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Topic: Mt Gox now adding 1 week processing time to Wire Transfer withdrawals - page 2. (Read 5050 times)

sr. member
Activity: 394
Merit: 250

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.

One dude from Thailand cant get a wire and suddenly mtgox is running fractional reserve banking?  Please.  I wire out $12k every week, for months, never had a delay with Gox.  I'll be sending another out on Monday, I highly doubt it will take more than 24 hours to hit my account.
legendary
Activity: 1190
Merit: 1001

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.
full member
Activity: 134
Merit: 100
Are they (Mt.Gox) running a fractional reserve or is this just an assumption? I'm genuinely curious.

My personal view is that they are extremely nervous at the rather longer than anticipated reach of the American 'law'. Cause and effect being what it is, they are now frantically scrambling to implement some form of vaguely passable AML process so, at least on the surface, it doesn't look quite so much like a giant laundromat.


hero member
Activity: 756
Merit: 522
Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:
Quote
ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.
hero member
Activity: 630
Merit: 500
What is your experience with how long validation takes for a new aba withdrawal setup to a US bank - I entered all my info and it accepted it but says validating now.
sr. member
Activity: 394
Merit: 250
Ok thanks for the info.

Will let you know if there is any delay to USA soon. They have always hit my US bank account in 12-48 hours.
legendary
Activity: 1190
Merit: 1001
Wire to WHERE?

Wire to Thailand.

Normally transfer is processed in a day or 2, then the wire transfer itself takes 2-5 business days.

But now it appears they do not even start the transfer (initiate the transfer with the bank) until a week after you put in the transfer request.
hero member
Activity: 882
Merit: 501
Ching-Chang;Ding-Dong
I just received a wire from gox, and it took under a week altogether (to USA account).
sr. member
Activity: 394
Merit: 250
Wire to WHERE?

Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:
Quote
ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes
legendary
Activity: 1190
Merit: 1001
Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:
Quote
ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes
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