Bank account suspended for buying bitcoins? - page 2.

gregyoung14

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Quote from: EdenHazard on February 24, 2016, 11:57:42 AM

Quote from: ibrahim11 on August 16, 2014, 10:27:29 AM

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

change your bank account,create other bank account,your bank is too corious to your account,just because you dont have capability to sent so many amount of money,sad story dude.

Yea really unfortunate. Can they really do that? I don't think they are allowed to do that very easily. Doesn't mean they have doubts on your account they can already do that to you. Did you try filing a complaint?

EdenHazard

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Quote from: ibrahim11 on August 16, 2014, 10:27:29 AM

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

change your bank account,create other bank account,your bank is too corious to your account,just because you dont have capability to sent so many amount of money,sad story dude.

babs1975

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Quote from: haploid23 on August 18, 2014, 04:55:21 AM

I don't know if this is the trend in UK, but in the US, majority of the banks are rather hostile towards bitcoin. If they do close your account, they're not obligated to give a reason, other than "it's best that we end business relations with you (something along those lines). I had my bank account closed with Chase when they found out it was bitcoin-related transactions. Not only did they close my account, they will not allow me to ever open one with them again. This happened sometimes last year, when these incidents were not as common yet. Now, it's pretty well known that banks (generally speaking) does not like you using them for btc transactions.

Credit unions are less stringent on this, however I have confirmed that a few credit unions will in fact close accounts if bitcoin was ever mentioned.

This is too harsh. At least the banks need to explain in detail why they have closed your account and demonstrate that if they continued dealing with it will be dangerous to the economy

Zeke2345

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Quote from: aardvark15 on February 12, 2016, 05:38:38 PM

I use a credit union for buying through coinbase. I also, don't buy large amounts at a time.

Just presumed credit unions would be even stricter on bitcoin. Is this wrong, maybe I should phone around. Be interesting to see what these banks would say to potential clients.

aardvark15

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I use a credit union for buying through coinbase. I also, don't buy large amounts at a time.

ctlaltdefeat

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Quote from: ibrahim11 on August 16, 2014, 10:27:29 AM

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

i dont think that bank will ask your money come from,is you life in conflict country or similiar?i just think its will happen to me or other people if we never sent any big amount of money,and suddenly we sent it,of course bank will curious.

m3

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Its a very common issue with buying bitcoins through a bank account. Banks do not like nor understand Bitcoin. All the deposit and withdrawals are costing them manpower and since the banks aren't profiting from it they simply close the account.

Amph

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Quote from: babs1975 on February 11, 2016, 10:12:20 PM

Currently, many banks are associating Bitcoin transactions to money laundering. It is believed that many transactions associated to bitcoins are meant to conceal drug money and financing of terrorism. Therefore, many banks will fear any transaction related to bitcoins for fear of reprisal.

if you stay below 1k there is no money laundering issue, be smart and don't convert high amount, and you're safe from trouble

also it depend if the same money return on the exchange to buy bitcoin again or they are done with trading....

babs1975

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Currently, many banks are associating Bitcoin transactions to money laundering. It is believed that many transactions associated to bitcoins are meant to conceal drug money and financing of terrorism. Therefore, many banks will fear any transaction related to bitcoins for fear of reprisal.

Struble

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A lot of banks are not trusting the bitcoin at all, I think they are just hating it.
They love the system, but hate the bitcoin for it, although I never heard they suspend it.

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Quote from: Cyaren on February 08, 2016, 05:06:04 PM

That is possible. Some banks don't allow Bitcoin related transactions in their TOS. Just make sure you can explain why you sent that much money and you're fine.

That is a problem, why he need to explain anything to anyone? Are we all marked as crimanals? And we need to explain everythin to everyone cause there are some terrorist, mafia, cartels... That system made all those threats first so they can manipulate with everyone around. Now we need to explain how we borrowed money, from whom, for what, that is a joke. Fuck the bank system, cause of that I like btc.

onlinedragon

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Wow that is hard when they your bank account and threat you like an criminal. That reason I buy prepaid Credit Cards to buy Bitcoin in the past. You have to pay some extra but your sure they don't kick your ass.

Altynbekova

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You can do it indeed. You should really have a choice.

You can not have it both.

But I would prefer for the bank. I find this still safer.

Cyaren

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That is possible. Some banks don't allow Bitcoin related transactions in their TOS. Just make sure you can explain why you sent that much money and you're fine.

Zeke2345

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Quote from: Wapinter on February 08, 2016, 10:00:31 AM

Is there any chance of getting bank account suspended for receiving money from bitcoin exchanges?If account is suspended for buying bitcoin,it can also be suspended for selling bitcoin as well?

Lot of people think transfers of under $3000 are safe but you can be flagged at any time for any fishy looking transfer.
Banks are a bit behind the times when it comes to people getting paid over the internet,imagine what they would think of bitcoin.
Here in Canada the top 4 banks strangle hold and set out similar mandates. You better believe bitcoin is one of those things they do not want to be connected to. Terrorism has made suspicious transfers a big thing for the every day chap.

Wapinter

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Is there any chance of getting bank account suspended for receiving money from bitcoin exchanges?If account is suspended for buying bitcoin,it can also be suspended for selling bitcoin as well?

maokoto

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That's too bad. Had no idea that banks were doing things like that. I expect all gets clarified and for banks to not ve pesky about this.

Zeke2345

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Bitcoin is like online poker winnings, a bank may tolerate it till suddenly they do not.
I know banks are very weary of allowing suspicious deposits into a account. For a well I got vague questions when I would need to go in person to a bank.
Suggest setting up a different bank account then the one that has all other banking options. If something gets held up or closed you still have a account. Not a bad play for anyone actually.

rgenito

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Quote from: ibrahim11 on August 16, 2014, 10:27:29 AM

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

I don't get it---did you tell them that your brother transferred it to you? Or did you tell them that your brother withdrew it from his bank account and then you deposited it to your bank account? Either way, maybe this can be a lesson for everyone: tell the bank you had the physical cash saved, and that's where you got it.

...and then whisper under your tongue, "none of your f'n BUSINESS!"

roparker2014

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Is there anyone here who invests significant amounts in SD?
I put quite a few BTC there, from time to time, as according to my maths, it's just about one of the best and most secure BTC investments available (not really saying a lot, particularly on the security side).
HOWEVER - the maths doesn't generally seem to work! I understand how the profit share is supposed to work, and on the balance of probability due to the 2% house edge I should make money.
But I never seem to ! My investment always seems to lose a small amount of money, rather than make it. I don't leave my coins there for long (few days max) and generally speaking I end up drawing out a smaller amount than I put it.

So I am interested to hear what sort of returns long term investors generally see from this site, if anyone here invests.

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