Topic: TD Closed my PERSONAL bank account for bitcoin related activity (Read 3271 times)

Canada

What country do you leave in ? I guess it is US or UK

I have never declared bankruptcy. The credit reports only go back 3 years. Because my student loans were with RBC, they actually considered that when issuing a credit card.

Americans are born with a credit history, original sin(s), and a huge load of Federal debt.
^^^
Only one of the three above items is obviously true.
Americans are NOT born with a credit history.

Or a completely normal person who has not borrowed before

Or a foreigner

Maybe Americans are born with a credit history, it is possible.

Of course in a debt based system, if you refuse to have debt, you are an outcast.

That one definitely hit a lot of flags for money movement
KYC/AML procedures are a Beep

Best solution is to make a small business account and switch to another bank
Separate the personal account from the money moving account

Not like the banks are that friendly though lol

Had same thing happen to me, I got refused for some newegg preferred account due to not having enough borrowing history, even though my credit score was like 750-800.  I had to apply for a credit card, borrow 500, instantly pay it back, now I have enough "credit history" and everything works.

Gee ofcourse anyone with no credit history is highly because of credit default.

However debt-free is not the same as no credit record. In this case you clearly knows what but choose to mislead us.

Because there is no credit history (fear of the unknown?). Maybe they assume all adults without credit cards or regular bill payments declared bankruptcy or something (which is cleared after 7 years).

huh what? care to give us more details?

Why on earth would you be refused because of debt-free?

List of Bitcoin Hostile (and friendly) Banks

I am with RBC. Since they are Bitcoin hostile, I do not mention it to them. I opened a checking account at Canadian Western Bank (which I use for Bitcoin (have not tried Interac e-transfers)).

RBC is starting to strike me as incompetent anyway. I only keep an account open because I have credit history with them; and I told CWB about my Bitcoin activity, so may need a fall-back. The local credit union (Servus) refused to open a checking account for me because I was debt-free for 3 years.

I now have a credit card because I learned you cannot rent a car without one. Bought a Bitcoin miner with it

I would contact Cavirtex and ask them to suggest/recommend a Canadian bitcoin friendly bank. Clearly TD are not.

I'm pretty sure you got flagged for money laundering.

Short story - TD bank knew I used to sell bitcoin via direct deposit of cash into my personal bank account (which I stopped after being told this was against their policy). Now I receive a letter in the mail saying all my accounts new and old are terminated (credit card, mutual funds, rsp, savings, chequings).

Okay so long story...

I am not a software expert by any means. My family is full of programmers, literally..I was just too far of an age gap to be around to get that influence. Despite that I was always into hardware regardless, and when I learned that my graphics card could be used to make "money" I figured why the hell not. I looked up graphics cards that would give me the best hashing power per $$$ and went on kijiji and bought everything I could. I didn't pay for electricity it was included in the rent so I got the parts together and joined up on slush like everyone else and later switching to bitminter,

Anyways I bought bitcoins from whoever I could for cheap. As the price began to rise I sold a lot of coins on localbitcoins.com, and at that time (~18 months or so) the main form of payment that sellers in canada were accepting were interac e-transfer. I went with them and accepted this as well as Interac website clearly said:

"An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount."

However I eventually fell to fraud as someone claimed that their account was "hacked" and they never sent the transfer. E transfers became disabled for me, and TD reversed the transfer saying they would not compensate the loss. I petitioned and they agreed to provide a one time refund and things were all good. I couldn't even send e transfers to friends, so I turned to cavirtex for selling my coins. I then saw that some sellers were now accepting "direct deposit", giving account details for a void cheque to make a in-branch deposit.

I had been doing most of my localbitcoin transactions in person but that was much more time consuming and the client base was much smaller. So I switched to direct deposit. I was unloading coins at 10-40% of what they costed on cavirtex. But next thing I new, after months of multiple third party deposits and large wire transfers to companies in Sweden (KNC miners) I get a call from the bank to come in and explain. I do and inform them the third party deposits are me selling coins. They say I can't do this and I comply, and things seem okay. Until about a month later, today, I get this letter.

"TD periodically conducts a review of all its customer relationships bla bla bla. As a result of this review, we have determined we can no longer continue to support your current accounts and/or services, or offer you any new accounts and/or services."


I am now going to just store my coins I think, send them directly to cold storage and sell them when the price is high on cavirtex. I think selling online on localbitcoins is dead (at least in Canada). Miners selling coins on localbitcoins will have to turn to only local sales - or some other form of payment like okpay, etc.

In the end I assume that the prices on localbitcoins will be the same as exchanges more or less.

Anyway..if you have a bank account and the bank knows you were/are involved in bitcoins be prepared for your account to get shut down.

Sigh.