The Gold Blog

(thanks for keeping us in the loop)

January 6, 00:00 GMT
Dear BGC Customers,

BGC Due the large volume of email BGC is receiving, we are unable to personally answer all customer email on an individual basis at this time! Here are the most common questions:

Is the balance on my card safe? Of course. Unless the entire Maestro debit card system or the whole banking system collapsed, there is no way for Maestro to lose the balance on your card!

What happens to the balance on my card? One way or another Maestro will, of course, refund your outstanding card balance to you. in fact it is CURRENTLY UNKNOWN what form this refund will take. It may be by cheque or bank wire.

Wouldn’t it be better to refund the balance in some way via DGC? For sure. We assume most users such as yourself would prefer this. BGC is pushing for that solution for you.

When will we know how the balance will be refunded? During the coming week.

What happened to being able to use the ATM? With only a couple of hours notice, our issuing bank was given notice that all ATM and POS activity was going to be terminated (at 3PM EST on Friday). Upon receipt of this news BGC of course notified all customers via email urging them to use an ATM if they could. Initially the banks involved understood that ATM usage could and would continue for some weeks. So it came as a shock to everyone to learn that there was virtually no notice regarding the halting of ATM and POS activity. There is a legal effort being made to allow cardholders to continue to use ATMs for some weeks. It’s unlikely this will work out given recent events, but we will let you know.

Is BGC closing down? No, of course not!

How much will the new type of card cost users who already had one of the NYCCU cards? Naturally, BGC will bend over backwards to get you a new product at only a nominal cost.

What do you know about [some other debit card provider]? Of course, we never comment on other debit card providers or their services. Please contact that particular card provider for more information.

Do you know the ACTUAL REASON why the NYCCU card was terminated by the network? As far as we know, this is the reason: Issuing a debit card is a complicated relationship between banks, sponsor banks, the network, resellers, clearance entities, and so on. It turns out that one of the clearance entities used by a number of banks (including one of the banks involved in the card) was facing insolvency problems. For this reason, as we understand it, Maestro seemed to make the judgment that the particular card program should be terminated. Please note that this is completely and totally within the terms of card issuance. In a free capitalist system, companies (like Maestro and others) can and should perform the actions they feel are best for all within the terms of their service.

How long until BGC has a new type of card to offer? We can’t give you a date yet. We would expect no more than a few weeks. So far 750 million people have emailed us demanding that we sell them a new type of debit card ASAP. We have directed the maximum possible resources towards getting it done as quickly as possible!

Does the BGC web page interface still work? Yes, you can still see your balance, history, etc, normally. (If you find it doesn’t work, it’s simply because the system is busy. Try again later.)

We will update this page as new information becomes available.
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