RBC closed my commercial bank account for having Bitcoin related activities.

cozk

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Quote from: Cryptolator on March 05, 2014, 01:05:45 PM

I just got a call from RBC (Royal Bank of Canada), they said that they closed my commercial bank account because my activities are related to Bitcoin.

I don't even sell or buy Bitcoins. I create physical encapsuler for physical cryptocurrencies (Not yet released).

I will close all my account at RBC and never deal with those scared crooks anymore.

I would suggest anyone having account with RBC and believing in Bitcoin to do the same.

Anyway, I needed to share that with you.

So what ? Last i heard bitcoin is legal and its none of their business.

Do they close accounts of shops selling dildos and stuff.

bitdigger2013

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Hi,

I am just going through the same issue, my accounts are 2 years old. My cross border account was shut down last week by RBC and now my accounts at RBC in Canada have been flagged and I was asked to stop bitcoin transactions or my banking relationship will be terminated. The branch manager informed me that they received instructions to close all RBC accounts (business or personal) that have any bitcoin or suspected bitcoin transactions. Very disappointed in the Canadian banks.

freedomno1

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Learning the troll avoidance button :)

Quote from: Cryptolator on March 05, 2014, 01:05:45 PM

I just got a call from RBC (Royal Bank of Canada), they said that they closed my commercial bank account because my activities are related to Bitcoin.

I don't even sell or buy Bitcoins. I create physical encapsuler for physical cryptocurrencies (Not yet released).

I will close all my account at RBC and never deal with those scared crooks anymore.

I would suggest anyone having account with RBC and believing in Bitcoin to do the same.

Anyway, I needed to share that with you.

Curious on how old the account was with the Royal ?

Lauda

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Terminated.

The banks aren't usually smart. Due to this you should avoid the ones like RBC.

Armis

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Quote from: seriouscoin on March 06, 2014, 07:56:46 PM

Quote from: pungopete468 on March 06, 2014, 07:47:50 PM

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

Thats so wrong i just stop reading there .

Also i never propose "bitcoin" credit union or bank. I propose a community based credit union just like every other credit unions. Its only for fiat currency thats managed by financial professionals not some bitcoiners nerd,.

he's right, and by the way gog1 made the credit union suggestion that we are considering

Armis

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Quote from: pungopete468 on March 06, 2014, 07:47:50 PM

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

great input

every credit union is essentially community based, no one needs to be rich to get in or help out

BrewCrewFan

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Quote from: bananas on March 05, 2014, 01:17:21 PM

That's weird that Banks are handling bitcoiners like they handle drug dealers .

Thats because they think that is what we are. Doing illegal activities.

pungopete468

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While I hate traditional banking; traditional banking will never fail.

They can work with Bitcoin, Dollars, Euro, Eagles, Ruples, Yen... There needs to be a go-to place for basic financial needs as a matter of convenience.

A Bitcoin Credit Union would differ from a Bitcoin bank in that depositors profit on those deposits and have voting rights within the Union...

seriouscoin

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Quote from: pungopete468 on March 06, 2014, 08:10:02 PM

I don't think a Bitcoin bank is useless...

I think at this stage in Bitcoins development it may be premature but I hope to one day see Bitcoin backed loans, mortgages, insurance, etc...

I guess I'm looking too far forward.

Its useless because you dont need traditional banking with for loans etc in bitcoin.

Its built in escrow can handle that.

Any business that ask ppl to send their bitcoins in and "store" them is a failed business.

pungopete468

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I don't think a Bitcoin bank is useless...

I think at this stage in Bitcoins development it may be premature but I hope to one day see Bitcoin backed loans, mortgages, insurance, etc...

I guess I'm looking too far forward.

lemfuture

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wew i hope my bankofamerica dont do this to me. too much hassle Sad

seriouscoin

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Quote from: pungopete468 on March 06, 2014, 08:01:58 PM

So you just want a regular Credit Union who is friendly with Bitcoin...

I want more like Neo & Bee.

yes.... bitcoin is not regulated and bitcoin bank is useless.

pungopete468

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So you just want a regular Credit Union who is friendly with Bitcoin...

I want more like Neo & Bee.

seriouscoin

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Quote from: pungopete468 on March 06, 2014, 07:47:50 PM

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

Thats so wrong i just stop reading there .

Also i never propose "bitcoin" credit union or bank. I propose a community based credit union just like every other credit unions. Its only for fiat currency thats managed by financial professionals not some bitcoiners nerd,.

pungopete468

hero member

Activity: 1470

Merit: 504

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

gog1

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while a bitcoin credit union is an idea, we've to gather support, a couple of guys cannot form the deposit base. We have to think of the scope of our services and target.

some of them include: serving bitcoin related business, esp exchanges - we hear how many got their account closed

we have to brainstorm and come up to further expand on the idea.

Armis

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Quote from: thecarnie on March 06, 2014, 02:20:21 PM

Quote from: Armis on March 06, 2014, 12:26:58 PM

Quote from: gog1 on March 06, 2014, 12:28:30 AM

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control. Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

I lease and manage servers in 3 US datacenters on Peer1's backbone - and can get more at a rate for the platform -- Also develop in ASP/ASP.NET if that helps - willing to contribute where I can...

great, I'll send a message to gog1 to get an idea of his actual interest, then we could send up a post seeking working partners and ideas for the credit union.

thecarnie

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Quote from: Armis on March 06, 2014, 12:26:58 PM

Quote from: gog1 on March 06, 2014, 12:28:30 AM

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control. Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

I lease and manage servers in 3 US datacenters on Peer1's backbone - and can get more at a rate for the platform -- Also develop in ASP/ASP.NET if that helps - willing to contribute where I can...

Armis

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Quote from: gog1 on March 06, 2014, 12:28:30 AM

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control. Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

V4Vendettas

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So a quick question. Sorry not up on my own countries laws for this let alone other countries but its it not illegal to do something like this ?

If not then its a great way of attacking bitcoin.

Sure wont kill it but could be a major pain in the ass.

Topic: RBC closed my commercial bank account for having Bitcoin related activities. (Read 5867 times)