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Author Topic: Mt. Gox Wire transfer issue.  (Read 1366 times)
CyberPhunk
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March 09, 2012, 07:15:57 PM
 #1

Hmm, not sure if this is where to put this, but here goes.

I had a small amount, less than $300, in Mt Gox, and wanted to withdraw it to pay some bills. The only real option was a wire transfer, and I gathered the information required.

My checking account is with a Credit Union, and they do not have a SWIFT # of their own, they go through Wells Fargo as an intermediary bank.

I was unsure as to what specific information I needed, so I contacted Mt. Gox support, and sent them the documents provided by my bank. They got back to me, and listed the specific information I would need for the wire transfer form.

I made a trial transfer, the $50 minimum, on February 20th, and waited. And waited some more. On the 1st I got a response that the funds had been processed, and should show up in my account shortly.

Today, I logged into my Mt. Gox account to find that not only the $50 I withdrew, but another ~$50 in fees have been removed from my account, for "unprocessed withdraw (invalid account number)"!

Now I'm out over $100, and have nothing to show for it.

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Stephen Gornick
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March 09, 2012, 10:09:54 PM
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I had a small amount, less than $300, in Mt Gox, and wanted to withdraw it to pay some bills. The only real option was a wire transfer, and I gathered the information required.

My checking account is with a Credit Union, and they do not have a SWIFT # of their own, they go through Wells Fargo as an intermediary bank.

Is this in the U.S.?  Are you not aware of Dwolla?  $0.25 per transaction.  Takes about a week to get set up initially but from there it is pretty quick.

Today, I logged into my Mt. Gox account to find that not only the $50 I withdrew, but another ~$50 in fees have been removed from my account, for "unprocessed withdraw (invalid account number)"!

Now I'm out over $100, and have nothing to show for it.

Well, wire transfers are insanely expensive for amounts in the range you are describing (e.g., $50).  If the transaction did complete, your $50 that reached your credit union would likely have seen an incoming wire fee as well, leaving you with just $35 perhaps.

Anyway, from here, what you should do is open a ticket and ask if there has been a change in status.   If there was an invalid account number, then Mt. Gox got the $50 back and maybe there are fees that would explain the transaction you see. 

To open a ticket:
  - https://support.mtgox.com/anonymous_requests/new

If you need your money quickly, probably the best option to date is to buy a MoneyPak to load a prepaid debit card that can be used to withdraw at an ATM.  That's not cheap, but it is quick. 

In the U.S. though, withdrawing through Dwolla works pretty slick.

CyberPhunk
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March 09, 2012, 11:39:55 PM
 #3

Oh, you better believe I contacted support about this as soon as I noticed it.

Still haven't heard from them, not even the normal automated reply that I sent them a request.

I wasn't aware that Dwolla was that cheap/convenient. Guess I look into it.

List of client download mirrors / Older Catalyst drivers/SDK
13dRbbqBpfZEmZiXXdLM4NKNoJYsgHbuFJ  <- might as well, in case someone feels generous. Wink
CyberPhunk
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March 10, 2012, 03:48:22 AM
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Does anyone know of another way to contact a person at Mt. Gox?

The Support drone I have been talking to is either an idiot, or purposefully being an ass.

Not only am I out the $50 wire transfer, due to inaccurate information provided by one of their own "Support Agent"s, they are charging me another $50 in fees! The idiot dealing with my support request keeps trying to blame me for the problem, ie "but you have mistakenly", even though I followed the instructions provided to the letter.

Some information:

I bank with a Credit Union, and they do not have a Swift#, they only have an ABA#, for transfers within the states. The Wire transfer form does not provide an option for an ABA#, only Swift#'s. I inquired as to what information I needed to input into the form, and provided the support agent with ALL the bank information for my account except for my actual account #. They responded with specific instructions, which I followed.

Obviously they were wrong, as the transfer didn't go through. So, instead of a transfer of $50(minus fees), I lose that $50, and am being held responsible for a $50 fee the bank levied because the transfer failed! I'll get back ~$25 of the failed transfer, and lose ~$75 in fees due to their incompetence. Nice way of doing business, Mt. Gox! Blame your customer for your failure, and then CHARGE them for it!

The new "Support Agent"'s final response:

Quote
   Hello Jack,

    Unfortunately, due to our policy, our management group is not able to credit your account more than $25.18. We apologize for any inconvenience caused.

    Thanks,

    MtGox.com Team

List of client download mirrors / Older Catalyst drivers/SDK
13dRbbqBpfZEmZiXXdLM4NKNoJYsgHbuFJ  <- might as well, in case someone feels generous. Wink
Stephen Gornick
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March 10, 2012, 04:25:58 AM
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So, instead of a transfer of $50(minus fees), I lose that $50, and am being held responsible for a $50 fee the bank levied because the transfer failed! I'll get back ~$25 of the failed transfer, and lose ~$75 in fees

Wouldn't it be great if there were a method of transmitting money internationally that didn't need identifiers like SWIFT, IBAN, ABA, etc,   And wouldn't it be great if the fees for executing the transfer were less rapacious?  Additionally, wouldn't it be great if the information about the transaction was available so that the person sending the money could personally confirm that the funds went through or not, rather than having to get information secondhand through some financial institution.  Or better yet, skip the financial institution -- put it right on the Internet so people could send the funds from their own computer or mobile?

Ha, ya!   That's a really cool idea.  Someone should invent it.    Grin

CyberPhunk
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March 10, 2012, 04:29:10 AM
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Quote from: Stephen Gornick
Wouldn't it be great if there were a method of transmitting money internationally that didn't need identifiers like SWIFT, IBAN, ABA, etc,   And wouldn't it be great if the fees for executing the transfer were less rapacious?  Additionally, wouldn't it be great if the information about the transaction was available so that the person sending the money could personally confirm that the funds went through or not, rather than having to get information secondhand through some financial institution.  Or better yet, skip the financial institution -- put it right on the Internet so people could send the funds from their own computer or mobile?

Ha, ya!   That's a really cool idea.  Someone should invent it.    Grin


Show me a way to pay my tax bill with bitcoins, and I'll do it, until then, they expect their payment in dollatrs.

List of client download mirrors / Older Catalyst drivers/SDK
13dRbbqBpfZEmZiXXdLM4NKNoJYsgHbuFJ  <- might as well, in case someone feels generous. Wink
Stephen Gornick
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March 10, 2012, 04:42:25 AM
 #7

Show me a way to pay my tax bill with bitcoins, and I'll do it, until then, they expect their payment in dollatrs.

Funny you should say that:



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 - http://bit-pay.com/press/2012-02-09-01

Herodes
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March 10, 2012, 02:06:46 PM
 #8

The Support drone I have been talking to is either an idiot, or purposefully being an ass.

^^ Listen mtGox, please hire more skilled support personell and perhaps pay them a bit more. I've got the same impression from some of the inquiries I've done as well.

CyberPhunk: There's always the option of doing an exchange with someone that wants to put money into mtGox. A trade like that could be initiated here on the forum or on bitcoin-otc. Basically, you want money out, someone else wants money in, so you provide them with a mtGox code, and then they send the money to your bank or to you as cash in person. Do your research first, and make sure you deal with someone that seems to be reputable.
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