Closed my Tally account today

This is not a sour grapes post, today, I have taken the decision to close my account, when I opened the account I was quite excited by this new vision of hopefully looking after my money, I made a small deposit just to test the water, however since then, there have been problems (some of which have been posted on here) I have tried to be understanding when these have occurred but the latest today involving the transfer of £50, yes £50 been subject to another “security delay” for several hours, from Tally to a well known bank account! was the last straw.
I am extremely disappointed, as I now have no confidence in Tally, I cannot continue with the account.

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Unfortunately tally is tied into the fiat banking system, even though it’s gold. I recently had my monzo account frozen for about 24 hours because i wanted to make a purchase on Amazon, like I have done hundreds of times before, and because I recently and foolishly set up a monzo business account, that was also frozen! The way they are connected didn’t seem right at the time and I told them that, a LTD company account should not be connected to a personal account. I’ll be closing the business account with them soon.

Bottom line, most major banks have and regularly commit fraud, money laundering and numerous other financial crimes but get fined far less than they make from doing it so they keep doing it… But God forbid you/we try to spend £50, that could be fraud and the banking cartel need to investigate.

There’s a lot of reasons I would understand someone closing their tally account, mainly due to numerous bugs, horrendous UI, serious lack of basic features etc. etc… The only thing out of their control is the KYC and AML requirements, fing annoying as they are.

I totally get that this was the straw the broke the camel’s back though.

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I can understand the big players with millions of account holders having trouble keeping up with fraud but Tally has no excuse… if its a staffing level issue then employ more staff… if you haven’t got the funds to hire staff get this relisted and get funds in!

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@Kestrel I hope I am able to change your mind about closing your account.

As the tally you hold is backed by physical gold we carry out additional checks. We carry out security checks as part of our security process but we tend to have these all completed within 1 working day but do say 1-2 working days just in case we need additional time. If the transfer is to a UK bank account held in your name these transfer should be nearly instant unless the transfer gets pulled for random additional checks.

If you would like me to look into this in more detail please email in to support and address it to me saying this is from your community comment so I can link it all up.

Sorry, the deed is done albeit with genuine disappointment, throughout the couple of years? I had the account there were several incidents that eroded my confidence, from the non delivery of the card at the onset, through the most telling problem when Tally, about a year or more later decided they needed further information, instead of just requesting this information, my account was frozen at the same time effectively blackmailing me into supplying this information!, there were times of delay when I needed to speak to someone but you only open business hours, the last one, a couple of days ago, a simple transfer of £50 from Tally to a UK bank was delayed several hours, it just did not arrive, it was not

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Sorry, the deed is done albeit with genuine disappointment, throughout the couple of years? I had the account there were several incidents that eroded my confidence, from the non delivery of the card at the onset, through the most telling problem when Tally, about a year or more later decided they needed further information, instead of just requesting this information, my account was frozen at the same time effectively blackmailing me into supplying this information!, there were times of delay when I needed to speak to someone but you only open business hours, the last one, a couple of days ago, a simple transfer of £50 from Tally to a UK bank was delayed several hours, it just did not arrive, it was not showing pending in my transactions - nothing! so I am now thinking what the hell has happened now, it was only after I contacted Tally that I was told it was due to “a random security check” I am not convinced this was actually the reason, a random security check on £50!!

No confidence therefore I cannot continue as I believe at some point something involving a lot more money would go seriously wrong. It’s a great idea but needs a much more professional approach.

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I have to agree, it is a sh1t show at the moment. I made a transfer yesterday, there is no evidence of it in either accounts… is it pending, did I dream I made the transfer, what has happened to it??

This isn’t the first time, like I said about investing in this now I wouldn’t and if I wasn’t so heavily invested in this I wouldn’t have my account here either. It not only doesn’t work, it worse than it was when it started.

This thing needs a lot of work and I don’t think they have the skill set.

I pity the support team, they are fire fighting while the development keeps pouring on petrol.

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@Kestrel I can understand your frustration around the issue of the re-kyc, the way this was carried out was in the wrong way but we have implemented additional processes on the back of this to provide a smoother process if we need to carry out this process in the future.

I will pass your feedback on to the team about the transfer process to see if we can show the transfer as pending in some way. All transfers go through security checks no matter the size of the transfer and we pull random transfers for additional checks as part of our security process as the tally you hold is physical gold.

As for transfers going missing, this can not happen, we have records for every transaction in, out or between Tally accounts to track everything.

@JonnyE can you come into support (if you have not done so already) and I can look into this for you?

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@kris-tally

The transfer appeared just over an hour ago. It did used to say pending so at least we would know something has happened, now it doesn’t even say that so you should expect people to waste their time and yours trying to figure out what’s happening. I know it’s not your fault, but like I said, if the ‘developers’ are causing more fires than you can put out, it’s pretty obvious where the problem lays.

There has been a continuous supply of feedback from so many on here about numerous things over the years, many have been repeatedly stated by different people. I actually believe you do pass all this feedback to ‘the team’ but it’s clear they simply ignore it or aren’t qualified to sort it out.

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So ktis,tell me,how the hell was someone able to commit fraud with Tally if,as you stated,every transaction is checked.
I suggest to you ,this is obviously not happening all the time and your reply is not 100% accurate,rather it’s misleading,to the point,investors have no confidence in where Tally is going.
Teco,the all singing drum banging app that management have been pushing out for 2 plus years now is not fit for purpose.
When will Tally come clean and supply the requested crime numbers to this alleged @£800,000 fraud.
It’s about time Tally started pouring out some truth and honesty about how unreliable and untrustworthy the product Tally is.

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It’s a great shame imo. Tally was perhaps not directly responsible for this one but one can understand the sheer frustration of card users.

This is a wonderful concept that has, as far as I can see, been stymied by some of the decision making. Other companies, including big names, have not only poached our concept they’ve run away with it, with far bigger and faster backing and funding.

It’s also true that there is room for Tally in the marketplace, and owning gold will never go out of fashion. How many fish and chip shops are there out there, sushi bars, designer brands, toys, all competing? So being in a cast of plenty shouldn’t be a huge problem for Tally.

Its challenge is itself. After five years of fixing bugs, adding in more bugs, failing to roll out basic, useful concepts often suggested on here and a failure to manage theft, Tally is in deeper water than ever before imo.

There’s still time to turn it around but is there the willpower? I hope so.

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This doesn’t reflect my experience at all, although I’m mainly using Tally as a savings account. That said, I opened the account last June and did have some teething troubles, being unable to login with the app. However my wife also opened an account and had no trouble whatsoever, and as a retired software engineer I understand how sometimes something seemingly innocuous can trigger an obscure bug. It took a couple of weeks before the bug was fixed, and I’ve had no problems since.

Concerning delays to deposits showing due to security checks, this did happen to me once, but it was only delayed an hour or two. Tally aren’t going to go into details about what security checks are performed and why, that would only give clues to anyone really up to no good, but I’m sure there must be good reasons. I do think it would help if it showed the deposit as “pending” however, to give some reassurance that it has really been received.

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Get it RELISTED

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If an account holder passes all the relevant security checks to open the account… and that account holder happens to be a share holder as well do they really need to be selected for random security checks as well? I’ve not be held up thankfully but it would be frustrating as hell… if its a larger amount or irregular spending pattern then fair enough double check but still annoying!

@99Treble This was card fraud and not via a bank transfer, however, we do have all the information of the users and transaction information and we are following the correct legal route. Cameron has addressed this in the last Shareholder Q&A - https://community.tallymoney.com/t/shareholder-q-a-wednesday-31st-january-2024-6pm-7pm/1857/33

Being a shareholder has nothing to do with you having a Tally account, these are separate things and will still need to carry out the transfer security process. We carry out monitoring of accounts after signing up regularly.

I don’t think that’s adequate Kris, it’s poor mate

Thats as much information I can share but if wish for more info feel free to ask in the next shareholder Q&A, Cameron has provided additional information in the last shareholder Q&A.

Kris who took Lionsgold off Aim , your boss or the Nomad, it’s one or the other, can you ask him that, and the date in August for a mass shareholder visit, or do you prefer we just turn up to oversee our investments. Been waiting 3 months now still awaiting a date.

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