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Topic: RBC closed my commercial bank account for having Bitcoin related activities. (Read 5865 times)

hero member
Activity: 812
Merit: 500
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. Smiley


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

Do they close accounts of shops selling dildos and stuff.
sr. member
Activity: 397
Merit: 250
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.

legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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. Smiley


Curious on how old the account was with the Royal ?
legendary
Activity: 2674
Merit: 2965
Terminated.
The banks aren't usually smart. Due to this you should avoid the ones like RBC.
hero member
Activity: 588
Merit: 501
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

hero member
Activity: 588
Merit: 501
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

 
hero member
Activity: 672
Merit: 501
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.
hero member
Activity: 1470
Merit: 504
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...
hero member
Activity: 658
Merit: 500
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.

hero member
Activity: 1470
Merit: 504
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.
hero member
Activity: 686
Merit: 500
wew i hope my bankofamerica dont do this to me. too much hassle  Sad
hero member
Activity: 658
Merit: 500
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.
hero member
Activity: 1470
Merit: 504
So you just want a regular Credit Union who is friendly with Bitcoin...

I want more like Neo & Bee.
hero member
Activity: 658
Merit: 500
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,.
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.
hero member
Activity: 756
Merit: 500
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.
hero member
Activity: 588
Merit: 501
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. 





full member
Activity: 136
Merit: 100
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...
hero member
Activity: 588
Merit: 501
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.

 
sr. member
Activity: 294
Merit: 250
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.
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