US Banks Increasingly Difficult To Work With

CurbsideProphet

hero member

Activity: 672

Merit: 500

Quote from: Lethn on August 17, 2013, 03:36:04 AM

This may interest you guys and may explain lately why the banks are getting even more bitchy than usual about you doing business with them, they're probably terrified that all the money is going to go out of the country.

https://www.youtube.com/watch?v=9vCOITmNZy4

I don't buy it. I think it's nothing more than a tightening of AML/BSA/KYC regulations. Banks don't want to deal with the headache so they're willing to lose you as a customer. They're getting to borrow money at basically nothing at the discount window, why do you need depositors when you can do that.

dawie

member

Activity: 115

Merit: 10

BTC for a better world

I like Peter Schiff's shows as well.
What a glorious future will it be for us to end fractional reserve banking with all the misery that it causes with profiteering from usury. It is such a mission to send money abroad from South Africa as well. Took me a week to get my fiat to mt.gox. Not to even speak of ATM fees, admin work, queuing.. The more I work with BTC the more I realize.. this could be The De Facto solution to money.

Kluge

donator

Activity: 1218

Merit: 1015

CUs/banks here have been shutting off the option to send international wires. Guess it's more hassle in complaints, AML horseshit, and fraud than's worth for them... but it makes life a good bit more difficult.

The one time I did send an international wire with a local CU (they've since revoked the option), it was quite an adventure for both the teller and myself, and she was very nosy, I'd hope because she was worried I might be sending money to a Nigerian prince. You never know with the BSA, though.

Speaking of which -- how can a financial institution comply with a Bank SECRECY Act and expect trust? Bah. "Yeah, we might be monitoring you, filing reports behind your back and consciously thinking about how to defraud you -- but trust us - we're a bank!" I don't think terrorists ever imagined how damaging the 9/11 attack would be on Americans.

... What were we talking about?

Lethn

legendary

Activity: 1540

Merit: 1000

LOL well the focus is on Peter Schiff, he goes everywhere, but he's very good at explaining economics and was one of the reasons I got so interested in it and did more research, we're currently at the phase now where the banks are doing everything they can to try and steal our wealth and make sure none of it leaves the country, governments and banks have been conspiring on ways to do it for centuries now.

freedomno1

legendary

Activity: 1806

Merit: 1090

Learning the troll avoidance button :)

Quote from: Lethn on August 17, 2013, 03:36:04 AM

This may interest you guys and may explain lately why the banks are getting even more bitchy than usual about you doing business with them.

https://www.youtube.com/watch?v=9vCOITmNZy4

Usually I would say but its Fox News here we are talking about
But then I think of normal government policy and say touche

Quote from: MonkeyBear68 on August 16, 2013, 02:14:56 AM

There is a group of Panamanian bankers that are setting up a company called Crypto Financial to facilitate transfers between Fiat and BTC.
See http://www.cryptofinancial.io/

You can buy into that IPO you know

Lethn

legendary

Activity: 1540

Merit: 1000

This may interest you guys and may explain lately why the banks are getting even more bitchy than usual about you doing business with them, they're probably terrified that all the money is going to go out of the country.

https://www.youtube.com/watch?v=9vCOITmNZy4

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: MonkeyBear68 on August 16, 2013, 02:14:56 AM

There is a group of Panamanian bankers that are setting up a company called Crypto Financial to facilitate transfers between Fiat and BTC.
See http://www.cryptofinancial.io/

Interesting. Panama, that is offshore sports-betting land, ie a place well acquainted with "sneaky" banking.

MagicBit15

sr. member

Activity: 294

Merit: 250

Let's Start a Cryptolution!!

I hear a lot about people with chase having problems not much else, it really just needs to get accepted, or at least associated with some more positive things then maybe they will be open just as you can transfer a euro to a dollar.

gog1

hero member

Activity: 756

Merit: 500

Anyone has any experience with HSBC in US?

zvs

legendary

Activity: 1680

Merit: 1000

https://web.archive.org/web/*/nogleg.com

Quote from: TippingPoint on August 16, 2013, 02:14:41 PM

This sounds similar to how the U.S. government (through the banks/credit card companies) slowly choked off the easily accessible money supply of internet poker players a few years ago.

UIGEA ftw

money being held hostage at neteller for months back in 2007.

pokerstars instantly becoming 2x harder to do the 8 table grind Grin

and losing the easiest site, Partypoker =/

i gave up after the 2011 incident

TippingPoint

legendary

Activity: 905

Merit: 1000

This sounds similar to how the U.S. government (through the banks/credit card companies) slowly choked off the easily accessible money supply of internet poker players a few years ago.

So now, we see "investigations" by various federal and state agencies to "protect consumers", talk of "terrorism", "drug dealers", and "child pornography", and signs of some banks becoming reluctant to have any transactions involving Bitcoins. No new laws required. No "outlawing" required. Just "regulating" and "reporting requirements". But increasingly more difficult for "normal people" to transfer money into or out of Bitcoins. Only the very motivated still persist.

Déjà vu all over again.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

I guess it's not really necessary to crack TOR to take down Atlantis/SilkRoad's US business. All you really need to do is shut off the money supply and they will dry up. I can't be the first one to think about this. It's becoming obvious that US financial institutions are being pressured by government to stop allowing the purchase of Bitcoins. Now why would anyone in government care if I buy a pair of alpaca socks from a guy that only takes Bitcoins? They don't, they care if I buy cocaine and diamorphine. Any bank dealing with US citizens that currently allows a transfer to a Bitcoin exchange will have to be willing to ignore govt pressure, may not be legitimate financial institutions and end up being scams or could possibly end up raided like LR.

MonkeyBear68

full member

Activity: 154

Merit: 100

There is a group of Panamanian bankers that are setting up a company called Crypto Financial to facilitate transfers between Fiat and BTC.
See http://www.cryptofinancial.io/

They also currently have an IPO at Havelock Investments:
https://www.havelockinvestments.com/fund.php?symbol=CFIG

Thread on this forum:
https://bitcointalksearch.org/topic/havelock-crypto-financial-cfig-official-thread-269191

It seems like it is much needed especially in the US.

stslimited

hero member

Activity: 546

Merit: 500

Quote from: cottoneyeJoe on August 15, 2013, 06:38:37 PM

Quote from: CompNsci on August 15, 2013, 05:30:59 PM

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

I wouldnt bother. I signed up and it was mostly painless with a very friendly phone call a few days later to get account access.

Sadly though I still await any information about how to do wire transfers with IAFCU. Submitted a support request and waited 2 days to hear...."oh international wire transfers...someone will have to call you back". Still waiting.

Similar results for CBX. I have been a customer for a year or more and recently submitted the full suite of docs they want for AML and KYC. I have heard nothing back from CampBx for more than a week.

There just doesnt seem to be a good way to move USD in or out of ANY of the exchanges any more!

Coinbase is decent

50 bitcoin daily limit though, so if you need to dump $100,000 usd this will take a long time

cottoneyeJoe

member

Activity: 91

Merit: 10

Quote from: CompNsci on August 15, 2013, 05:30:59 PM

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

I wouldnt bother. I signed up and it was mostly painless with a very friendly phone call a few days later to get account access.

Sadly though I still await any information about how to do wire transfers with IAFCU. Submitted a support request and waited 2 days to hear...."oh international wire transfers...someone will have to call you back". Still waiting.

Similar results for CBX. I have been a customer for a year or more and recently submitted the full suite of docs they want for AML and KYC. I have heard nothing back from CampBx for more than a week.

There just doesnt seem to be a good way to move USD in or out of ANY of the exchanges any more!

CompNsci

sr. member

Activity: 332

Merit: 253

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

Dargo

legendary

Activity: 1820

Merit: 1000

Quote from: CompNsci on July 29, 2013, 09:17:30 PM

Looks like Internet Archive Federal Credit Union and Silicon Valley Bank may be the two possibles.

+1 for IAFCU. I have an account with them and they have been excellent so far. They presented at the Bitcoin 2013 conference in case you are interested.

https://www.youtube.com/watch?v=RD6fVNGEnlI&list=PLUOP0P68GJ3BGjfqoLLnzAefk3ZzXQtJ7&index=4

I don't know much about Silicon Valley, but have heard some good things.

AliceWonder

full member

Activity: 168

Merit: 100

Quote from: Rickyrozay on July 29, 2013, 11:37:09 PM

I have never sold btc, how do they know its a bitcoin transaction?

The destination / origin of the transfer.

Rickyrozay

newbie

Activity: 13

Merit: 0

I have never sold btc, how do they know its a bitcoin transaction?

CompNsci

sr. member

Activity: 332

Merit: 253

Looks like Internet Archive Federal Credit Union and Silicon Valley Bank may be the two possibles.

Topic: US Banks Increasingly Difficult To Work With (Read 2676 times)