Teco app

1

Congrats on the launch of the new app. It does feel much smoother and loads quicker, especially the transaction page.

I noticed a balance change but that was quickly fixed, and the background colours were added thankfully as it looked very bland first thing this morning, although it hasnt been corrected on the transaction page yet.

All in all, its good to see it updated.

Obviously its day one and there are many bugs to fix but i would say a priority would be to sort out the make a payment page, theres no option to set the amount to send in £’s, as its only tally, so now I cant transfer a specific amount of £’s.

Hopefully fixes and features will come soon.

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2

Yeah at least it is finally here!! I’ve not got the issue with send in £’s, but a couple of transfers I sent 3 days ago still have not arrived. New transfers seem to be going through ok now though.

Also the reference attached to the transfers isn’t getting passed on to the receiving bank. Not so bad for sending to yourself but could be a disaster trying to pay a credit card etc…

Hopefully these can get ironed out quickly

3

@JonnyE @welshguy99 It has been a tough but good week and we are ironing out all the little things that have popped up.

2 Likes
4

Another bug I’ve found…

Won a massive ÂŁ2.70 on the lottery Friday. Reinvested ÂŁ2 and withdrew 70p back to my Tally card.

It’s been credited as 70 Tally (4p)!!

If I’d won the jackpot I’d be devastated

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5

Its all a mess.

6 days 2 emails and still no sign of my transfer.

It would be quicker to fly to switzerland have a long weekend break, visit the vault, sell the gold and fly home.

It would take months to get any significant amout out of tally.

I use tally because it should be more convenient and liquid than physical gold, but thats simply not true. It is quicker to post physical gold and sell it than it is to make a transfer from tally back to my fiat account.

6

Thats strange…

So if you go to make a payment, i assume you also see a list of people you have previously transacted with. Some of these are other banks but some are to people with a tally account.

If you want to send someone another payment, tally account to tally account, and click on them, are you saying it has the option to input the amount you want to send, in £’s?

I only have the option to input in tally but i can see the conversion value in £’s below it.

This is useless if i want to send say, ÂŁ13.36 as Ive no idea what amount of tally that is.

The app seems to have gone backwards. It’s less useable, transactions are slower, it has exactly the same bugs as the last one, plus more and now looks worse.

7

Ah, I didn’t realise you meant to other Tally accounts.

I don’t have any contacts with Tally so can’t test that. It’s the same though transferring from my main account to my Tally savings account, only the option to transfer Tally…

8

Ah ok. Yea, the inability to choose to input a specific amount of tally or fiat creates problems on both types of account.

Maybe they’ll fix it over the next 5 years :man_facepalming:

9

I am also disappointed with the tally transfers between accounts it should be a choice between GBP and tally not just tally. When making a payment from the tally account to my bank it is GBP. Tally need to fix this ASAP. They have fixed the balancing problem with the statements but it would be great if they printed out the GBP equivalent alongside the tally balance.

10

I’ve been waiting on 3 transfers I made out of my account on 2nd May Not had any response to emails in the last 2 days. All subsequent transfers have worked fine.

I’ve been very patient up till now, but it’s starting to get annoying. How can these funds just vanish?

11

@Hovis this has been raised to the team as feedback for future developments.

12

I have located your email and chased the team on this for you, they will come back to you on this matter shortly.

1 Like
13

Kris

I would suggest this is of high importance, anyone having to report capital gains will need to know what their capital gains or losses are from this account.

Not only is it close to impossible for an account holder to work this out, unless they create their own spreadsheet from day one and input all transactions and gold prices daily, as tally doesn’t keep a tally of this, the statements are of no use whatsoevever when needing to know capital gains over a user specified time period, or anything else for that matter. Tally figures mean next to nothing with no £ reference.

As it stands, anyone needing to report capital gains or losses to HMRC will find themselves in trouble using tally. And the knock on effect is probably a visit/audit on tally themselves by HMRC, when you are seen as causing the issue.

Best to sort ASAP before they come sniffing around.

14

Not 100% sure but capital gains is only payable if the gain is over £6000 in tax years 23-24 and it is the responsibility of the individual to declare it on their tax return. I doubt it woul affect somebody’s holding unless they closed their account and there was a huge profit. Running the account funding it and spending it daily is a complex business and difficult for working out CGT

15

Capital gains threshold for most this year is ÂŁ12,300 for everything.

If i make more gains than that elsewhere and gold is worth less than what i paid, i can claim a loss on.my tally to put against gains elsewhere.

If gold is worth more then there will be CGT to pay on the gold gains in tally.

If tally is taxed the same as crypto is taxed, which they will be as they are both classed as assets. Then each and every purchase or transfer, made using tally, is in fact a tax point, because an asset was sold (gold) converted to fiat ÂŁ and spent or given.

You’re correct, it is the individuals responsibility, but how will they know unless they do as mentioned before. Thats why it would be extremely dangerous for anyone to hold any remotely significant amout in tally.

The process of keeping a tally of gains/losses is a relatively simple one, its just maths on a database. Even i could create an excel spreadsheet to do this so theres no excuse it cant be done, especially as they have a gold price feed baked into the system. This is no different from software developed for exactly the same process for keeping track of crypto transactions for tax purposes.

Its just another thing ive been banging on about for years, that should have been sorted out, years ago.

Are tally just expecting people to tell HMRC, “Yeah, I’m over the threshold with my crypto gains or any other capital gains, and tally gold is also up since i bought it, but tally dont bother keeping a tally of that, so go and speak to them about how much i owe you”?

Yea, good luck with that, enjoy your day in court. :grin:

17

How?

Will he sit down and work it out, each time i want to know? Thats a bit archaic and time consuming just for my account, let alone anyone else’s.