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Online Capital has many exciting new possibilities
ahead for you! We have introduced a new Fixed Term
Tax-Free Plan, which compounds returns, we are close to
having debit cards for each of our members and we are
very close to being able to accept credit cards.
However, we would like to keep all of you informed of
certain events that seem to be the root cause of many
issues our clients are experiencing.
E-gold issue
I know we have had some difficult and frustrating times
operating E-gold payments and finally the situation has
come to a logical conclusion without our intervention.
First, we have recently completed an audit of our
records and found out that 70% of members have been
using E-gold as a primary method to compound profits.
Daily compounding of interest can result in exponential
returns but I feel it is imperative to point out it was
not our intent to allow for compounding of your
investments into our existing programs. This
unsanctioned using of E-gold to compound returns has
caused Online Capital to spend over 20M on such
'boosted investments'. Instead of solving this issue by
canceling the daily plan, we have decided to approach a
resolution to this problem in a more constructive way:
suspension of using E-gold as a source for deposits and
withdrawals.
The above issue is only one of three reasons we have
decided to discontinue the use of E-gold. I would like
to take the time to explain the other reasons because
each was a major factor in our decision to stop the use
of E-gold
1. Online Capital did make some attempts to resume
E-gold payments however another unforeseen problem
occurred. Members, in an attempt to make sure they
received withdrawal payments, would swamp E-gold with
requests to block Online Capital`s E-gold account until
their withdrawal was processed. This is what caused the
majority of problems with the limits on the amounts
withdrawn via E-gold. We contacted E-gold to ask for
suggestions on how to handle this but unfortunately due
to actions of some of our members E-gold is not willing
to help us in this matter.
2. Online Capital is also finding it harder and harder
to acquire E-gold in bulk for high amounts without
paying outrageous fees. If OC were to continue to use
E-gold it would force OC to lower the return on profit
rates which, it is safe to say that no one wants that
to happen
Profit Withdrawals
Currently the only way to make a deposit or receive a
withdrawal is through a wire transfer. All transfers
are processed the next day after the withdrawal request
has have been received from the member. International
wires take 3-4 days, so if a member makes a request on
Monday he is likely to receive his funds within the
next week.
New Methods For Making Deposits And Withdrawals
We mentioned in our previous newsletter that it is the
goal of Online Capital to free ourselves of third party
processors like E-gold so that the client and Online
Capital have more control over deposits and
withdrawals. It is our intent to do this by having our
own branded Online Capital debit cards and to have our
own merchant account so that we can accept credit cards
Debit Cards
It seems like our new debit cards may be used for all
our needs mentioned above and more once we are finished
with the process
Here are some of the key advantages to our new debit
cards:
The following is two ways that you may use your debit
card to receive profits from Online Capital:
1.Online Capital can load your debit card and with that
loaded debit card, you can get your money through any
ATM machine worldwide, you can also use it to purchase
items, eat at a restaurant or use it where any debit
card is accepted. 2.You can take the money on you debit
card and transfer it to your bank account
We will accept payments from your debit card as
deposits into Online Capital so the following features
will allow you to use your debit card to actually make
deposits into your Online Capital account
1.In Canada, USA, Europe and Australia, you can go into
a bank with cash and have them load that cash amount
onto your debit card which you then can use like a
credit card to deposit the money into your Online
Capital account. 2.You can go into your bank and
transfer the money from your bank account to this debit
card, which again, you then can use like a credit card
to deposit the money into your Online Capital account.
3.In most cases, if you have a Pay Pal account you can
list this debit card as one of the credit cards
associated with your Pay Pal account. And as all Pay
Pal accounts work, this means that you can use the
listed credit cards to buy something and have the money
taken out of your Pay Pal account through the credit
card you are using. This means that if you register
your Online Capital debit card with your Pay Pal
account, you will be able to use your Pay Pal money
through the debit card to invest money into Online
Capital
As exciting as all of the uses of the debit cards are,
we still have not finished the approval process.
Credit Cards
We still do not have final approval for the credit card
merchant account. Again using the credit cards to
invest money seems to be a time consuming process to
get approval. When we have more news on this we will
let you. But at least for our existing clients, the
debit cards will allow you to have the ability to do
most of the same things a credit card would let you do
The Online Capital Convention
We are looking into having an International convention
open to all Online Capital clients. This will be a two
day weekend event somewhere in Europe, most likely
Vienna or perhaps Munich. We do not have all the facts
on this convention including costs for attending. The
main reason for mentioning it is to see if there would
be any interest in such a convention. If you would be
interested in attending and would like to know more
about the costs and when it will be, please send us a
email to
[email protected]
In closing, we hope through this update we were able to
clear up many of the concerns of our clients. If not
please feel free to contact us, but if we have cleared
up your concerns, then please do not send any more
questions concerning these subjects to support. Support
is being inundated with 1000`s of emails and they
simply cannot respond to them in a quick fashion. We
also want to thank all of you for your patience`s
during this time and for being a client of Online
Capital
--
Best regards and warmest wishes:
Online Capital Team,