This is a long read, but definitely worth it if you are or intend to become a GoldMoney account holder.
Dear GoldMoney Customer, We are pleased to inform you of an exciting newdevelopment. Beginning Sunday, 20 May 2007, it will be evenmore convenient to buy and sell gold and silver throughGoldMoney. HOLD FUNDS ON DEPOSIT IN A BANK We have opened Customer Segregated Funds Accounts for fourdifferent currencies with our banks. Thus, you will be ableto deposit money into these segregated customer accounts inUS dollars, British pounds, euros or Canadian dollars, anduse this money to purchase gold and silver from GoldMoney.When you decide to sell metal, the proceeds can bedeposited into these same bank accounts. Importantly, youwill earn interest on your deposit at very competitiverates, and have 24/7 access to your deposit and your metalthrough the Balances page in your Holding. ADD AND REMOVE FUNDS A new feature allows you to Add or Remove Funds from yourHolding, to easily facilitate the transfer of money betweenGoldMoney and your bank account. Also, you can now save thedetails of your bank account(s). So simply select theaccount you want to use, rather than typing your bankdetails each time you initiate a transaction. GoldMoney accepts money transfers by electronic check (ifyou have a bank account in the US) or bank wire. Once yourfunds are received, the currency balance recorded in yourHolding is increased, enabling you to earn interest on yourmoney until you are ready to buy gold and silver. WHAT THIS MEANS 1) A new way to use our electronic check feature As before, you can use electronic checks to debit your bankaccount in the US to pay for your metal purchases, or toautomatically receive your sale proceeds. But now you canalso write and receive electronic checks from the US dollarCustomer Segregated Funds account. So rather than leavingmoney in your bank account while you wait to purchase goldor silver, use electronic checks to deposit your money inour segregated funds account and earn interest. Then buywhen the market price is right for you. 2) Purchases paid by bank wire Presently when purchasing by bank wire, we need to receivethe funds within 2 business days for customers to 'lock-in'the buying rate. Bank wire fees are costly and oftendelayed, with the consequence that late orders would needto be completed at a price different than what the customerhad expected to receive because the 2-day deadline wasmissed, through no fault of the customer or GoldMoney. Ournew feature eliminates these problems. Now, prior to placing a Buy order you simply wire funds fordeposit into the segregated funds accounts, and earninterest on that money while you wait to purchase metal. Similarly, you will now be able to sell your goldgrams andsilver ounces and receive the proceeds in US dollars,British pounds, euros or Canadian dollars, which isautomatically deposited for you into the CustomerSegregated Funds account. The proceeds will be shown as anincrease to the currency balance in your Holding once theSell order is completed. But if you instead want to receivethe proceeds from your sale right away, simply 'click' theappropriate instruction, and the money will be immediatelysent to the bank account you choose. 3) Earn interest on your currency deposit You will earn interest on your currency balances in theCustomer Segregated Funds Account. There is no minimum ormaximum deposit. Interest based on your average monthlybalance will be paid monthly, regardless of the size ofyour deposit. The fee GoldMoney charges for this new service will reducethe interest income you receive by 1/4th of 1% per annum.Thus if the interest rate paid by our banks is 5%, theinterest income you earn on your deposit is 4.75% afterdeducting the administrative fee. Interest rates are ofcourse subject to change, but the present interest ratesper annum after deducting the administrative fee are: US dollar 4.18% British pound 5.00% euro 3.14% Canadian dollar 2.75% FASTER AND CHEAPER Our new segregated funds feature will save you both timeand money. Buying and selling will be easier and faster,and you will not have to incur the costs of funds transfersevery time you place an order. And you can earn interest onyour currency deposit at competitive rates."