gold pay vs bankwire

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  • bilken
    Restricted User
    • 09-02-09
    • 26

    #1
    gold pay vs bankwire
    What is the advantage using gold pay vs. going to the bank and wiring the money through the bank? Thinking about using gold pay but not sure.
  • Peep
    SBR MVP
    • 06-23-08
    • 2295

    #2
    That's easy.

    You (1) don't have to go to the bank to fund or collect from a book and (2) You just need a click of a mouse to fund.
    Comment
    • bilken
      Restricted User
      • 09-02-09
      • 26

      #3
      Ok thanks peep gold pay seems like a convenient option
      Comment
      • jackkkk2009
        SBR MVP
        • 07-13-09
        • 1183

        #4
        However, you will need to go to ** or ** to send funds to your gold-pay account with cash.
        Comment
        • LordVodka
          SBR Hall of Famer
          • 08-17-09
          • 5206

          #5
          Keep in mind that GP charges you a fee for the deposit.
          Comment
          • Peep
            SBR MVP
            • 06-23-08
            • 2295

            #6
            Good points about the downside of GP.

            I was speaking from the viewpoint of having (and keeping) your GP account funded.

            If you can't keep it funded through profits, it is a bitch to get money into.
            Comment
            • LordVodka
              SBR Hall of Famer
              • 08-17-09
              • 5206

              #7
              Here's another downside from GP:

              Effective May 1st

              GP will no longer process deposits and withdrawals for **, **, Xoom and credit cards on Saturdays.
              Comment
              • Igetp2s
                SBR MVP
                • 05-21-07
                • 1046

                #8
                Originally posted by Peep
                That's easy. You (1) don't have to go to the bank to fund or collect from a book and (2) You just need a click of a mouse to fund.
                You can fund books directly with the click of a mouse as well. You can do bank wires online pretty easily.
                Comment
                • bilken
                  Restricted User
                  • 09-02-09
                  • 26

                  #9
                  Good point Igetp2s but TD bank dose not have online bank wire so I do have to go to the bank to make a a bank wire
                  Comment
                  • bilken
                    Restricted User
                    • 09-02-09
                    • 26

                    #10
                    Originally posted by Peep
                    Good points about the downside of GP. I was speaking from the viewpoint of having (and keeping) your GP account funded. If you can't keep it funded through profits, it is a bitch to get money into.
                    So what your saying is if you make about 5 or six bank wire deposits in a year to GP the banks may throw up red flags and question me.
                    Comment
                    • Peep
                      SBR MVP
                      • 06-23-08
                      • 2295

                      #11
                      Originally posted by bilken
                      So what your saying is if you make about 5 or six bank wire deposits in a year to GP the banks may throw up red flags and question me.
                      No. Not saying that.

                      What I did was put $100 in GP through V-I-S-A. Cost me $8 to put in $108. I then made 4 $25 deposits GP. One each to 5 Dimes, The Greek, Matchbook and Easystreet.

                      That made me eligible to get withdrawals from them through GP (any amount I requested).

                      That let me fund my GP to a reasonable level, with no fees since the books let me withdraw GP no charge.
                      Comment
                      • thespeculator
                        SBR MVP
                        • 09-09-08
                        • 2999

                        #12
                        scotiabank allows you to deposit ** online through your bank account
                        Comment
                        • bilken
                          Restricted User
                          • 09-02-09
                          • 26

                          #13
                          Thanks Peep that is a good idea
                          Comment
                          • bilken
                            Restricted User
                            • 09-02-09
                            • 26

                            #14
                            OK thespeculator if there is a scotiabank in the US I will open an account
                            Comment
                            • loyd
                              SBR Sharp
                              • 02-16-10
                              • 376

                              #15
                              this is an old thread but did anyone manage to make a withdrawal from his GP account by bankwire?
                              Comment
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