Topic: 🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency. (Read 119 times)
February 26, 2018, 09:55:08 AM
well I am reading that Steve Wozniak had 7 bitcoins stolen through a credit card freud, where the credit card user simply rolled back his transaction after Steve had sent him the bitcoins. And it is precisely the reason why banks are now disallowing that kind of transactions in a first place.
February 26, 2018, 08:21:41 AM
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
If instead of searching for codes for those icons you would have spent 2 seconds on reading what you wrote this stupid phrase wouldn't be here.
I've yet to see a bank that is allowing you to purchase credit cards with credit cards.
Even SR was only allowing you to purchase credit cards with bitcoins
Anyhow, it's a measure easy to circumvent, withdraw cash, funds a different account, buy coins via wire.
Some banks do have a lower limit for "advance cash" but it would be stupid to maximize your credit limit to buy coins.
February 26, 2018, 06:49:36 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
Anyway, I am leaning to thinking that crypto is not compatible with credit cards, you can rollback a credit card transaction and then what can they do if you already have your crypto? This is why I am thinking that they will be disallowing the credit cards purchases.
But not necessarily they are against all crypto. It is simply a thing of crypto/credit card incompatibility.
February 26, 2018, 06:35:33 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
Please edit your post, the fragment in red is clearly a copy-paste mistake and it is misleading.
Anyway, I am leaning to thinking that crypto is not compatible with credit cards, you can rollback a credit card transaction and then what can they do if you already have your crypto? This is why I am thinking that they will be disallowing the credit cards purchases.
But not necessarily they are against all crypto. It is simply a thing of crypto/credit card incompatibility.
February 26, 2018, 06:19:09 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
They only banned purchasing cryptocurrency using credit cards that they issued because they don't want lend money to those people who wants to invest in cryptocurrency which is truly a more risky investment (Of course banks wants to make sure that customers will be able to give the money back at some point). We have seen some banks that already did it before like jpmorgan, lloyds banking group and more, but people can still use debit cards to purchase Bitcoin or any cryptocurrency they want because we are using our own money in our bank account with debit card, not a loan. Anyway this won't affect the price of the market to gown down as there are lots of ways to purchase cryptocurrency. 💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
February 26, 2018, 06:12:45 AM
firstly the title is misleading.. the real title should mention its about using credit cards..
secondly the reason credit cards are banned which people fail to explain properly..
credit cards come with credit limits. pre-agreed limits of spend ability based on how much a person can repay. it does not matter if its bitcoin that might get returns or a car that may never make returns and end up in a scrapyard never to be resold.. it does not matter.
the real reason is not about "investment risk".. its about chargeback scamming. because unlike a debit card or wire transfer that only costs the sender/recipient losses.. a credit card chargeback costs the credit card company money.
but they cant advertise that chargeback scamming exists as thats an advert for everyone to do that with every purchase they make when buying anything.
secondly the reason credit cards are banned which people fail to explain properly..
credit cards come with credit limits. pre-agreed limits of spend ability based on how much a person can repay. it does not matter if its bitcoin that might get returns or a car that may never make returns and end up in a scrapyard never to be resold.. it does not matter.
the real reason is not about "investment risk".. its about chargeback scamming. because unlike a debit card or wire transfer that only costs the sender/recipient losses.. a credit card chargeback costs the credit card company money.
but they cant advertise that chargeback scamming exists as thats an advert for everyone to do that with every purchase they make when buying anything.
February 26, 2018, 06:11:45 AM
Because of the big risks in cryptocurrency markets, it is natural for Banks to bar users from overdrawing money to buy encrypted currencies, and bitcoin is a direct competitor to Banks.
I think bitcoin is not a competitor of banks. But they do not give credit to buy altcoin because the crypto market is quite risky. BTC investors use credit cards that are overdue, leading to high risk of bank failure. So they limit the risk by not using credit cards to buy BTC. 
February 26, 2018, 05:57:14 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
Your thread title is slightly misleading.
I was expecting to see that they had banned buying crypto outright
but it is just with credit cards, which is nothing new really.
They are just following on from South Koreas move in early January.
We can expect more and more banks to issue these statements but
people are still free to buy crypto by bank transfer.
February 26, 2018, 05:50:38 AM
It is not ideal for the bank to ban the using of credit card to purchase cryptocurrency it is better to have daily purchase limit in order to avoid excessive purchase.
February 26, 2018, 05:41:24 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
A few months ago the US bank also forbade customers to use their credit card to buy Bitcoin. This move does not affect the price of the altcoin. I think so. Banks only limit risks in lending. Excessive use of credit cards to purchase digital currency has put banks at much risk. That is my personal opinion. Looking forward to your comments. 💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
February 26, 2018, 05:36:26 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
The very people who buy btc with credit-cards are the very ppl who should not be buying btc, the banks, know that the 2017 gold-rush run-up $200 to $20k of BTC was based on CC purchasing, and with -80% of the gain just wiped out last month $320 billion cap down to $120 B, most of this CC money will never be paid back, thus there is NO point to knowingly finance a guy that's going to default.
Think of it this way the banks are looking out for their idiot customers
The bank didn't shut down btc, they just quit handing out free money to buy btc, when they felt comfy with the loan, they were glad, but the writing is now on the wall that the gold-rush is over.
Banks like a non-comforming loan ratio that's low, like say 5% of customers in default, but when say 50% or more of the customers can't pay their visa bill, that bank has BIG problems, GOV problems; GOV say's to the bank, 'why did you allow this to happen??", if GOV gets pissed off at these banks for their losses of "FIAT", then no more free low-cost fiat for that bank.
February 26, 2018, 05:33:01 AM
Because of the big risks in cryptocurrency markets, it is natural for Banks to bar users from overdrawing money to buy encrypted currencies, and bitcoin is a direct competitor to Banks.
February 26, 2018, 05:21:47 AM
🎯 The largest Canadian bank TD Bank has banned the purchase of crypto currency by credit cards
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
💳 Toronto-Dominion Bank (TD), one of the largest banks in Canada, informed its customers by e-mail that the purchase of credit cards using credit cards will be banned.
Jump to: