I have to say, I get a bad taste when depositing a few K into this account. I sent funds earlier and during the 2 hours between me sending and it showing in tally, the gold price went down, but i was charged more than gold had been during that time.
I have since deposited the same amount again, and gold has gone up a bit, but now 3 hours have passed and its still now showing… God only knows what i’ll be charged this time.
I think if tally want people to deposit large sums here, there needs to be a price fix before deposit over say an ounce, same way I would fix the price of physical at the point of purchase and then i have to transfer in a certain time to secure that price.
When depositing several K’s it really is an annoying and stressful way to buy gold. It happens every time but its getting to the point where I really will be thinking twice before using it over physical.
If im thinking this, i guarantee others have and will in the future.
How are the SME accounts going to work? Ive had to wait around 12 hours for a deposit to show, and thats from a known account that ive been told, won’t have this issue again (several times). What happens when every deposit is from a different, unknown account?
Can you imagine someone selling things online and not posting a sale for 12 hours because they havent been paid, even though the customer has paid… Or businesses calling customers because they havent had payment, to be told it has been sent, tally just havent gotten round to dealing with it yet.
You’re going to be drowning in calls and complaints and bad feedback from day one, unless the SME accounts are completely different back-end.
@JonnyE When you transfer a large amount into your Tally account from a Uk bank account held in your name we have always carried out additional checks which can take up to 2 working days and a member of the team does reach out to you if more info is needed.
When the transfer arrives with us a rate is given then and not at the point the deposit is credited to your account.
It’s the not knowing that is frustrating. I know within seconds using other banks, that my transfer has reached my other account because i can see it, but with tally it can take many hours.
If the transfer has reached my tally account in seconds, the same time as a normal account, is it not possible for this to trigger an in app notification telling me my deposit has been received and will be converted at xxx rate, but may take a couple of hours to show in my balance, and i may be asked for additional information?
At least this way the user knows where they stand and doesn’t have to constantly check their account or contact you, wondering where their funds have gone.
Surely this is better for the user, and cuts down on time wasted replying to users explaining the same thing over and over. Might not be a big thing now but if user numbers grow and this brings in people wanting to make large deposits, it saves a lot of wasted office time and frustrated customers.
@JonnyE I totally understand your frustration in regards to not seeing the transfer in even a pending state, I have shared your feedback with the team and from what I know with the development of TECO this is something that should be coming.
But surely Kris if JonnyE is down as a verified account holder & (shareholder) and deposits several thousands many times before, does each further transaction need to be verified over and over again with long winded checks?
It reminds me of when i was banking with natwest many years ago… doing several building projects at once, i was back and forth to the bank weekly withdrawing large sums of cash that id pre ordered, and every single time i ended up with the same f***wit of a cashier, who knew who i was from the 359 times he had served me before, kept insisting i have my passport for transactions over £1k, ask me the same questions every time about direct debits etc (i just used to shake my head at the power crazed little twat) …one day id come straight from the builders yard covered in cement… no passport just my debit card, get this guy again…says he cant give me anymore than £999…i flipped out and demanded to see the manager because of this idiot and said I’m not moving (there was a long line behind me ;-0 )… Low and behold i never had to show my passport again for any transactions… Never saw the idiot in the branch again!
Rant over.
on the plus side Jonny i saw an article saying gold could go to $3000 bucks by year end ;-0
@michaelczuba I understand what you are saying but we have to do certain checks even if we know who the person is for legal reasons. I would have to go through the same checks and people see me every day, we have a limit that changes every day but the checks are done as quickly as they can be.
The issue of no visibility should be sorted when TECO goes live as I mentioned before.
I have to admit that I have never had any issues when transfering in and out of accounts. It has always shown within hour.
Only last week a transfer of ks was made and was an immediately shown in the app confirmed with an email confirmation…
my few sub 1k payments have been the same, quick to show up in my account at tally. However I am with Johny E on this as there is absolutely no reason for tech they way it is now for money to take 2 days to reach you account, total bol**cks!
Every “bank” should have access toaster payments when transferring funds in country.
A list of approved deposit and withdrawal accounts which have been fully processed through any required KYC requirements. Allowing immediate future processing of activities.
I hold a number of accounts which have this function.
Plus have also switched high street banks due to similar continual repeat account details over zealous security measures.
From our 4Q 2022 experience, I know an additional source annual deposit from now on will need my informing Tally of full impending deposit details and source reasons ahead of time, as coming from outside of my regular deposit accounts.
Now I know, not an issue, however having completed a reasonable security and “legal” back and forth for the initial deposit, that account would be better on a “White List” for my Tally account.
@Telbap I totally understand what you are saying in regards to no visibility of the transfer and as I have said above the launch of TECO will hopefully smooth out this process for all users. Tally is not a bank, it is a gold-backed currency linked to the banking system which means we need to carry out additional checks on large deposits from named accounts and all 3rd party transfers due to gold being a physical asset.
@geordiepiraterd I have passed this feedback on to the team and from what I understand (from a non-developer point of view) when TECO goes live this is something which could be built into the backend in the future.