Iberia Bank hates Bitcoin | Bitcointalksearch.org

sindikat

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Quote from: Samarkand on November 24, 2017, 10:08:01 AM

Quote from: bambazamba on November 24, 2017, 05:52:19 AM

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This is not a very shocking thing i heard . This is very much expected from the banks . Not only the Iberia Bank , there are many banks throughout the world who don't want to get involved into bitcoin . If you go for some withdraw or something they won't even investigate the source of money . they would just nullify the subject after hearing the word "bitcoin" . They are obviously very narrow-minded in the case of bitcoin . Main reason is that they don't want to start initializing the exchanges of bitcoin because that can be a threat for them later on.

I can 100 % confirm the accuracy of that statement.

I tried to make a small fiat withdrawal from my verified Bitstamp account this week and it was rejected with the following message:
"Commerzbank does not process bank transfers that originate from bitcoin related businesses. This means that any transfer sent to your bank would be rejected and returned to Bitstamp."

If you haven´t heard of Commerzbank, it is basically one of the biggest banks in Germany. Interestingly, they had to be bailed out by the state during the financial
crisis. I really think that there can hardly be a better reason to get your hands on some Bitcoin than your local bank being so scared of its disruptive
nature.

In this statement the essence of all the infamous banks. They are not interested in what purposes you will use bitcoin. They are afraid of it in principle. Bitcoin allows the holder not to give the Bank their savings and receive income from the constant growth of prices. This income is much more than to offer any Bank.

longlivecapitalism

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Banks should hate Bitcoin and other cryptocurrencies because it's something the cannot control. This is also the reason governments hate Bitcoin and want to ban it in many countries. I think it will come to a point where they'll be in a "if you can't beat them, join them" situation.

Samarkand

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Quote from: bambazamba on November 24, 2017, 05:52:19 AM

...
This is not a very shocking thing i heard . This is very much expected from the banks . Not only the Iberia Bank , there are many banks throughout the world who don't want to get involved into bitcoin . If you go for some withdraw or something they won't even investigate the source of money . they would just nullify the subject after hearing the word "bitcoin" . They are obviously very narrow-minded in the case of bitcoin . Main reason is that they don't want to start initializing the exchanges of bitcoin because that can be a threat for them later on.

I can 100 % confirm the accuracy of that statement.

I tried to make a small fiat withdrawal from my verified Bitstamp account this week and it was rejected with the following message:
"Commerzbank does not process bank transfers that originate from bitcoin related businesses. This means that any transfer sent to your bank would be rejected and returned to Bitstamp."

If you haven´t heard of Commerzbank, it is basically one of the biggest banks in Germany. Interestingly, they had to be bailed out by the state during the financial
crisis. I really think that there can hardly be a better reason to get your hands on some Bitcoin than your local bank being so scared of its disruptive
nature.

bambazamba

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

This is not a very shocking thing i heard . This is very much expected from the banks . Not only the Iberia Bank , there are many banks throughout the world who don't want to get involved into bitcoin . If you go for some withdraw or something they won't even investigate the source of money . they would just nullify the subject after hearing the word "bitcoin" . They are obviously very narrow-minded in the case of bitcoin . Main reason is that they don't want to start initializing the exchanges of bitcoin because that can be a threat for them later on.

Kronos21

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Quote from: Theb on November 20, 2017, 08:46:23 AM

Quote from: jseverson on October 12, 2017, 12:01:11 AM

Iberia Bank in the US? Yeah, they must have a company policy against Bitcoin or something. I read something a while back on reddit saying he was contacted by the bank when he tried to link his coinbase account into it. It sucks, but if it's a company policy, then there's little you can really do about it. It might be part of their internal protocol to avoid money laundering since reputation is everything for banks these days. Just speak with your money and open an account elsewhere. At least they haven't had the chance to potentially block your Bitcoin transactions yet.

One thing to avoid in this kind of situation is by trying to trade your Cryptocurrency to Fiat currency via 3rd party sellers therefore the only thing they will see it bank to bank transfers which won't look suspicious for them. Having a company policy like this really sucks as they are only hindering themselves to have more money flowing in their system not unless the policy is required by their government I think they need to take a look and review about removing some kind of policy like this as their is no justifiable reason on blocking the deposits to coming to your account.

Maybe I'm wrong but my opinion is that it is necessary to avoid the exchange of bitcoins for Fiat. You need to remember that bitcoin was conceived as a self-sufficient currency. Now we need to focus on creating conditions for organization of trading with bitcoins. This will help us to avoid many problems in the future.

gentlemand

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Even if the bank adored Bitcoin, in most places there's still little or no regulatory certainty. If there's one thing banks really do despise it's being tangled up in compliance, even more so when they don't know how to comply.

There's little or no money in it and a whole world of ball ache.

Theb

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Quote from: jseverson on October 12, 2017, 12:01:11 AM

Iberia Bank in the US? Yeah, they must have a company policy against Bitcoin or something. I read something a while back on reddit saying he was contacted by the bank when he tried to link his coinbase account into it. It sucks, but if it's a company policy, then there's little you can really do about it. It might be part of their internal protocol to avoid money laundering since reputation is everything for banks these days. Just speak with your money and open an account elsewhere. At least they haven't had the chance to potentially block your Bitcoin transactions yet.

One thing to avoid in this kind of situation is by trying to trade your Cryptocurrency to Fiat currency via 3rd party sellers therefore the only thing they will see it bank to bank transfers which won't look suspicious for them. Having a company policy like this really sucks as they are only hindering themselves to have more money flowing in their system not unless the policy is required by their government I think they need to take a look and review about removing some kind of policy like this as their is no justifiable reason on blocking the deposits to coming to your account.

Lieldoryn

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Quote from: Harlot on November 20, 2017, 08:22:41 AM

Quote from: The Sceptical Chymist on October 11, 2017, 10:51:51 PM

I don't even know where Iberia is, but no matter. My bank in the US questioned me last year about all the bitcoin I bought when Circle was still in the crypto business--RIP Circle. Banks have the same perception of bitcoin as most people, i.e, that it's used for drugs, gambling, and illegal pornography. And banks are conservative by nature, so your experience is not shocking to say the least.

As far as I know Iberia is not a place but a name of a bank "IberiaBank", they have the right and authority on who and what customers will be able to use their services and it looks like they don't want to be associated with Bitcoin for legal purposes. You are opening a checking account for your business in Bitcoin Investment as far as the risk for the bank they know that there is no such thing as Bitcoin investments which they automatically will decline.

It seems to me that it's much easier. In fact, if you open a Bank account for bitcoin they understand that the Bank will be used only for transit money. The main asset of the account owner will be invested in bitcoin. This deprives the Bank of working capital. Earnings on transactions too small for the Bank. Therefore, it is Porsche to abandon this client and not to create a precedent.

Harlot

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Quote from: The Sceptical Chymist on October 11, 2017, 10:51:51 PM

I don't even know where Iberia is, but no matter. My bank in the US questioned me last year about all the bitcoin I bought when Circle was still in the crypto business--RIP Circle. Banks have the same perception of bitcoin as most people, i.e, that it's used for drugs, gambling, and illegal pornography. And banks are conservative by nature, so your experience is not shocking to say the least.

As far as I know Iberia is not a place but a name of a bank "IberiaBank", they have the right and authority on who and what customers will be able to use their services and it looks like they don't want to be associated with Bitcoin for legal purposes. You are opening a checking account for your business in Bitcoin Investment as far as the risk for the bank they know that there is no such thing as Bitcoin investments which they automatically will decline.

marcbitcoins

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Quote from: Proton2233 on October 12, 2017, 05:54:38 AM

All banks and governments hate bitcoin. The government understand that they are losing taxes and there is nothing we can do about it. Banks are losing their income. Why keep the Deposit in the Bank if possession of bitcoins brings much more income and not threatened so that the Bank will go bankrupt and disappear with your money. Without deposits, banks can't exist and therefore any mention of bitcoin by furious the owners of the banks.

I think not all banks because here in our country our Central Banks of the Philippines is supporting the bitcoin by issuing guidelines on how to avoid being scam in joining ICO then most of our major banks is supporting or in partnership with our local exchange (coins.ph) that every time we will cash our from our bitcoin converted to fiat we can get our money thru banks ATM with affordable fees. These development is happening even due bitcoin is not legal but not ban in our country.

iamTom123

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

This is actually common in many countries including here in my country where Bitcoin is already very much legal and allowed by the Central Bank to flourish and operate. The thing is that nobody can be forcing you to tell your intention of using the bank account for Bitcoin related activities. Banks still have misconceptions on Bitcoin and cryptocurrency based on what they heard in the news provided by the mainstream media.

Comments coming from famous personalities in the finance world like Jamie Dimon are not helping clarify things for the banks and this can be the reason why they have a negative assumption about Bitcoin. Just don't tell anything related to Bitcoin and I think you can do fine with your preferred bank.

Lancusters

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Bitcoin is a great competitor to the banking system as a whole. The global banking system is built on the interaction of banks with the government. Together they prey on people. With bitcoin it will not work. It has no Central control. Now the share of bitcoin is too low in the financial market but the growth of its popularity we will see more severe restrictions on the part of banks and the government. All the talk of legalization is only the calm before the storm.

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

You are not the first one to be rejected mate. I also encountered the same in my country and for God's shake they really hate bitcoin. The moment you mentioned bitcoins to the bank manager, the eyes will grow bigger as if saying that you did something or you are a criminal in nature. And I'm guessing you have been rejected on the spot? Right? Try 2 banks here, didn't bother to get to the next bank because I know that I will be rejected as well. Its just sad to see how bankers really thought of what bitcoin is, - Criminality. No wonder why Jamie Dimon really hates bitcoin, as evident of his attacks. Anyways, we can't do anything about it, so I guess your option if you ever try to open a bank account is that you don't mentioned where the funds are coming from. LOL.

soham

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Quote from: Mark Promo on November 20, 2017, 03:41:30 AM

Third-world countries do not understand what cryptocurrencies are, so they refuse to work with them. In the advanced countries with a market economy, the cryptocurrency is legalized and actively used.

I tried to search a little about Iberia. I found two things, one is there is country called The Kingdom of Iberia which is located on the southwestern tip of the European continent and the other is, that there is a bank called "Iberia Bank" which is the largest in Louisiana. So really confused about the OP if it's talking about the country or the USA based Bank!

However, these kind of attitude is very normal from the bankers because they consider bitcoin as a threat to their business. So they wouldn't welcome this kind of crypto related business activity.

cruso

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Quote from: Mark Promo on November 20, 2017, 03:41:30 AM

Third-world countries do not understand what cryptocurrencies are, so they refuse to work with them. In the advanced countries with a market economy, the cryptocurrency is legalized and actively used.

and how did you deduce that Iberia bank is third world based? Its a shame that their stance towards Bitcoin is hostile, but I suspect all of that will change over time.

Mark Promo

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Third-world countries do not understand what cryptocurrencies are, so they refuse to work with them. In the advanced countries with a market economy, the cryptocurrency is legalized and actively used.

Basmic

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Quote from: SamsungBitcoin on October 14, 2017, 01:11:51 AM

But here in our country we used bank to deposit and withdraw our bitcoin that is why not all banks hates it, if bank look the advantage to adopt bitcoin i think governments will start to make an action to build their own bitcoin system in every financial institution. And i do not know why some country starting to ban bitcoin it is one of the best source of income in every person this day.

You probably confuse something. This is not only because bitcoin is not recognized currency and the government can not give the Bank a license to work with bitcoins. Banks are unable to accept bitcoin for Deposit because they can't get people to hold their savings in bitcoin. Even the minimum percentage they can offer you because no one will have to take out loans in bitcoin. It is not profitable. It is profitable to borrow in Fiat to buy bitcoin and then repay the loan due to the growth of bitcoin prices ahead of time.

SamsungBitcoin

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But here in our country we used bank to deposit and withdraw our bitcoin that is why not all banks hates it, if bank look the advantage to adopt bitcoin i think governments will start to make an action to build their own bitcoin system in every financial institution. And i do not know why some country starting to ban bitcoin it is one of the best source of income in every person this day.

deadsilent

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What do we expect from them? Financial institutions like banks are threatened by bitcoin.
Bitcoin can kill their business. Look at Jamie Dimon of JP Morgan. Talking some craps again. But not to bitcoin, but to us. https://www.cnbc.com/amp/2017/10/13/jamie-dimon-says-people-who-buy-bitcoin-are-stupid.html
Lol! He called us stupid. I see some desperation on the way he talk. It will gonna backfire to him again and again. Recently, he just gave an statement that he will not gonna talk about bitcoin again. https://www.coindesk.com/jamie-dimon-says-hes-done-talking-bitcoin/
Well, look at him. He looks like stupid.

Banks are against bitcoin. That's given. But no matter what they do. Bitcoin will stay and will never vanish. That's the fact. In the end, they are the losers.

franco123

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

Of course. Majority of the banks hate Bitcoins because of the issue that it was or it is being associated with mondey laundering and a mean of trading illegal drugs. However, this should not really be the case. I believe sooner or later banks will realize that this should be an oppprtunity for them. To embrace the fact that Bitcoin is really starting to be accepted and make services relating into it.

But I do understand that they are still very hesitant as there was a case in the past that the Bitcoin trading companies were closed and some executives even went to prison. They are doing the play safe zone until Bitcoin will be fully accepted by the government.

jekjekman

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

There is no doubt about that though as Banks really hate Bitcoin and it will never support it because they see it as a threat and for me it is just a matter of time that this Banks will become obsolete just like the company of Kodak. They can't stop people to invest in Bitcoin so they just started it by themselves by blocking every attempt of anyone in investing in digital currencies using their money.

It is a clear sign that Bitcoin is the future of digital currency, and Bankers will do some political moves among the governments of each countries in regulating this Bitcoin thing for sure.

Proton2233

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All banks and governments hate bitcoin. The government understand that they are losing taxes and there is nothing we can do about it. Banks are losing their income. Why keep the Deposit in the Bank if possession of bitcoins brings much more income and not threatened so that the Bank will go bankrupt and disappear with your money. Without deposits, banks can't exist and therefore any mention of bitcoin by furious the owners of the banks.

Flor1982

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Quote from: grinmoure on October 11, 2017, 10:37:26 PM

Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

I dont understand why the bank rejecting bitcoins related to think it is not the bitcoin itself that you are going to deposit to them but the paper money or Fiat. Then i suggest that every time you will open an account dont tell them bitcoin is the source but you will just say to them that your money came from your personal salary or you may state other business source like personal lending or any business name that not link to crypto currency.

Kingofbitcoin12345

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They really that vocal about they’re hatred towards bitcoin,, it’s rude.. Don’t worry I now hating them too,, so we’re even.. Things getting dirty with banks versus bitcoin,, are they supposed to act like this if bitcoin is just “fraud” for them.. They might issue a memorandum to every employee that those with bitcoin intent customers must not be approved,, how sad they’re being low minded individuals..

jseverson

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Iberia Bank in the US? Yeah, they must have a company policy against Bitcoin or something. I read something a while back on reddit saying he was contacted by the bank when he tried to link his coinbase account into it. It sucks, but if it's a company policy, then there's little you can really do about it. It might be part of their internal protocol to avoid money laundering since reputation is everything for banks these days. Just speak with your money and open an account elsewhere. At least they haven't had the chance to potentially block your Bitcoin transactions yet.

The Sceptical Chymist

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I don't even know where Iberia is, but no matter. My bank in the US questioned me last year about all the bitcoin I bought when Circle was still in the crypto business--RIP Circle. Banks have the same perception of bitcoin as most people, i.e, that it's used for drugs, gambling, and illegal pornography. And banks are conservative by nature, so your experience is not shocking to say the least.

grinmoure

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Went to open a business checking account for a personal investment company. Agent asks purpose of the entity. Said one of the intents to invest in bitcoin and other digital currencies. Bank rejected account application stating not wanting to be associated with bitcoin, etc. Shame.

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