiat deposit, via bank wire, from 2013, in an original goldmoney account, I sold to cash, and withdrew to a bank account and it was in my account within a few hours. That seems to work.

    But getting your gold out, not so much. The "you funded with crypto so there" argument a) goes against how they're billing themselves all over the place as a bridge between bitcoin and bullion, and b) doesn't apply to other people I know who are experiencing slow / not-happening redemptions who *didn't* fund their accounts via crypto.

    Of the people here in this thread experiencing the same thing, have you funded your account originally with bitcoin? Or fiat?

    @Gadsilla "What happened to QuadrigaCX" is that a serious question? Here's the latest on that:
    https://www.zerohedge.com/news/2019-03-02/quadriga-auditors-confirm-bankrupt-exchanges-cold-storage-wallets-have-been-empty
  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    That story is so disappointing to hear. I keep hoping Goldmoney will get its act together but doesn't seem to be happening yet. And yes I get the impression that Roy gets a little smug or arrogant at times toward customers.

    I think you took the right approach though, engaging Roy on Twitter. It seems to be one way to reach him. I think more people need to share their problems and frustrations with him on Twitter. If it gets bad enough for him there, maybe he'll make the necessary changes.
  • RegulatorRegulator Posts: 21 Copper ✭✭
    Hey just some follow up, did you guys end up getting your gold redemption? I am curious if Schiff gold was added to speed up the redemption process.
  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    Hi @Regulator this is an old thread, with lots of former issues which have been addressed by Goldmoney. One of the problems involved exchanging Crypto for gold. I believe Goldmoney is now out of the cryptocurrency business altogether. One of the complaints was delay in delivery of physical gold. I have not heard of that lately in this forum. One of the complaints is about having to prove source of funds before transacting with the money in our accounts. That is an issue that I still do hear of in other threads on this forum, and I had to do it myself recently.

    Hopefully some of the original posters on this thread will also reply.
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