Redemptions in limbo, legacy holding in limbo, no response from support. Is this Hotel California?
markjr
Posts: 10 Tin ✭
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.
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
What do you mean that they are under regulation and it helps every time?
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)
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.
I still see the bar lists on my holding account.
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.
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
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.
Hopefully some of the original posters on this thread will also reply.