Topic: Chase Bank to offer deposits for MTGox - page 3. (Read 8846 times)

this is actually a very good point.

edit:  i wonder if i set up a Chase acct could mtgox get me my USD's back in one day?

You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

I've been doing it at Walmart for over 5 years. I hand them a check, they scan it, and had the check back to me. According to the timestamps of my receipt and my back statement, it was all done within one second.

Now, I'm going to try to do this one more time. MtGox showed me a way to deposit USD into my account with it showing up quickly. Great! Now, I want to withdraw funds from MtGox and have it show up at my bank within the same amount of time. If they can't, then I say that their only looking out for themselves. Get your USD here quick, but we'll still take our sweet time giving your funds back to you. That's the point I was trying to make from my very first post on this thread.

My bank, USAA, has had this for well over a year.

some banks do that, they allow customers to virtually deposit checks by scanning or taking picture of it i believe.

how do you do this?

Yeah I can see no ACH for deposits (they can be reversed) but why has nobody started ACH for withdrawals.  Although Tradehill gets me a check surprisingly quick (usually 2-3 days although they say 5-7) I would love ACH.

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds. 

This would be a good next step, out of all options I personally would be more inclined to deposit/withdraw through ACH and probably many other people too.

I'm not sure how America works, but I'm British. In England you can walk into any branch of your own bank and just transfer money to any other bank account in the world (or walk into any branch of the receiver and pay cash into their account) - but becasue I have a computer I can just use that and save my perspiration, time and effort. Isn't that how banks work everywhere?

You raise an excellent point.  Why can't the exchanges just use ACH for withdrawals (at least for US customers)?  They're not expensive and the funds are available in a couple of days (if not the next day).  Maybe there's a good reason they don't, but I can't think of one.

Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

i agree.  what is with the attitude?

"easy in, easy out" 

It's not said anywhere because it isn't true or implied.

Look there is nothing magical that Mt. Gox is doing here.

I could give you my Chase bank account # and you could go to any Chase bank in the country and deposit cash into my bank account.  Chase (or any bank) doesn't verify identity when making a DEPOSIT.  Hell you could it from the drive through with a deposit slip and a roll of cash (as long as it isn't >$10K). Mt. Gox is doing the same thing.  You are making a cash deposit into their bank account and when it shows up in their online banking they will credit your Mt. Gox account.  

Just because you can deposit one way doesn't mean you can "undeposit" the same way. Say I owe you $500 and you know it is in my Chase Savings account?  How exactly do you legally undeposit it?  "Undepositing" cash by anyone other than the account holder is generally called bank robbery and is best accomplished with some sort of firearm.

Seriously though what Mt Gox (or preferably another exchange so we don't end up with a monopoly) needs is Mastercard debit card.  You withdraw money from your account they put it on your reloadable mastercard.  Then you get cash from any ATM or simply use it for purchases.  When it runs low you make another withdrawal.  No checks to cash, no week long delays.  Instant fiat money.

Our ToS are still being put together by our legal team. It's not that simple.

Yeah, and make it easier to track you as well.... am I the only one worried about this? MtGox is creating a central database with the ID of the great majority of bitcoin traders. The mere existence of such database is very worrisome, to say the least.

I have heard un-deposits work well if you bring a rifle and ski mask.

No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

Where did they say using the same process for withdraws?