Topic: Intersango still holding on to customers money (updated and resolved) (Read 4369 times)
January 21, 2012, 05:21:30 PM
edited out, post i was replying to was deleted
January 21, 2012, 04:19:27 AM
If someone can confirm transactions working in and out of Intersango then really the OP should edit the thread title to something less FUDdy
January 21, 2012, 01:42:29 AM
Yes- too bad Jered does not communicate.
January 20, 2012, 04:02:32 PM
genjix, Jered can really learn something from you! Im not a customer at your exchange but im planning to be one soon!
January 20, 2012, 03:56:59 PM
OK, we found out the problem with the bank.
In the UK there are 3 payment types between banks called BACS, FPS and CHAPS. CHAPS is for high end payments (like moving a million or more) so we will ignore that. BACS is the old transfer type and usually takes 5 working business days. FPS is a newer government mandated inter-bank standard that makes payments within 1-2 business days but usually within a few hours.
A payment within the same bank is a transfer (TFR) so we'll ignore that.
The UK government has mandated that all banks have to move to FPS by the end of this year (IIRC), and has given optional guidelines to the banks. Lloyds probably disabled BACS from a whole bunch of accounts including Intersango's account (Interteni).
We had a few BACS payments which caused some problems for them when they did the migration (due to our transaction volume it might have been tricky). This is what they meant when our transactions have caused a problem in the processing queue. That we had submitted payments using BACS from our account, then BACS was disabled from our account but they still had the payments to be processed on the queue which caused an error.
BACS transfers no longer exist for Intersango. Most banks should have them deprecated now. This should not affect the majority of users and we have emailed the affected individuals.
In the UK there are 3 payment types between banks called BACS, FPS and CHAPS. CHAPS is for high end payments (like moving a million or more) so we will ignore that. BACS is the old transfer type and usually takes 5 working business days. FPS is a newer government mandated inter-bank standard that makes payments within 1-2 business days but usually within a few hours.
A payment within the same bank is a transfer (TFR) so we'll ignore that.
The UK government has mandated that all banks have to move to FPS by the end of this year (IIRC), and has given optional guidelines to the banks. Lloyds probably disabled BACS from a whole bunch of accounts including Intersango's account (Interteni).
We had a few BACS payments which caused some problems for them when they did the migration (due to our transaction volume it might have been tricky). This is what they meant when our transactions have caused a problem in the processing queue. That we had submitted payments using BACS from our account, then BACS was disabled from our account but they still had the payments to be processed on the queue which caused an error.
BACS transfers no longer exist for Intersango. Most banks should have them deprecated now. This should not affect the majority of users and we have emailed the affected individuals.
January 20, 2012, 09:01:32 AM
The bank account is now operational. Apologies for the delay this week. It was a technical error on the side of the bank and has been fixed.
Payments will be done by early tomorrow morning.
I think a bunch of banks were experiencing technical faults this week and it may be worth your time to inquire as you might be viable for compensation. A friend told me this:
Payments will be done by early tomorrow morning.
I think a bunch of banks were experiencing technical faults this week and it may be worth your time to inquire as you might be viable for compensation. A friend told me this:
Quote
>> my bank called and they still haven't figured out why my transfers were rejected
>> my bank manager passed it on to customer relations for "obvious compensation" because the technical faults department have been handling similar issues for a week without giving him a reason.
>> my bank manager passed it on to customer relations for "obvious compensation" because the technical faults department have been handling similar issues for a week without giving him a reason.
January 20, 2012, 04:38:04 AM
Genjix and everyone else in Intersango are publicly known(their real life identities), they have been the most reliable, most consistent, most honest players in the bitcoin exchange industry.
Without even knowing what is happening in the background I can assure you that Genjix and crew at Intersango are working on getting everything back up and running feverishly.
I stake my reputation and my own personal funds (which I have in Intersango as GBP) that they will sort this out. If Genjix and crew cannot be trusted then not a single person in Bitcoinland can.
Nefario, GLBSE (not Intersango).
Without even knowing what is happening in the background I can assure you that Genjix and crew at Intersango are working on getting everything back up and running feverishly.
I stake my reputation and my own personal funds (which I have in Intersango as GBP) that they will sort this out. If Genjix and crew cannot be trusted then not a single person in Bitcoinland can.
Nefario, GLBSE (not Intersango).
January 20, 2012, 04:27:40 AM
A. How big is the company?
http://bitcoincharts.com/charts/volumepie/
it seems to me they are 2nd - 3rd in size competing with Tradehill & biggest in UK / GBP
although I don't check that pie daily.
+1 curiosity for the B part. what's the plan to reach profitability?
January 20, 2012, 04:10:20 AM
I dont mean to be nosy but I'm curious.
A. How big is the company?
B. How are you going to operate profitably if you charge 0 fees and take 0% on trades? Is it all investor driven and are you open to investment opportunities?
Part of me wanting to know is because I'm reluctant to invest time and money into a trading account at a brokerage which will be here 1 day and gone the next. We've seen it happen all too often in the community.
A. How big is the company?
B. How are you going to operate profitably if you charge 0 fees and take 0% on trades? Is it all investor driven and are you open to investment opportunities?
Part of me wanting to know is because I'm reluctant to invest time and money into a trading account at a brokerage which will be here 1 day and gone the next. We've seen it happen all too often in the community.
Has anyone answered part B yet? I am also interested in where the revenue comes from. If you are offering 0% on trades to gain market share before moving to a fee-based model later on that is fair enough, but it is a bit disconcerting dealing with a company that doesn't appear to have any income!
But I have been very happy with the customer service I have received from Intersango up to now.
January 20, 2012, 03:44:15 AM
The second longest running Bitcoin exchange? Bitcoin consultants? Been featured on the goddamn BBC? Unable to maintain a bank account despite warning flags of potential problems and having to recently change banks because of similar problems?
But hey, you come across as trustworthy sorts on IRC. IRC? Bwahahaha...
I do however appreciate your response. Good customer communication is essential for any 'fledgling' business. Unfortunately the actual details of your problems seem like they could have been avoided; given you are consultants in this industry, given you have been in this game from close to the start, given that you have had problems with banks before.
Why did you fail to foresee, and act accordingly, to an issue that seems to affect many of your competitors? Your Lawyers, banking consultants, financial advisers etc should have been pay-rolled and fully engaged with Lloyds from day one. And every day since then. You know, considering you've had similar problems before. And you happen to be consultants in this field. And you deal in financial services. And you've been on the goddamn BBC!
I guess I will have to pursue my money through my own bank. One things for sure, if this had been Paypal I guarantee people would be swallowing ball bearings, strapping dynamite to their chests and throwing themselves at Ebay in some ragefull neckbeard jihad. But hey, its Bitcoins, and the company seem really nice on IRC....
(ps. I'm extremely sarcastic first thing in the morning and last thing at night. I also expect others to meet standards I myself do not. Go figure...)
But hey, you come across as trustworthy sorts on IRC. IRC? Bwahahaha...
I do however appreciate your response. Good customer communication is essential for any 'fledgling' business. Unfortunately the actual details of your problems seem like they could have been avoided; given you are consultants in this industry, given you have been in this game from close to the start, given that you have had problems with banks before.
Why did you fail to foresee, and act accordingly, to an issue that seems to affect many of your competitors? Your Lawyers, banking consultants, financial advisers etc should have been pay-rolled and fully engaged with Lloyds from day one. And every day since then. You know, considering you've had similar problems before. And you happen to be consultants in this field. And you deal in financial services. And you've been on the goddamn BBC!
I guess I will have to pursue my money through my own bank. One things for sure, if this had been Paypal I guarantee people would be swallowing ball bearings, strapping dynamite to their chests and throwing themselves at Ebay in some ragefull neckbeard jihad. But hey, its Bitcoins, and the company seem really nice on IRC....
(ps. I'm extremely sarcastic first thing in the morning and last thing at night. I also expect others to meet standards I myself do not. Go figure...)
January 20, 2012, 03:02:55 AM
I thought he was being sarcastic 
Then I apologize to bobajob.
January 20, 2012, 02:14:32 AM
I can't see why a legitimate business would have an account frozen. A multitude of legitimate small wires won't do it that's for certain.
So funny. Look into this assumption.
I thought he was being sarcastic
January 20, 2012, 12:48:09 AM
I can't see why a legitimate business would have an account frozen. A multitude of legitimate small wires won't do it that's for certain.
So funny. Look into this assumption.
January 19, 2012, 11:53:49 PM
Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.
I dont mean to be nosy but I'm curious.
A. How big is the company?
B. How are you going to operate profitably if you charge 0 fees and take 0% on trades? Is it all investor driven and are you open to investment opportunities?
Part of me wanting to know is because I'm reluctant to invest time and money into a trading account at a brokerage which will be here 1 day and gone the next. We've seen it happen all too often in the community.
We are the second longest operating bitcoin exchange and have no intention of closing our doors.
I second that
January 19, 2012, 11:51:57 PM
Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.
I dont mean to be nosy but I'm curious.
A. How big is the company?
B. How are you going to operate profitably if you charge 0 fees and take 0% on trades? Is it all investor driven and are you open to investment opportunities?
Part of me wanting to know is because I'm reluctant to invest time and money into a trading account at a brokerage which will be here 1 day and gone the next. We've seen it happen all too often in the community.
We are the second longest operating bitcoin exchange and have no intention of closing our doors.
January 19, 2012, 10:13:20 PM
Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.
I dont mean to be nosy but I'm curious.
A. How big is the company?
B. How are you going to operate profitably if you charge 0 fees and take 0% on trades? Is it all investor driven and are you open to investment opportunities?
Part of me wanting to know is because I'm reluctant to invest time and money into a trading account at a brokerage which will be here 1 day and gone the next. We've seen it happen all too often in the community.
January 19, 2012, 02:30:40 PM
Heh, and I was fooling enough to believe they could be trusted !
They're trusted, SEPA transfers are working fine.
January 19, 2012, 02:23:29 PM
(I'm from Intersango)
Our bank claims the processing queue has been filled because of our large order volume and they have to fix the technical issue which rarely happens. It is uncertain what they are up to- we did have smaller incidents in the past which were our account being flagged, and then one incident where they were being highly secretive and uncommunicative. Now they are talking to us but it seems to take time.
We have a face to face meeting with me, our director, our lawyer, and the bank's business manager and our bank account's relationship manager on the 26 Jan. Hopefully there something will be resolved and I will know more.
Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.
Anyway that's the best I can give you.
About the small wires: yes that is the reason, and that many people try to make fraudulent payments that get bounced. This makes any bitcoin account look suspicious. The small wires from many different unknown accounts are highly unusual from a bank's perspective. Our daily transaction volume is a few months transaction volume for the average bank customer.
Our bank claims the processing queue has been filled because of our large order volume and they have to fix the technical issue which rarely happens. It is uncertain what they are up to- we did have smaller incidents in the past which were our account being flagged, and then one incident where they were being highly secretive and uncommunicative. Now they are talking to us but it seems to take time.
We have a face to face meeting with me, our director, our lawyer, and the bank's business manager and our bank account's relationship manager on the 26 Jan. Hopefully there something will be resolved and I will know more.
Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.
Anyway that's the best I can give you.
About the small wires: yes that is the reason, and that many people try to make fraudulent payments that get bounced. This makes any bitcoin account look suspicious. The small wires from many different unknown accounts are highly unusual from a bank's perspective. Our daily transaction volume is a few months transaction volume for the average bank customer.
January 19, 2012, 01:46:28 PM
+1 on the guys being trustworthy.
It's only affecting the UK account:
Account title
Interteni LTD
Bank
Lloyds TSB
Account number
47148668
Branch sort code
30 64 57
LloydsTSB can't accept complaints from non customers on the phone so the address to write to is:
Customer Care
LLoydsTSB
125 Colmore rd,
Birmingham
B3 3SG
You can also complain to the bank you sent the payment from who will in turn complain to LloydsTSB.
I've lost a lot of cash to this. The payments haven't been bounced back.
It's only affecting the UK account:
Account title
Interteni LTD
Bank
Lloyds TSB
Account number
47148668
Branch sort code
30 64 57
LloydsTSB can't accept complaints from non customers on the phone so the address to write to is:
Customer Care
LLoydsTSB
125 Colmore rd,
Birmingham
B3 3SG
You can also complain to the bank you sent the payment from who will in turn complain to LloydsTSB.
I've lost a lot of cash to this. The payments haven't been bounced back.
January 19, 2012, 01:15:31 PM
I love how the first assumption that comes to everyones mind is "OMG THERES A PROBLEM, HE'S STEALING EVERYONES MONEY AAHHH"
Why don't we give Amir or Patrick some time to explain and resolve the problem before we all cry apocalypse?
Why don't we give Amir or Patrick some time to explain and resolve the problem before we all cry apocalypse?
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