Ok, so here we are in May already and I feel like I just finished my April update yesterday. There is a little bad news I want to share with you about MyConstant and how this will affect new and current users.
I do not want to make this an entirely negative post but there have been some developments that are making me steer my funds away from MyConstant and look for other opportunities.
As the old saying goes, if it is not broken do not fix it. Well something was broken and MyConstant had no other choice but to fix it. The problem was the ACH method of transferring funds into MyConstant from the bank was causing a large number of ACH reversals. I am not entirely sure I understand the reversals but they were costing the platform money for each one that was reversed.
I had some issues with the ACH but it was still a good way to send less than $5,000 USD from my account to MyConstant and it usually took only a couple of days. I then started having issues with the error message saying I has insufficient funds in my account, even though I could see that I had more than enough in the account.
I reached out to customer support through the chat function and they gave me a way to remedy the situation. I do not know why but I had to reconnect my bank to the platform and after that was complete the system was working nice and smooth. The ACH reversals continued and were eventually suspended again and I had to shift to using Zelle.
I am not really a fan of Zelle. Mostly I do not like the very low limits that they allow. I understand this is probably in an effort to reduce fraud but for me they are just too low. I was able to do a couple successful Zelle transactions before that to was suspended.
The platform currently only does wire transfers. They will pay $15 of your wire fees if you are moving more than $1,000 at a time which is cool but when the bank charges $25-$30 for a wire you are still loosing quite a bit each time you make a transfer. In my opinion if this is the only way to move my money out of the platform then they are sort of keeping my money hostage. I look at my statement from time to time to see how much I am making with the platform and really if I have to pay $10 or $15 to get any money out that wipes out any profit that I have made.
The high wire fees also will not make sense for someone who wants to contribute $100 a month to the platform and keep the money growing. I think that this is a huge mistake by MyConstant and I do not have evidence but I am guessing that there is probably very little funds going into the platform right now.
The second thing is that the interest rate on idle crypto which was one of the best things about the platform has been reduced. It was high when the platform was new and then the rate settled at 8% which was still a pretty awesome rate. Well the rate was cut down to 6% and then down to 4% where it sits right now. By cutting the rate in half I have seen my balance which used to grow nicely come to a trickle.
I am investigating another platform that is paying 8% for BTC which is what I have. Once I am sure that it is legit and everything is on the up and up I will be moving my Bitcoin over to the new platform. I will for sure be writing a new post once that is up n running.
I do still have a little fiat in the platform that I will continue to use for my flex account and also for secondary orders. I have been having decent luck with the secondary orders and have managed to make a few dollars in interest. If the wire in and wire out remain the only way to move money that interest I earned will be chewed up with the wire fee which is a real bummer.
I am hopeful that MyConstant is able to secure a new channel for ACH transfers and once that happens I will be posting a new update but until then we all have to either leave our funds in the platform or we will have to suck it up and pay the wire fee.
Thanks for reading, I have the comments turned off since I was getting too much spam in the comment section.