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Author Topic: Are USD Withdrawals From Mt Gox to Dwolla Still Taking Weeks?  (Read 9120 times)
epetroel
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July 09, 2012, 02:34:27 PM
 #41

My account has had "Verfied Status (Level 1)" for over 6 months. I'm still waiting for USD to arrive in my Dwolla account which was requested from Mt Gox on June 29th.

I don't think verification status has anything to do with it.  The way I understand it, Gox is in some kind of bureaucratic limbo with Dwolla right now.  Because of this they are trying to avoid keeping any significant funds at Dwolla in case they just arbitrarily decide to shut down Gox's account and lock up whatever money they have there.  So, Gox is keeping just enough money there to cover their immediate need for withdrawals.  Since it takes time to transfer money to Dwolla, this means that everybody's withdrawals are delayed by approximately that amount of time (which appears to be something like 12 days from my experience over the last couple months).
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July 09, 2012, 04:31:42 PM
 #42

My account has had "Verfied Status (Level 1)" for over 6 months. I'm still waiting for USD to arrive in my Dwolla account which was requested from Mt Gox on June 29th.

I don't think verification status has anything to do with it.  The way I understand it, Gox is in some kind of bureaucratic limbo with Dwolla right now.  Because of this they are trying to avoid keeping any significant funds at Dwolla in case they just arbitrarily decide to shut down Gox's account and lock up whatever money they have there.  So, Gox is keeping just enough money there to cover their immediate need for withdrawals.  Since it takes time to transfer money to Dwolla, this means that everybody's withdrawals are delayed by approximately that amount of time (which appears to be something like 12 days from my experience over the last couple months).

This will not help MtGox as Dwolla will just freeze any new incoming funds to offset any fraud they are seeing happen on the account. Dwolla has shown many times that they cannot be trusted to manage the fraud or deal with protecting merchant accounts. MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.
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July 09, 2012, 06:28:35 PM
 #43

I have a withdraw on June 26, and still no money in my account yet.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
TwinTurbo
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July 09, 2012, 08:13:56 PM
 #44

I just thought I'd post a follow-up about my most recent withdrawal.

Withdrawal request from MtGox to Dwolla:
~$900
June 25, 2012 - evening

Deposit into Dwolla from MtGox:
~$900
July 8, 2012 - evening

Total transaction time: 13 days
Mt.Gox Support
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July 10, 2012, 01:04:38 AM
 #45

MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.

Soon the end of the tunnel my friend.

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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July 10, 2012, 01:32:45 AM
 #46

MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.

Soon the end of the tunnel my friend.
i hope you don't mean mtgox is going to disappear

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
JWU42
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July 10, 2012, 01:44:51 AM
 #47

Similar to TT - June 21 withdrawal and July 3 deposit -- 12 days  Roll Eyes

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chungenhung
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July 10, 2012, 02:05:29 AM
 #48

Similar to TT - June 21 withdrawal and July 3 deposit -- 12 days  Roll Eyes
mine has been over 12 days, and i am beginning to suspect something is happening at the gox

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
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July 10, 2012, 02:23:09 AM
 #49

Withdrew on 6/27. Earlier today it was Status: confirmed. Right now it is "Status: todo".....that means soon? 12 days too....

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July 10, 2012, 02:23:32 AM
 #50

How soon is "the end of the tunnel," and what do we expect to see at the end of this tunnel?  Many of us need our money in less than a week - and some of us need several thousand dollars to pay our college bills very soon.  Please hurry and make reliable rapid withdrawals for U.S. customers, and respect each customer's privacy.  There has got to be a way...

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July 10, 2012, 02:46:33 AM
 #51

Withdrew on 6/27. Earlier today it was Status: confirmed. Right now it is "Status: todo".....that means soon? 12 days too....
Mine has been confirmed since 6/26, and today, it is still showing confirmed.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
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July 10, 2012, 03:20:05 AM
 #52

MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.

Soon the end of the tunnel my friend.
i hope you don't mean mtgox is going to disappear

Cheesy Don't worry.

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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July 10, 2012, 03:23:39 AM
 #53

How soon is "the end of the tunnel," and what do we expect to see at the end of this tunnel?  Many of us need our money in less than a week - and some of us need several thousand dollars to pay our college bills very soon.  Please hurry and make reliable rapid withdrawals for U.S. customers, and respect each customer's privacy.  There has got to be a way...

You have to understand that until Dwolla do not clear the situation we, and other company dealing with Dwolla, will have some troubles dealing with them, I strongly advise you to read this to understand the situation.
https://bitcointalk.org/index.php?topic=86224.msg997245#msg997245

Now what we are doing is to work on bypassing Dwolla and offering something different, cheap and fast for our users in the US, so yes the end of the tunnel and to this really uncomfortable situation is soon.

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
tarrant_01
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July 10, 2012, 09:59:55 PM
 #54

Got my dwolla today.

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chungenhung
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July 10, 2012, 10:22:17 PM
 #55

got mine. 16 days.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
JWU42
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July 10, 2012, 10:56:16 PM
 #56

Got mine today - hit Dwolla that is - still a few more days until it hits the bank.  Withdrawn from GOX on June 27th.

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mjsbuddha
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July 11, 2012, 12:42:23 AM
 #57

Withdrew on 6/27. Earlier today it was Status: confirmed. Right now it is "Status: todo".....that means soon? 12 days too....

ditto. waiting on a withdrawal since the 27th and now went from "confirmed" to "todo". what does this mean?
tarrant_01
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July 11, 2012, 08:33:48 AM
 #58

I'm thinking it means they're sending it soon. As you can see I got mine shortly after.

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EuSouBitcoin
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July 12, 2012, 12:10:09 PM
 #59

I got tired of waiting. On July 11th I cancelled my withdrawal request from June 29th and had the USD credited back to my Mt Gox account. I bought BTC and transferred approx 900 BTC to BitFloor. I'll try my luck over there. I've sold about 100 so far. I've got the other 800 offered at various prices. If anyone is looking to buy BTC be sure to check out the offering prices and sizes at BitFloor. If Mt Gox improves their withdrawal times on Dwolla or offers another method I might reconsider, until then I'll let someone else be the guinea pig.
Rygon
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July 12, 2012, 04:10:22 PM
 #60

How soon is "the end of the tunnel," and what do we expect to see at the end of this tunnel?  Many of us need our money in less than a week - and some of us need several thousand dollars to pay our college bills very soon.  Please hurry and make reliable rapid withdrawals for U.S. customers, and respect each customer's privacy.  There has got to be a way...

You have to understand that until Dwolla do not clear the situation we, and other company dealing with Dwolla, will have some troubles dealing with them, I strongly advise you to read this to understand the situation.
https://bitcointalk.org/index.php?topic=86224.msg997245#msg997245

Now what we are doing is to work on bypassing Dwolla and offering something different, cheap and fast for our users in the US, so yes the end of the tunnel and to this really uncomfortable situation is soon.

Hopefully that means direct deposit to bank accounts. Although - and nothing personal against MtGox - I think this particular issue is good for bitcoin because it's spreading people out across several other exchanges. It'll be better for the longterm adoption of BTC since it lessens the impact of one exchange site crashing or going down temporarily - not that I think it's as much of a problem as in the past.
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