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Author Topic: Mt.Gox: An Update on Euro Transfers - Unavailable Until Next Week  (Read 1351 times)
MtGox_Adam
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July 27, 2011, 06:42:37 AM
 #1

Hello,

Last week we announced that we were running into an authorization ceiling at the branch level with our newly assigned bank SG, and that we were expecting to hear back from SG with news that our accounts were setup by July 21st. 

 

However, SG has refused to authorize our account and has pushed our case back to the French Central Bank (Banque de France: BDF). According to the French law, we are guaranteed a bank account, so we were reassigned by the BDF to our original bank (CIC). On one hand, this is favorable news as our payment systems are already configured to work with CIC. On the other hand, we will be back to the same daily/monthly limits that were holding us back the last time we banked with them. We were given the expectation that this should have been all signed off and over with last week, but we have now been advised that the French Central Bank forgot to send the letter to CIC and consequently we’ve been left waiting (the letter was sent on Monday).

 

Knowing that CIC is more than likely going to give some push back when asked to reopen the account, we are now expecting that SEPA transactions will continue to be unavailable until at least August 5th. In the interim, AurumXchange is available to accept Mt.Gox vouchers and is able to send them via a SEPA transfer.

 

We have also been working on some other solutions to this problem, but having our bank account reopened with CIC seems like it will be the most timely. Just know we’ve got a contingency plan or two should we continue to have trouble with CIC.

 

We sincerely thank our European customers for their patience and understanding as we work to get this resolved as soon as possible.

via: https://mtgox.zendesk.com/entries/20314481-an-update-on-euro-transfers-unavailable-until-next-week

If you are having trouble with your Mt.Gox account please visit https://support.mtgox.com or email our Helpdesk at support@mtgox.com

Authorized Mt.Gox Help Desk staff on this forum operate under the following handles: "Mt.Gox Support", "Mt.Gox_Natalie", "mtgoxCharlie" and "bitflower"
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VPoro
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July 27, 2011, 08:40:35 AM
 #2

Not to be rude, or anything else like that, but I have several ~100$ withdraws totaling 415$ which are now stuck in some sort of limbo, and you just keep pushing back the date. I wouldn't have made additional withdraws had you noticed in advance that the payments will be processed on Aug 5th instead of 21st of July. The first withdraw that hasn't arrived is from 10th of July, which will be a month late if it's processed on Aug 8th.

In my opinion, it is really bad practice for a company whose main purpose is to be a currency exchange, i.e. deal with currency, to withhold its customer's money ad infinitum. The least you could do in a situation like this would be to calculate an interest for the money you have borrowed from your customers and pay that in addition to the sum you owe when you get your bank working. I do understand that if the French banking system fails, it's not your fault, however - your reputation is yours, and if you screw it up, it's your fault no matter who was the original party to blame. I've been very patient with MtGox, waited through the hacking disaster with my money stuck in limbo, but I'm not really happy that this is happening again.

Donations are always appreciated - 13skSo2Wes5PEdwCXkP5QZLUw5A7oNtrkQ
gentakin
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August 04, 2011, 08:03:04 PM
 #3

Any updates on this? News about the August 5th? Is there a chance for SEPA support tomorrow?

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timmey
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August 04, 2011, 08:50:09 PM
 #4

Is there a chance for SEPA support tomorrow?
*fingers crossed*
i hope so too but i doubt that the bureaucratic bank machinery works that fast

I will sign you up anonymously at realitykings.com (http://rk.com)[NSFW] for Bitcoins with 20% discount!
http://timmey.orgfree.com/s.php
read all details in this thread (https://bitcointalk.org/index.php?topic=3242Cool
gentakin
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August 06, 2011, 12:13:00 PM
 #5

The page still says August 5th 2011. According to some blog post, it will take at least another 3 weeks.

If that's true, I request that MtGox cancels any pending withdrawals and adds the money back to the MtGox accounts. For example, I have a pending withdraw from July that I'd like to turn into a redeemable code to sell.

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VPoro
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August 06, 2011, 01:07:37 PM
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It would be nice to get an update on this indeed, three weeks more with several hundreds of $ in limbo doesn't sound too good...

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Jack of Diamonds
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August 07, 2011, 12:16:44 PM
 #7

The page still says August 5th 2011. According to some blog post, it will take at least another 3 weeks.

If that's true, I request that MtGox cancels any pending withdrawals and adds the money back to the MtGox accounts. For example, I have a pending withdraw from July that I'd like to turn into a redeemable code to sell.

I thought 'tentative August 5th' would more or less be true after one delay already.

If the 3 weeks thing is true, yes I'd like them to be returned to account balances.

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zale
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August 07, 2011, 04:14:48 PM
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There is now other way to withdraw € right now, am I right?
My money was stuck in limbo since July 14 and I got it back on my MtGox account by the end of July after I sent a ticket and now I'm waiting until SEPA transfers are available again, so basically almost a month now.

Not to be rude, or anything else like that, but I have several ~100$ withdraws totaling 415$ which are now stuck in some sort of limbo, and you just keep pushing back the date. I wouldn't have made additional withdraws had you noticed in advance that the payments will be processed on Aug 5th instead of 21st of July. The first withdraw that hasn't arrived is from 10th of July, which will be a month late if it's processed on Aug 8th.

In my opinion, it is really bad practice for a company whose main purpose is to be a currency exchange, i.e. deal with currency, to withhold its customer's money ad infinitum. The least you could do in a situation like this would be to calculate an interest for the money you have borrowed from your customers and pay that in addition to the sum you owe when you get your bank working. I do understand that if the French banking system fails, it's not your fault, however - your reputation is yours, and if you screw it up, it's your fault no matter who was the original party to blame. I've been very patient with MtGox, waited through the hacking disaster with my money stuck in limbo, but I'm not really happy that this is happening again.

Also this.
sonba
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August 07, 2011, 09:23:35 PM
 #9

There is now other way to withdraw € right now, am I right?
My money was stuck in limbo since July 14 and I got it back on my MtGox account by the end of July after I sent a ticket and now I'm waiting until SEPA transfers are available again, so basically almost a month now.

Not to be rude, or anything else like that, but I have several ~100$ withdraws totaling 415$ which are now stuck in some sort of limbo, and you just keep pushing back the date. I wouldn't have made additional withdraws had you noticed in advance that the payments will be processed on Aug 5th instead of 21st of July. The first withdraw that hasn't arrived is from 10th of July, which will be a month late if it's processed on Aug 8th.

In my opinion, it is really bad practice for a company whose main purpose is to be a currency exchange, i.e. deal with currency, to withhold its customer's money ad infinitum. The least you could do in a situation like this would be to calculate an interest for the money you have borrowed from your customers and pay that in addition to the sum you owe when you get your bank working. I do understand that if the French banking system fails, it's not your fault, however - your reputation is yours, and if you screw it up, it's your fault no matter who was the original party to blame. I've been very patient with MtGox, waited through the hacking disaster with my money stuck in limbo, but I'm not really happy that this is happening again.

Also this.

I would be interested in buying MtGox USD, paying with SEPA, PSC, or German wire (PayPal is also ok, but I guess not an option for most sellers). You can see my OTC rating in the signature. To minimize workload, I'm only intersted in amounts > 100 USD. If you have a good rating I can also go first. If you are interested, PM me.
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