Topic: FastCash4Bitcoins Support Thread - page 9. (Read 94606 times)

We were advised the depositor agreement can be ended by either party at any time for any reason (including a lack of reason).  PNC chose to end the depositor agreement.  There was no "ongoing issue", they provided no recourse, no remedy, no appeal, and no reason for the closure.  To date we have (AFAIK) no complaints, no investigations, and no instances of fraud (real or reported).  The account was never frozen or (once again AFAIK) subject to any fraud hold.  We were able to wire out the closing balance (down to the penny) without issue.

Until such time as we have Treasury Management features (batch ACH & wire) at another bank where we hold accounts the only payment options will be company check, Dwolla, or PayPal.  Unrelated to this closure we have some liquidity issues which are resulting in demand greatly outstripping available supply so all payment options are routinely out of funds.  A fix is in the works but no ETA is available.

We don't receive any wires from MtGox.

Actually, crazylikeafox, it was a joke. No need to quote that abomination of a law in this thread.

Actually, nimda, you and those LOLing with you, could not be more wrong.  It's only money laundering is only if the funds are from an ILLEGAL source.  You can do whatever you want with legally obtained money.  Send it through 50 banks if you like.

18 USC § 1956 (the primary money laundering statute):
Whoever, knowing that the property involved in a financial transaction represents the proceeds of some form of unlawful activity, conducts or attempts to conduct such a financial transaction which in fact involves the proceeds of specified unlawful activity....

LOL

You just described money laundering

Apparently the wires you receive from Mt Gox are setting off alarms at banks.  My guess is that the feds are circulating memos to banks saying that MtGox is a possible money launderer.  A simple warning like that will cause most banks to close the accounts of those that do more than a casual amount of business with them.   They do this kind of thing all the time when they don't have any legal standing to stop people they don't like but want to stop them anyway.  

This is just a suggestion, but perhaps you should setup multiple recipient accounts at different banks for receiving wires from Mt. Gox, and maintain one sending account at yet another bank that is only used for sending to customers.  Money goes from Mt. Gox to a recipient account, and is then wired from the recipient account to the sending account where you use it to send out funds to customers. The sending account never receives money directly from Mt. Gox and is never in danger.  Use only one recipient account at once, until it gets shut down, and then immediately switch your withdrawal info at Mt. Gox to a clean, already opened recipient account when the current one gets closed down.

In this way, you'll never have any downtime without a bank account to receive funds, and your sending account will likely never get shut down since it never receives money from Mt. Gox.

We are curious about how/why business bank accounts can just close like that? It obviously was an on going issue with the bank or something? Why would a bank close an account that is in the black and making them money? To confirm, the only way for me to cash out any bitcoin I had would be to have you guys send me a check right?

Will ACH be back in the future?

You can't place an order to sell unless we have available funds to pay it. 

If you are out of funds on everything else, but I request payment via mailed check, will you just send the Check as soon as you have the funds?  How does that work? 
Thanks

I'm glad to hear you will be pressing on! Your service is excellent and as a member of the bitcoin community, let me say a big Thank you! for continuing to offer a good service at a fair price even throughout all the bullshit.

Cheers to a profitable business

They are the best i have done 12 orders with them and every order went perfect

I got it. Was a little nervous due to my first try. Will do business again! Thanks

5 hours and my Paypal payout still MIA.  Any guess on when it will be sent out?

Update:

PNC Bank has closed our corporate bank account.  PNC Bank is the only banking partner we have bulk ACH & Bank Wire capabilities with at this time.  Payments by company check will continue to be available.  We are in the process of gaining similar capabilities with other banks.

Available funds for other payment options remain limited due to the closure of some Bitcoin exchanges.  We are working to expand our working capital in order to meet the needs of our clients.

April has been a challenging month with the extreme volatility of the aftermath of the second largest crash in Bitcoin history, the closure of bitfloor (and other exchanges), and now the closure of our primary bank account.  We aren't going away.  Despite all that happened in April we remain profitable, and no client has lost funds or had payments delayed. 

Staff
Tangible Cryptography, LLC

lol they came and they went you gota almost refresh the site every 30 mins to catch funds befor they run out.  But it makes sence sence they are the best to covert coins cheapest fees and fast turnaround.

ETA for more PP and Dwolla ?

 

Waiting for bank funds so I can go buy a new car!!!

On average how often are bank funds added?

@TangibleCryptography: What ever became of last November's discussion about the possibility of your directly accepting a private key on the fastcash4bitcoins website?

I have lately begun handing out tip-cards (mainly to musicians), each with a privkey containing 0.10 BTC. The privkey is printed on the card in both QR and text format. (If the money is unclaimed after 6 months, I sweep it back out).

When they ask how to redeem the tip, I tell them to:

• (1) Open a blockchain.info account
• (2) Import the privkey to their blockchain.info account
• (3) Open a fastcash4bitcoins account
• (4) Use the blockchain.info account to send the money in the privkey to the fastcash4bitcoins account.

I could reduce all the above to one step if you were to accept direct privkey entry at fastcash4bitcoins.