Topic: Bank account suspended for buying bitcoins? - page 3. (Read 12395 times)
How much is a "large" payment that brings a red-flag into wells fargo and bofa? How much of an amount buying and selling btc using circle/coinbase using wells fargo and bofa in the US?
banks dont like bitcoin system this is the main reason for it.
In Germany its "Postbank" that suspends (or has been) accounts if you deposit to big exchanges. Its allways best to exchange bitcoin with cash.
Do you have any proof for that?
This happens, I too met with a related incident. My bank account didn't got blocked. Recently while making a trade with a local guy. I got the amount credited in my bank account. Recently I got to see a reduction of nearly 60$. I just got with them and asked for the reason. They replied its mark up fee as you have crossed a limited transaction.
there have been people telling similar stories. MOst probably, the problem was PayPal. Since the deal involved bitcoins, PayPal could have sent an information to your bank making it suspend your account.
I use Chase and opened a separate account just for it. I told the lady when I opened the account what it was for. Been just over a year now... I use itbit.com and my transactions show up as "ITBIT Trust Comp ITC ACH".
This is why we love bitcoin there is no suspension there.
You had too many bitcoin wallet transfers this month! We're shutting down your bitcoin accounts! /s
That is the beauty of owning bitcoin accounts. Nobody can shut you down. You can have many many accounts.
This is worrisome that it is still an issue. I have BOA and have not had issues yet but "knock on wood". Anyone else have anything to report and how old is your BOA account.
People who've been ravaged by UK banks will be able to bank with Fidor soon. By the sounds of it they haven't had faster payments set up yet but they've been very vocal about being crypto friendly. Hopefully we'll get some real live exchanges and businesses soon to.
In the country I live, a gazette notice has been put up for anyone withdrawing a huge sum of money to declare the source of funds, reason and name of person sensing the money. They require so many details before releasing the transaction.
Well this seems to be back. I just received a letter from BOA asking about a single Coinbase transaction, sending $300 to them from my bank account. My account is frozen until I fill out the form. Reading these threads it seems they have 0 tolerance for BTC transactions.
I was wondering who brought this topic back but it looks like it is still relevant so good necro, it sucks that you got frozen because of it BOA probally only lets old accounts get away with it but its sad to hear its still an issue for some users in 2016. Perhaps Kraken would work out better Coinbase is strict on the KYC/AML.
(Say Kraken cause my cavirtex account got nommed (merger) and I got converted to the Kraken legion recently which seems to do American accounts, I'll need to test deposits there but cavirtex never gave me an issue so i'm off to investigate myself)
Well that's the thing, I didn't mind the strict KTC/AML things Coinbase asked for, in fact I thought dealing with them versus some of the looser non-regulated exchanges would prevent this type of thing. I am not one of these guys trying to hide everything I do and thought dealing with the most legitimate exchange would be fine.
The forms BoA sent are asking for a ton of questions on if I am a Money Services Business (MSB), which 99% of the form isn't even remotely connected to my situation. There is one spot asking if my business engages in virtual/digital cryptocurrency, which I assume is what they are targeting.
I will call them again to see what all this entails, but I really don't feel like filling out a lengthy form asking for a lot of non-relevant information just to buy a few bitcoins a year. So right now I am torn between just letting them close the account, or filling out the paperwork on principle, because the other effect this is having on me is it is like they are making me feel like I am doing something wrong. The only thing I am hesitant of filling out the form, is at the end is explicitly states that submitting the form in no way guarantees that they will re-open the account, so it may all be a waste of time in any event.
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Well this seems to be back. I just received a letter from BOA asking about a single Coinbase transaction, sending $300 to them from my bank account. My account is frozen until I fill out the form. Reading these threads it seems they have 0 tolerance for BTC transactions.
I was wondering who brought this topic back but it looks like it is still relevant so good necro, it sucks that you got frozen because of it BOA probally only lets old accounts get away with it but its sad to hear its still an issue for some users in 2016. Perhaps Kraken would work out better Coinbase is strict on the KYC/AML.
(Say Kraken cause my cavirtex account got nommed (merger) and I got converted to the Kraken legion recently which seems to do American accounts, I'll need to test deposits there but cavirtex never gave me an issue so i'm off to investigate myself)
I did a local bitcoin trade that used to accept bank deposits into his
bank of america and he had about 10,000 in deposits from random
people because he bought and sold but it set off a red flag and the bank
closed his account to investigate. He ended up getting it back and they said
he had to open a business account and state his business but to be safe he
closed the account opened one elsewhere and now just meets up with people
and avoids using the bank
bank of america and he had about 10,000 in deposits from random
people because he bought and sold but it set off a red flag and the bank
closed his account to investigate. He ended up getting it back and they said
he had to open a business account and state his business but to be safe he
closed the account opened one elsewhere and now just meets up with people
and avoids using the bank
Yeah, this has me a bit bummed really, I thought this type of stuff was behind us. Now I am hesitant to link up another bank account, as they are a hassle to setup and get going and I need at least one open to pay my regular bills, lol.
Well this is not something new. I know a friend had the same problem.
It's really sad that banks can be so childish blocking their biggest competitor.
It's really sad that banks can be so childish blocking their biggest competitor.
Well this seems to be back. I just received a letter from BOA asking about a single Coinbase transaction, sending $300 to them from my bank account. My account is frozen until I fill out the form. Reading these threads it seems they have 0 tolerance for BTC transactions.
theres limitations on transfers? wtf??
This is why we love bitcoin there is no suspension there.
You had too many bitcoin wallet transfers this month! We're shutting down your bitcoin accounts! /s
:O this is nuts ive never had no trouble here in the uk
A had a similar issue with BoA, and was sorted out once I spoke to the branch manager. He said, my account was under investigation, but things got fixed themselves a week later.
you are very lucky. I am not sure what you told them because they usually don't unlock the account.
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