Greetings to all GNI Friends:
This newsletter will address the following:
1. Status of Refund Requests
2. The New Program
3. Easter
Status of Refund Applications:
At the time of this writing we are at a bit over 500 Refund Applications completed. I spoke with Todd who advised me we are able to process up to 100 per day, but Debbie and he are receiving upwards of 80 emails PER DAY requesting status of their particular refund.
To provide the status of any given ticket takes, in terms of total time spent, the amount of time it takes to process two refund applications. This means they could, at this point be over 1100 applications processed.
I urge all Applicants to PLEASE refrain from sending these emails. They are compelled to answer the emails before working the refund applications. Further, nobody receives refunds sooner because their Application was submitted and processed before the next person. As they near the end of the process, they will put out a call to members with a date through which refund applications have (had) been processed. Nobody needs to be concerned.
The New Program:
We have completed a Narrative detailing our new project. It is our intention to keep this program and process absolutely private.
Those of you who are interested need to submit a ticket at this link: http://gniforum.com/newgni
Our new project will require a minimum deposit amount of $1,000.00, and in shares / blocks of $1,000.00. In this ticket we need your current GNI Username and the
approximate amount of "shares" (blocks of $1,000.00) you expect to purchase. Keep in mind, there will be no 'TEST SPENDS' permitted.
This is a very serious program and will require extensive effort on our end, please keep this in mind when making decisions.
Easter Greetings:
At this time, we would like to take a moment to wish all a very happy Easter. Take a moment to reflect on all the good that you have going on in your life. We know many of you are struggling. This hasn't gone by us unnoticed or unscathed. We are confident the second half of 2010 will only be better for us all.
Thank You all Once Again,
Robert and the Reduced in Size, GNI TEAM
Showing posts with label GoldNuggetInvest Newsletter. Show all posts
Showing posts with label GoldNuggetInvest Newsletter. Show all posts
GoldNuggetInvest Newsletter February 27th. 2010
Topics addressed in this Newsletter :
1. Charitable Giving
2. Introduction of New PP; Global Digital Pay
3. Status of Wire Transfer Capabilities
4. Summary of the New Plan / Description
5. Hardship Withdraws / Random Payments
6. Status of Payments
7. Dissolution / Deposit Repurchase Program (GNIHausfrau Saga Cont'd)
8. Summary
Greetings are Extended To Friends, Family and Associates of GNI:
We hope you all have had an opportunity to successfully withdraw from your cash balance, as payments continue to go out as per our restructuring plan introduced in January, 2010.
Many have expressed interest as to the progress we have made with the recovery of the program, given the severity of the restructure and the reduction in benefits to which all were subjected. The short and most on-point answer is that it is way too soon to tell, given the new plans have not yet kicked into affect. We will however, advise the community at large as progress is made.
1. The first installment of $11,010 was forwarded to the Charitable Organization, US2UGANDA4life on Friday, Feb. 12.
In response, we received the following:
We continue to be amazed by your organization's generosity and willingness to get on board with our vision for Uganda. I can confirm that your transfer was deposited in our account ($10,995 after deduction of $15.00 for international wire handling fee). YOU GUYS ARE AWESOME. As a small token of our appreciation and in an effort to reach out and say thanks to everyone who has participated in this gift our board members signed the attached certificate of appreciation at our most recent meeting. I have saved it as a .JPG file in case you would like to forward to a broader group and please invite everyone to log onto the site and sign up for information we want to keep them up to date and allow them to follow along with the progress at both the Orphanage and the Medical Center.
(We will post the .jpg file at our private forum.)
Again, from the bottom of our hearts, THANK YOU ALL!
http://www.us2uganda4life.org
Please take a moment to visit our website and consider partnering with us in Uganda!
2. We are pleased to announce GNI's expanded capabilities to include a new E-currency / Payment Processor (PP):
Global Digital Pay (GDP) https://www.globaldigitalpay.com/
We are confident in their capabilities to operate in a safe and reliable manner. They are a credible option!
3. Wire Transfer to and from GNI - Despite the script showing a capability, GNI is not currently accepting nor sending wire transfers for or on behalf of any of our customer base.
4. Summary Plan Description - Recap
In January - 2010, market conditions and other extraneous factors necessitated that GNI overhaul the program, thereby ensuring a fundamental return to financial health while providing a very fair return to the customer base responsible for its previous success.
In February - 2010, it was decided, to reward those investors who had been striving to reach the higher payment threshold, to modify the plan. No longer is a member's interest rate determined by any one single deposit, rather by the sum of the collective (total) sum as determined following the date that clients interest is paid or when a new deposit is received.
a. All investment instruments (those funds that enter into trade with GNI on behalf of the customer) are known as 'deposits'.
b. All deposits are made from your E-Wallet (explained below), and must be equal to or exceed 50.00 to qualify as a valid deposit.
c. No member may have, collectively, deposits exceeding $100,000 without specific permission from the program administrator or his designee.
d. Interest payments are made on a 14 times, 30 day cycle which is effected from that time funds are successfully moved from customer's e-wallet into a deposit; weekends and holidays inclusive and are paid into customer's 'cash balance.'
e. Interest is paid into customer's 'cash balance,' from which he or she may withdraw funds back to their designated Payment Processor / E-currency or can re-invest into a new 14 month deposit. Until such time that client has a cumulative total (in deposits) of less than $21,000, he or she will receive 16% per month for the cumulative total until such time that their total is equal to or exceeds $21,000.
g. Once customer's cumulative, total amount of deposits exceeds $21,000, he or she will receive the Premium interest rate of 20% for that period of time that the cumulative total remains above $21,000.
h. Should customer's cumulative total dip below $21,000, he or she's entire balance will revert back to the lesser rate of 16%.
i. Should customer want or need to cancel a cashout to an outside processor; and instead revert these proceeds to their E-wallet (and create a new deposit), he or she may do so by clicking the 'Request Cashout' located on the bottom left side of the menu then scrolling to the bottom of that page to ‘Pending Cashouts’.
There, customer will find those pending cashouts waiting to be released by Admin. Customer may click (check) the box next to those cashout(s) they wish to cancel. Having selected the appropriate cashouts they wish to cancel, a verification box will pop up necessitating user to confirm or cancel the requested action. After selecting the appropriate action, the pending cashout will then revert back to users, wallet, cash balance or remain at the status quo, the withdraw to be released by GNI admin.
j. The term of the deposit (14 months) does not change if or when customers driving interest rate changes. All terms of deposits are 14 months. Return of principal is included in the monthly payments. There will be no return of principal at the conclusion of the 14 month term.
5. Hardship Withdrawals / Random Selection
I would like to take a moment to discuss with all of you, my friends, our current philosophy as it applies to GNI's current situation, our Terms of Service and our customers.
Part of my success in life, but even more so in business, has been my personal commitment to client / customer service. Indeed, without a customer, it matters not how good of a product you may have. The point is mute!
Top quality customer service: It's a benchmark that I have always maintained before speaking with or writing to any customer or potential customer since I can remember. Never before did I think I would make the following statement. The imminent survival of GNI, the return of the program to its previous level of capitalization and assurance this will never happen again, compels me to put the program, within reason, ahead of the individual customer.
When the situation with Yesilada caused our funds to be frozen, never did I think that we would be, here in the ladder part of February, without that critical capital. We have to prepare to go the long haul without these funds. It won't be easy...
We now have a Deposit Repurchase Program in place as will be explained below. No accelerated, early or preferential payments or payouts will be made outside of this program.
6. Status of Payments - As was mentioned on the forum some time back, the possibility that all payments could not be made by months end was very real. This has turned out to be the case. We apologize for the inconvenience; we will nevertheless, continue to work towards getting everyone paid in a timely fashion.
What we can expect is to slip the payment schedule back a bit. This does NOT mean we are running, it does NOT imply we won't meet our obligations, it means we are working and pushing as hard as we can to get everyone their funds as soon as we can. Keep the faith.
7. Deposit Repurchase Program ---- VERY IMPORTANT
To accommodate those who wish to ameliorate themselves from their deposits, GNI is implementing a Principal Deposit Repurchase Program.
This program is targeted to:
1. assist those who failed to observe GNI's ongoing admonition that it is set up to be a second income,
2. help those who, when signing up with GNI, ignored the Terms of Service providing for GNI's contractual right to modify the plan(s) rate of return to ensure the integrity of the plan(s) and the welfare of the members,
3. benefit members who seek an opportunity to further maximize their returns otherwise unavailable but for this program's implementation,
4. enhance GNI's capitalization by raising additional revenue.
Before implementation of this or other similar programs, a general understanding amongst all participants within GNI needs to be adhered to.
a. There is to be No Selling of, or Purchasing of GNI deposits outside of this defined program between members, a members and non-members, two non-members or any third-party persons or entities;
b. Any sale which has been consummated will need to be 'unconsummated' (returned) and renegotiated through the program currently offered;
c. Any deposits which have changed hands, not having been done through this program, will not be honored as a valid deposit, no interest payments will be made and the principal, will be subject to forfeiture.
It's not worth risking your hard earned funds to this possibility, so please, DO NOT jeopardize the program by making poor decisions.
Details:
1. Sellers will make their interest in selling their deposit(s) known in a section of the forum which is being put together as you are reading this, up by Ingenue.
2. By participating in the forum with authority given to you by GNI, to sell your deposit, you agree to limit all activities and negotiations to the GNI forum, your private email or PM.
3. 20% will be deducted from the selling price of the deposit which serves to offset the costs associated with removing the funds from trade, re-register the deposit reflecting the new owner (transfer fees) and a surcharge which will be used to further capitalize and strengthen GNI.
4. Those who desire to increase their GNI holdings shall, after reviewing the available deposits on the forum, will contact the seller via PM or any other way that seller wishes, made known in the forum; express their wanting to enter into negotiations to purchase their available Deposit via Private Messenger (PM) private email or some other discretionary manner agreeable to both buyer and seller.
Note: Because the forum and, to a lesser degree, GNI as a whole, takes privacy issues very seriously, we cannot guarantee your privacy or any consequences (IF ANY) for unveiling any privacy you have come to expect.
5. All sales transfers or trades must be reported to Debbie by both the buyer and seller at GNISeller@gmail.com. She will inform what, if any, documentation may or may not be necessary to consummate the transfer and will instruct buyer the methodology to make payment. Payments will NOT be made through the script, they WILL be made pursuant to Debbie's instructions.
6. All sales are final, but further repurchase of any deposit is always possible.
To best explain this program, we'll use our beloved characters 'Lam' and 'GNIHausfrau' (who might I add, recovered her blond hair).
GNIHausfrau, in true character fashion, over-charged during the holidays purchasing, for herself far too many items and forgetting completely about the charities she was supposed to promote at GNI (the children of Africa thank you Hausfrau !!!).
Hausfrau then remembered hearing about some buyback program being orchestrated by GNI. Hausfrau's blond hair started spinning…."Hmmmmmggggggggzzzzzzzz…I have a better idea." she said to her hair.... "I'll sell mine on Ebay or better yet, 'Greg'sList.' I'll make a fortune!!!"
Fortunately, before she could get her blond hair in motion, she discussed this idea with her friends who rightfully explained, there was no faster way to get removed from the program than attempting to sell her deposit outside of GNI's Forum.
Off chafe her blond hair and on went her "thinking cap" deciding she would attempt to sell one of her four deposits. So, the following day, she posted on the newly set aside area of the GNI forum, the 5000.00 deposit she needed to pay for her Macy's and Nordstrom credit card bills…
Lam, being the staunch and thrifty pragmatist that he is, was ALWAYS looking to increase his his net worth, but only in a way that reflected the highest moral standards possible. He saw Hausfrau's "deposit 4 Sale," in a thread on the GNI Forum. Lam had read, then confirmed by PM, he could buy Hausfrau's $5000.00 at a significantly discounted price.
WHAT A DEAL!!! (Lam thought to himself). I can get a $5000.00 deposit for $4000. Indeed, Lam could score the "deal of a lifetime" while allowing Hausfrau to fill her pockets to overflowing with cash....$4000 right???
WRONG....declared Debbie at GNI. Because these deposits were locked into trade for 14 months, registered in the name of the Purchaser of Record in the purchaser's E-currency / PP of record, there would have to be a method to recover costs associated with these transactions.
The resources required to move these funds was more than Hausfrau could put in her Station Wagon.
Professor Poindexter determined GNI would need to include a 20% transfer fee. Whenever funds must be pulled out of trade, converted to a PP and human resources are utilized, costs are incurred. Further, Professor Poindexter explained to Hausfrau (with her "thinking cap" in the "on" position), GNI is in Restructuring Mode, this is a good opportunity for them to rebuild their program by developing a new income stream.
Hausfrau, after having received her new funds, successfully slipped off her thinking cap and slipped on her blond hair all the while was wondering to herself... "Where's the mall, this money is burning holes in my clothes?" (Story to be continued in the next newsletter where we'll introduce Hausfrau's friend, Sandi and her daughter, Holli -Dolli.)
8. Summary / Conclusion / Comments
I know those of you who have, to date, not been paid, are very disappointed, discouraged perhaps even angry. We understand this! It, however, doesn't change the facts, the current market conditions nor does it unfreeze our funds tied up at Yesilada Bank in North Cyprus. Unlike the Central Governments of the world, we don't have the ability to 'make' money with a printing press.
Many of you have asked what can you do to help us. What everyone can do is remain positive and as much as possible, supportive of the new income streams we seek to push the program forward.
Have a great weekend! We're working hard!
Robert and your GNI Support Team
GoldNuggetInvest Newsletter January 29th. 2009
Issues to be addressed:
1. (new) Conversion of funds from the monthly to the Premium Plan
2. Sequence and Order of Payments to be Made Feb. 01, 2010
3. Charitable Giving - Holidays, 2009
4. Issues with StrictPay.
5. Adding of new payment processor: Global Digital Pay
Greetings Once Again Loyal Friends & Associates of GNI:
In our ongoing effort to keep all of you informed we give to you our fourth Newsletter of the Calendar year 2010. What an exciting, certainly eventful, year it is appearing to be....
1. Converting Members Deposits from the Monthly to the Premium Plan(s)
As all of you should know, I have spent a great deal of time over the last couple weeks in the forum, reading emails and as much as possible, responding to the questions and issues that many of you have. These questions range from the mundane to the unattainable, along with everything else thrown in the mix. The issue which stands out amongst all the rest is member's desires to monetize their current (and new) holdings into the premium plan which will allow them to earn the higher interest rate characteristic of the better plan.
Therefore, those customers whose aggregate total exceeds $21,000, whether it is the result of one deposit or a successive series of deposits comprised of new money, interest payments or previously rec'd referral commission, will begin receiving the higher rate on ALL deposits made after the script recognizes the deposit. The script will recognize a deposit for consideration into the higher plan following a payment of interest. While this may appear complicated, it's not.
I will give a couple of examples:
Example A - Customer Lam
Customer Lam has four active deposits; three in the monthly plan (a deposit for $5000, one for $10,000 and one for $15,000) and one in the premium plan ($21,000). In Feb, Lam receives 16% on his three deposits which did not, individually, exceed $21,000, but will (the higher 20% interest) on his single deposit for $21,000.
As a result of our recent decision, beginning in March, Lam will receive, because his deposits, collectively exceeded 21k, the higher rate of interest on all his deposits and on any subsequent deposits including interest payments until his 14 months has expired on his 21K deposit which would bring his cumulative total back under 21k, reducing his remaining deposits to the lower 16% for the remainder of his active deposits, unless he added to his account bringing it back up over the $21,000 mark.
Example B - Hausfrau
Hausfrau isn't as financially savvy as Lam but has nevertheless, three deposits and wants to make a new one. Her current deposits are each $5000 with interest being awarded on Feb. 17th, 18th and 19th - collectively totaling $15,000; she has not added her new deposit (after having found lots of nickels, dimes and quarters in the laundry) of another $5000 because she's blond and forgot to do this (she was working on her taxes she forgot to do over the last 3 years, instead). In February, Hausfrau will earn 16% on each of her three $5000 deposits; ($800 on the 16th, again on the 17th and finally $800 on the 18th - 30 days after the recorded date of the deposit).
GNI Hausfrau now has $17,400 in her GNI account (3x $5000 principal + 3x $800 interest). All of these funds continue to earn at the 16% rate. GNI Hausfrau looses her blond hair and remembers to deposit her nickels and dimes with her favorite PP, $5000 with SP who successfully adds this to her GNI account. Hausfrau would begin earning 20% on this deposit. She would not earn 20% on her other deposits because the script, as previously stated will not recognize a deposit for consideration into the higher plan until AFTER the next interest is paid.
GNI Hausfrau's three $5000 deposits would begin to start earning the higher rate of interest as soon as the interest is awarded on the 15th, 16th and 17th.
All subsequent deposits would earn at the higher rate (20%) as well, until the deposits began to expire (following the 14th month / cycle). Once the aggregate total amount of deposits fell below $21,000, she would then earn the lower rate of returns.
NOTE: the resemblance of these examples to any known GNI staff person is purely coincidental :)
We are currently implementing this new feature and as from mid next week new deposits (incl. reinvestments of interest) will automatically added to the 20% plan, if the total deposits equals or exceeds $21K
2. Schedule for Payment Requests and Payments for February, 2010
While it had originally been our intention to pay members on a first-come, first-serve basis; this is seemingly unfair to many members while lending itself to the very real possibility of a server overload / crash and less than desirable ramifications including the inability to get anyone paid; a distraction we neither want or need.
Therefore, we have decided to modify the original plan and in its place provide the means and method to select the particular GNI payee based on a random selection of GNI account IDs.
We will be using a random number generator to select the payment date of your interest payment.
A random number generator is a computational algorithm tasked with generating a group or sequence of characters lacking any discernable pattern.
In other words, you will be paid at some point between the 8th and 28th of February. When you make your withdraw request has NO impact nor will it influence in any way when you will actually receive your funds.
The procedure to withdraw your funds is no different than it was prior to the reorganization, therefore no explanation is warranted in this Newsletter.
3. Final Totals for the Charitable Recipients - 2009
Uganda4Life
$43,158.48 with 387 donations
Kids4Life
(some additional due diligence is being conducted prior to the release of funds)
A couple comments are appropriate as some of our client base truly stepped up in support of the effort these charities and their participants give trying to help those persons who are least able to help themselves, orphaned and / or sick children.
a. GNI has roughly 11,000 funded accounts.
b. A total of 971 separate donations were made.
c. Assuming no member made more than one donation (which is patently erroneous, every member that I am aware of made multiple donations to both charities), roughly 8.8% (call it 9%) of our customer base contributed to the survival of children in parts of the world that are subjected to conditions we couldn't even pretend to fathom.
To those 9% who sought to help the helpless by donating we embrace you and your efforts; are proud to help you achieve some of your monetary goals you have set for yourselves prior to joining GNI.
To the 91% of the GNI membership who chose NOT to participate, we are confident you have found a charitable organization better suited to your tastes and interests. We, likewise, are proud to help you achieve your monetary goals you have established before coming to our project.
Consistent with our reorganization plan which, out of necessity demands the program is restored to its previous financial strength, a decision encumbered on monetary health of the program, fairness to the customer base, the intent of the donors and the needs of the charities was reached to ascertain the most practical way to distribute the funds to these fine causes.
Uganda4Life will be receiving 4 payments of equal amounts spread over four months beginning the first week of February and concluding the first week of May, 2010; predicated by the total amount reflected above.
These payments will be made to the account of their choice as determined by the appropriate person with authority to make this decision. All transfer information will be made available to those individuals who have a vested interest in either the payment process or that charity in particular.
4. Issues Currently Affecting StrictPay
The following update has been provided by Strictpay to and for its clients:
Customers
Our support staffs have been contacted numerous times asking if we are having "money problems" or "cash flow issues". We are not having any money problems at all, but we have recently had to move very large amounts of funds to different bank accounts. When moving large amounts of funds to the new bank accounts, they have put a hold on the funds for a certain time frame, and this has caused us major delays as these holds can last 15 to 20 business days. We thought it would be best to send an update to all customers, even though it will be lengthy. Please take the time to read this entire message carefully, as we believe it will answer some questions you may have.
Banks in the United States do not like doing business with any type of company that they feel are processing payments as a third party processor, or are acting like a bank in their eyes. This issue, as well as numerous other over-regulatory and intrusive U.S. banking issues, has caused problems for our contracted agents. This has become an increasingly problematic issue over the last few years as we are sure many of you know, and thus has made all U.S. dealings that much more difficult to deal with. This of course affects some aspects of our business, with the most obvious example being the ability to do ACH transactions for our U.S. customers.
These U.S. related issues were why we recently made one of the banks we have been dealing with for a couple of years a public option to withdraw and deposit funds for our customers. We thought this would be a rather quick solution, but very soon realized that they could not handle the mass volume of daily transactions that our customers complete within the time frames that we have promised in the past. We also had some customers tell us that their bank wire instructions are far too complicated. This issue caused many of the wires to be completed incorrectly by some customers or their banks, and these funds would then be sent back to the sender after a 7 to 10 day hold. These issues, as well as others, made us realize that we needed to find completely new banking options that could handle both the high volume and the processing time frames our customers had become accustomed to.
Having then changed to another bank caused us more delays, as we again had to move a very large amount of funds that were subject to their hold times. Once these funds started getting released to us, you could see that our outgoing wire time frames got much better again, and are now in the 2 to 4 business day range. These 2 to 4 business days will now be our normal time frame for bank wire withdraws. Incoming bank wires are also getting to us much quicker now with this new bank, and we have been told by many customers that the new bank wire instructions are much easier to understand as well. With the difference in time zones, and also the varying locations and banks that the funds are being sent from, a bank wire can take 1 to 5 business days to reach us. We are seeing that in most cases they will reach us within 2 business days, but we must state the time frame for bank wire deposits as 1 to 5 business days to cover all situations.
We have also recently had the first loading delays ever with our debit card platform since it was setup in June 2009. The new bank that we are sending the debit card funds from is having an issue that they need to get worked out with the receiving bank, and once they get this issue taken care of we will then start loading major funds to that account so that you can get your funds in the proper time frames once again.
Our number one objective is to make sure that your money is safe, and this is why we will take very calculated steps before we offer any new funding or withdraw options. We have many things that we are working on behind the scenes to make sure we can once again offer many different funding and withdraw options, but these things will likely take many months to complete. We have other banks that we have held accounts with for years, and we are also looking into what services they may offer us in regards to more of a public account with them. Keeping our customers funds and information secure and private is always of the utmost importance for us.
We are also working on a short term solution to allow check withdraws again, and we hope to have more information on this issue in the coming weeks. Unfortunately the fees may be slightly higher, and there will be some limits in place, but we feel it is important to at least give some of our customers an option to withdraw by check until we have a long term solution in place.
We know these delays have been frustrating to all of you, and they have been to us as well. As a way of saying thank you for continuing to choose StrictPay as your payment option through these trying times, we will be lowering the receiving fee on funds transferred from 2% to 1.5% until 2-28-2010. We appreciate your understanding and patience during this trying time, and we promise to continue to work hard to find long term options of deposit and withdraw that will continue to make us the best payment option available today.
Team StrictPay
There have been many questions being asked on behalf of Strictpay.
5. Global Digital Pay
Given the persistent and on-going challenges that seem to be an on-going battle and on request of many members, we have decided to introduce a new PP called Global Digital Pay. They are similar to LR in price and fees (reasonable) but have chosen to respect common laws and decency.
We encourage you to check them out and consider using this in your future on-line business transactions: https://www.globaldigitalpay.com
The Global Digital Pay payment interface will be implement during the course of next week.
Any feedback would be appreciated!
With best regards,
Robert and your GNI Team
1. (new) Conversion of funds from the monthly to the Premium Plan
2. Sequence and Order of Payments to be Made Feb. 01, 2010
3. Charitable Giving - Holidays, 2009
4. Issues with StrictPay.
5. Adding of new payment processor: Global Digital Pay
Greetings Once Again Loyal Friends & Associates of GNI:
In our ongoing effort to keep all of you informed we give to you our fourth Newsletter of the Calendar year 2010. What an exciting, certainly eventful, year it is appearing to be....
1. Converting Members Deposits from the Monthly to the Premium Plan(s)
As all of you should know, I have spent a great deal of time over the last couple weeks in the forum, reading emails and as much as possible, responding to the questions and issues that many of you have. These questions range from the mundane to the unattainable, along with everything else thrown in the mix. The issue which stands out amongst all the rest is member's desires to monetize their current (and new) holdings into the premium plan which will allow them to earn the higher interest rate characteristic of the better plan.
Therefore, those customers whose aggregate total exceeds $21,000, whether it is the result of one deposit or a successive series of deposits comprised of new money, interest payments or previously rec'd referral commission, will begin receiving the higher rate on ALL deposits made after the script recognizes the deposit. The script will recognize a deposit for consideration into the higher plan following a payment of interest. While this may appear complicated, it's not.
I will give a couple of examples:
Example A - Customer Lam
Customer Lam has four active deposits; three in the monthly plan (a deposit for $5000, one for $10,000 and one for $15,000) and one in the premium plan ($21,000). In Feb, Lam receives 16% on his three deposits which did not, individually, exceed $21,000, but will (the higher 20% interest) on his single deposit for $21,000.
As a result of our recent decision, beginning in March, Lam will receive, because his deposits, collectively exceeded 21k, the higher rate of interest on all his deposits and on any subsequent deposits including interest payments until his 14 months has expired on his 21K deposit which would bring his cumulative total back under 21k, reducing his remaining deposits to the lower 16% for the remainder of his active deposits, unless he added to his account bringing it back up over the $21,000 mark.
Example B - Hausfrau
Hausfrau isn't as financially savvy as Lam but has nevertheless, three deposits and wants to make a new one. Her current deposits are each $5000 with interest being awarded on Feb. 17th, 18th and 19th - collectively totaling $15,000; she has not added her new deposit (after having found lots of nickels, dimes and quarters in the laundry) of another $5000 because she's blond and forgot to do this (she was working on her taxes she forgot to do over the last 3 years, instead). In February, Hausfrau will earn 16% on each of her three $5000 deposits; ($800 on the 16th, again on the 17th and finally $800 on the 18th - 30 days after the recorded date of the deposit).
GNI Hausfrau now has $17,400 in her GNI account (3x $5000 principal + 3x $800 interest). All of these funds continue to earn at the 16% rate. GNI Hausfrau looses her blond hair and remembers to deposit her nickels and dimes with her favorite PP, $5000 with SP who successfully adds this to her GNI account. Hausfrau would begin earning 20% on this deposit. She would not earn 20% on her other deposits because the script, as previously stated will not recognize a deposit for consideration into the higher plan until AFTER the next interest is paid.
GNI Hausfrau's three $5000 deposits would begin to start earning the higher rate of interest as soon as the interest is awarded on the 15th, 16th and 17th.
All subsequent deposits would earn at the higher rate (20%) as well, until the deposits began to expire (following the 14th month / cycle). Once the aggregate total amount of deposits fell below $21,000, she would then earn the lower rate of returns.
NOTE: the resemblance of these examples to any known GNI staff person is purely coincidental :)
We are currently implementing this new feature and as from mid next week new deposits (incl. reinvestments of interest) will automatically added to the 20% plan, if the total deposits equals or exceeds $21K
2. Schedule for Payment Requests and Payments for February, 2010
While it had originally been our intention to pay members on a first-come, first-serve basis; this is seemingly unfair to many members while lending itself to the very real possibility of a server overload / crash and less than desirable ramifications including the inability to get anyone paid; a distraction we neither want or need.
Therefore, we have decided to modify the original plan and in its place provide the means and method to select the particular GNI payee based on a random selection of GNI account IDs.
We will be using a random number generator to select the payment date of your interest payment.
A random number generator is a computational algorithm tasked with generating a group or sequence of characters lacking any discernable pattern.
In other words, you will be paid at some point between the 8th and 28th of February. When you make your withdraw request has NO impact nor will it influence in any way when you will actually receive your funds.
The procedure to withdraw your funds is no different than it was prior to the reorganization, therefore no explanation is warranted in this Newsletter.
3. Final Totals for the Charitable Recipients - 2009
Uganda4Life
$43,158.48 with 387 donations
Kids4Life
(some additional due diligence is being conducted prior to the release of funds)
A couple comments are appropriate as some of our client base truly stepped up in support of the effort these charities and their participants give trying to help those persons who are least able to help themselves, orphaned and / or sick children.
a. GNI has roughly 11,000 funded accounts.
b. A total of 971 separate donations were made.
c. Assuming no member made more than one donation (which is patently erroneous, every member that I am aware of made multiple donations to both charities), roughly 8.8% (call it 9%) of our customer base contributed to the survival of children in parts of the world that are subjected to conditions we couldn't even pretend to fathom.
To those 9% who sought to help the helpless by donating we embrace you and your efforts; are proud to help you achieve some of your monetary goals you have set for yourselves prior to joining GNI.
To the 91% of the GNI membership who chose NOT to participate, we are confident you have found a charitable organization better suited to your tastes and interests. We, likewise, are proud to help you achieve your monetary goals you have established before coming to our project.
Consistent with our reorganization plan which, out of necessity demands the program is restored to its previous financial strength, a decision encumbered on monetary health of the program, fairness to the customer base, the intent of the donors and the needs of the charities was reached to ascertain the most practical way to distribute the funds to these fine causes.
Uganda4Life will be receiving 4 payments of equal amounts spread over four months beginning the first week of February and concluding the first week of May, 2010; predicated by the total amount reflected above.
These payments will be made to the account of their choice as determined by the appropriate person with authority to make this decision. All transfer information will be made available to those individuals who have a vested interest in either the payment process or that charity in particular.
4. Issues Currently Affecting StrictPay
The following update has been provided by Strictpay to and for its clients:
Customers
Our support staffs have been contacted numerous times asking if we are having "money problems" or "cash flow issues". We are not having any money problems at all, but we have recently had to move very large amounts of funds to different bank accounts. When moving large amounts of funds to the new bank accounts, they have put a hold on the funds for a certain time frame, and this has caused us major delays as these holds can last 15 to 20 business days. We thought it would be best to send an update to all customers, even though it will be lengthy. Please take the time to read this entire message carefully, as we believe it will answer some questions you may have.
Banks in the United States do not like doing business with any type of company that they feel are processing payments as a third party processor, or are acting like a bank in their eyes. This issue, as well as numerous other over-regulatory and intrusive U.S. banking issues, has caused problems for our contracted agents. This has become an increasingly problematic issue over the last few years as we are sure many of you know, and thus has made all U.S. dealings that much more difficult to deal with. This of course affects some aspects of our business, with the most obvious example being the ability to do ACH transactions for our U.S. customers.
These U.S. related issues were why we recently made one of the banks we have been dealing with for a couple of years a public option to withdraw and deposit funds for our customers. We thought this would be a rather quick solution, but very soon realized that they could not handle the mass volume of daily transactions that our customers complete within the time frames that we have promised in the past. We also had some customers tell us that their bank wire instructions are far too complicated. This issue caused many of the wires to be completed incorrectly by some customers or their banks, and these funds would then be sent back to the sender after a 7 to 10 day hold. These issues, as well as others, made us realize that we needed to find completely new banking options that could handle both the high volume and the processing time frames our customers had become accustomed to.
Having then changed to another bank caused us more delays, as we again had to move a very large amount of funds that were subject to their hold times. Once these funds started getting released to us, you could see that our outgoing wire time frames got much better again, and are now in the 2 to 4 business day range. These 2 to 4 business days will now be our normal time frame for bank wire withdraws. Incoming bank wires are also getting to us much quicker now with this new bank, and we have been told by many customers that the new bank wire instructions are much easier to understand as well. With the difference in time zones, and also the varying locations and banks that the funds are being sent from, a bank wire can take 1 to 5 business days to reach us. We are seeing that in most cases they will reach us within 2 business days, but we must state the time frame for bank wire deposits as 1 to 5 business days to cover all situations.
We have also recently had the first loading delays ever with our debit card platform since it was setup in June 2009. The new bank that we are sending the debit card funds from is having an issue that they need to get worked out with the receiving bank, and once they get this issue taken care of we will then start loading major funds to that account so that you can get your funds in the proper time frames once again.
Our number one objective is to make sure that your money is safe, and this is why we will take very calculated steps before we offer any new funding or withdraw options. We have many things that we are working on behind the scenes to make sure we can once again offer many different funding and withdraw options, but these things will likely take many months to complete. We have other banks that we have held accounts with for years, and we are also looking into what services they may offer us in regards to more of a public account with them. Keeping our customers funds and information secure and private is always of the utmost importance for us.
We are also working on a short term solution to allow check withdraws again, and we hope to have more information on this issue in the coming weeks. Unfortunately the fees may be slightly higher, and there will be some limits in place, but we feel it is important to at least give some of our customers an option to withdraw by check until we have a long term solution in place.
We know these delays have been frustrating to all of you, and they have been to us as well. As a way of saying thank you for continuing to choose StrictPay as your payment option through these trying times, we will be lowering the receiving fee on funds transferred from 2% to 1.5% until 2-28-2010. We appreciate your understanding and patience during this trying time, and we promise to continue to work hard to find long term options of deposit and withdraw that will continue to make us the best payment option available today.
Team StrictPay
There have been many questions being asked on behalf of Strictpay.
5. Global Digital Pay
Given the persistent and on-going challenges that seem to be an on-going battle and on request of many members, we have decided to introduce a new PP called Global Digital Pay. They are similar to LR in price and fees (reasonable) but have chosen to respect common laws and decency.
We encourage you to check them out and consider using this in your future on-line business transactions: https://www.globaldigitalpay.com
The Global Digital Pay payment interface will be implement during the course of next week.
Any feedback would be appreciated!
With best regards,
Robert and your GNI Team
GoldNuggetInvest Newsletter
GoldNuggetInvest Newsletter January 19, 2009
Greetings GNI Members:
We hope, most sincerely, the shock of the changes has somewhat subsided and you, along with the community at large can appreciate what it is we're trying to get accomplished - the return of GNI to financial health.
As we expected, there have been some questions that need to be answered and some clarification to some decisions and procedures that may otherwise need an explanation.
Before doing so, it may shock some of you to know that, as of 8:00 am on January 18th (GMT), of the 10,000 or so active customers, only 2886 have signed up and are members of our private forum. About 25%+…
1. We cannot emphasize the importance of ALL participants in GNI, sign up and, when seeking out information related to GNI, use the forum as a point of reference and information!
2. Built into the script and available to ALL members is a security log. This security log contains every IP from which your account has been accessed. We need EVERY member to go into their security log and review the IPs listed (by clicking on the IP). For those who are not familiar with an "IP", it is your Internet Protocol Address and is a identified by a 4 numeric characters off set by periods after each one. Looks something like this:
68.3.243.11
When you click on your IP, it will open a new browser page showing the exact location, date and time of the person who accessed your GNI account.
It is entirely possible you may have three or four different IPs, but they should all reflect your own physical, geographic location. If it does not, your account was accessed by a hacker or someone other than yourself and your GNI, along with any other critical account information (or other data) has likely been accessed by, or exposed to someone who is likely not looking out for your best interest.
You need to contact your computer manufacturer or other expert and take the necessary steps to secure your computer. This includes changing passwords WEEKLY, backing up your data etc. Don't expose yourself or others to hackers.
The activities you undertake to prevent or mitigate hacking of your computer will be taken into consideration if something adverse happens to your GNI account. We have the capability to review your account access activity so please take the requisite steps to ensure your accounts integrity.
3. Forex Trading: Because of some of the verbiage relating GNIs current financial health to the positions held in the forex market, some of you have questions / concerns whether GNI is or has become active in Forex Trading.
We are NOT, in any way, engaged in forex trading as a source of income for GNI customers. Of late, 75% of our arbs are traded in GBP, 20% in Euros and only 5% in USD. As a result we are constantly exchanging funds from one currency to another and by default, are affected by the exchange rate. Again....we are NOT a forex based investment scheme.
4. Upgrading of Account Status: Some of you feel you have wrongfully been denied entry into the Premium Plan; have been saving with the intent of introducing all of your funds into the Premium Plan or something along those lines.
As much as we value our customers (and we most sincerely do!), our current focus is to restore our Project to solid financial health. Some of you had your pending withdrawals reversed back into your wallet for re-deposit, some of you had your deposit(s) remanded to the monthly plan right before your deposits would have, collectively, qualified for the Premium Plan or some other non-elected sacrifice you have had to make. We weren't looking to win any popularity contests by taking these steps, we are looking forward to getting this matter behind us as SOON as reasonably possible. To do this, sacrifices were inevitable. Some were compelled to make more than others and for that we appreciate what you are doing. In the long haul, we will all benefit from these sacrifices.
5. Length of Plan Cycle: While the plan(s), monthly and premium are on a monthly cycle, the specific length of this cycle is exactly thirty (30) calendar days. This will not affect the dates that GNI enables the dates to request withdrawals (the 1st - 7th of each month) nor the dates in which payment will be made (the 8th until the end of the month).
6. Going Private: The issue / question of GNI privatizing has surfaced for legitimate reasons, we had envisioned the project needing this status during the first quarter of this now, current year, 2010. Given our current state of affairs; the exodus of customers preceding the holiday time frame and the decreased revenue coming into GNI at the present moment, the benefit(s) of doing so does not justify the resources (time and expense) to follow this through to completion, AT THE PRESENT TIME. To be sure, GNI has a considerable amount of funds in preparation to going private, all of which will be set back for a future date and time.
Be looking forward to these as we progress through the most challenging times of our program.
Yours,
ROBERT and GNI TEAM
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