Topic: Bitfloor ACH withdrawal experience (Read 772 times)

Plugging... https://bitcointalksearch.org/topic/attn-offering-to-buy-blocks-of-bitfloor-debt-205881

Update on my withdrawl request (it was requested and processed before the current fiasco, but no funds deposited)...  turns out it was my own dumbass fault. I tacked on the 4 digit check number when I sent in my acct number. My bank rejected the ACH transfer and sent it back to bitfloor. I finally got an email from Roman, who confirmed this (said the funds were returned to his account) and said 'We will update your account accordingly and process the withdraw once we have received the funds from the bank.'

So I am hopeful I will get my funds back eventually.

Posted on their twitter feed earlier today:

https://twitter.com/bitfloor

Anyone have an update on USD repayments from Bitfloor?

What info do you need?

You're right. Why bother having the opportunity to make preparations for a halt in trading when obviously you personally know it would be useless. Trust me I would have got completely back into bitcoin before they halted.



So anyways.. I just logged into my bitfloor account and on the overview page, which lists out all transactions, the last one in the list is a pending ach withdrawal.. which is good to have for proof. So I downloaded my statement and that transaction is missing from the file.

So I printed a PDF of the screen shot of my overview.

i need more info on bitfloor

Here is the latest from Bitfloor. Sounds like Im not getting my money back for quite a while. Meanwhile bitcoin rallys back toward 150. Thanks Bitfloor.


2013.04.20

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

i had a withdrawal last week take 2 business days after it was processed. so the rest of my funds should show up by monday.

Honestly I would have.  I respect Roman for shutting the exchange down when he knew his account was being closed but 24 hours of trading would have allowed those willing to take a risk on ACH withdraw to buy from those who wanted BTC at any cost.  A potential win-win.  I have no doubt bitfloor will payout the full USD balance so I would have gladly sold BTC .... for a 5% to 10% markup.

And who would have sold you those bitcoins if everyone at the exchange was all trying to buy bitcoins?

I too was just forced into my first ever ACH withdrawal since I began trading at Bitfloor last October. I had never planned to ever do one. What would have been so wrong about Bitfloor giving their active traders a 24-hour heads up so we could have made sure we had converted all of our dollars to bitcoins before they halted trading? So goddam inconsiderate it makes me furious.

So I was forced to first request ACH withdrawal, which required me to send a scanned copy of my driver license, annonymity was one of the biggest reasons I signed up to Bitfloor in the first place and since I had planned to NEVER withdraw USD funds I always planned to keep it that way. Oh well, another F-you for me from Bitfloor.

So then within 24 the pending request is approved.

So then I initiated my ACH withdrawal yesterday morning.. still pending..

Just noticed this new message posted on Bitfloor's site:

"2013.04.19

We are working to processes all withdraw requests as quickly as possible. Unfortunately, given the current situation, I cannot provide an estimate as to when all transactions will be processed.

If you are still waiting to withdraw funds, please see the items below for clarification.

    We will not convert USD to BTC for withdraw.
    You will be required to withdraw currency as it is currently settled.
    US based users should login and setup ACH withdraw
    International users, please be patient. We will have more details about wires soon.
    Users with pending P2P deposits will have them posted tomorrow. Otherwise they will be returned to your CapitalOne360 account."

I placed an ACH withdrawl request last friday (already verified, but this was my first withdrawl). The funds were deducted from my account on bitfloor (I show a zero balance in both USD and BTC), but no funds have been deposited into my account, and no pending deposits. Contact support, but did not get a reply.

I saw in another thread that DeathAndTaxes had a successful withdrawl. I am wondering if nayone else has actually gotten funds deposited or not.

I'll update this thread if I hear anything or get anything.

For some of you withdrawing USD from Bitfloor, you might be experiencing a long delay.  I submitted by documents for verification the same day trading was halted.  I then submitted by ACH withdrawal request, which promptly entered the pending state.  From there, it took about a day or so to leave the pending state and show up as an actual deduction.

However, I began to get nervous when my bank didn't show a corresponding pending deposit.  I emailed support this morning and got this response a few minutes later:


While not a guarantee, it certainly gives me more confidence in that Roman is at least expending effort to respond to customer concerns.  I've read good things about him on this forum, so for now I'm going to be patient.

Others had suggested a consolidated fold-over of Bitfloor accounts into one of the other exchanges, which I would have been very happy with, but who knows how difficult merging the two databases would have been.  I would also have been happy to be repaid in BTC at some fixed exchange rate (and quickly move the BTC to another market) but that opens a whole new set of problems, especially given the current price volatility.  As it stands, I might get my funds ultimately transferred to a new market within 10 business days if I'm lucky.  Who knows where the price of BTC will be then.