Bitspend's bank accounts were shut down.
[Update/News] Why we have been slow and taking longer than usual to process orders. Hint, banks don't like Bitcoins.[Update 3: Chase says "Your account will be reviewed to decide whether the source of deposits(exchanges) is legitimate and we will decide within 30 days if we will be returning any or all of your money" - quote from actual Chase employee. So because we have money coming in from Bitcoin Exchanges, we are now a criminal and have had all our money seized...]
[Update 2: We will be shutting down temporarily and not processing orders. Your order will be placed ASAP when we gain access to one of our accounts, or open an new one.]
[Update 1: Chase has also decided they needed to close my personal accounts and our main account as well and now all money is frozen and can take up to 30 days to get back. This means that we cannot even pay our credit bills with the money being deposited from Exchanges.]
There are a couple important things I must get to here, but I am also not going to be posting a wall of text, so I will keep it short and sweet.
Chase bank and another bank, have both decided that we as a Bitcoin based business are "Too High Risk" of clients, and have frozen/shut down our accounts. We were NOT given notice, and we were simply told "your funds will be sent to you by check within 10 days". This is not something we were ever warned about, given notice of, or even received the courtesy of a phone call from the bank beforehand.
The actions taken by the banks make zero sense because:
- We spend a lot of money on their credit cards, which is how they make money.
- We made multiple payments monthly, and always exceeded our owed amount and had "credit" on our credit cards.
We were the ideal customers, not in any way "High Risk" customers.
Due to this, we cannot for the time being, place international orders, as there is a hefty fee for those orders via the credit card companies and both cards we used which did not have those fees were shut down.
This does not effect any orders, they are still being placed with other accounts and will all be processed.
I apologize to anyone whose order has been delayed at all because of this situation. We are doing our best to fight through this, and to figure out a way to keep our legitimate business from being wiped out simply because banks don't like Bitcoins.
I will update this if and when we get more information.
Thanks,
Justin W.