Which US bank is the most crypto-friendly?

malevolent

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Quote from: OmegaStarScream on August 24, 2019, 05:00:11 AM

If it's for running a business, you can check this list. If you're just trading, then I don't think it matters much. Of course, If there is unusual activity in your account (large sums), a bank being friendly to crypto or not won't matter much, they will still investigate.

Depends on what the money is used for, certain industries, cryptocurrencies among them, are generally considered 'high risk', and banks will start giving the account owner troubles a lot sooner.

Zicadis

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Dump it!!!

Quote from: BitHodler on August 26, 2019, 04:18:16 PM

Quote from: OmegaStarScream on August 24, 2019, 05:00:11 AM

Of course, If there is unusual activity in your account (large sums), a bank being friendly to crypto or not won't matter much, they will still investigate.

This. I'm not aware of the exact threshold in the US, but every bank is legally obliged to not only investigate your transactions when they detect suspicious activity, but they also have to share your information with the authorities.

If you haven't been paying your taxes for example, and the bank ends up sharing your information, you're going to have some explaining to do, especially when your transactions are flagged as crypto transactions.

In order to avoid unnecessary problems, always read their terms and search for any mentions of crypto currencies. Better safe than sorry.

Yeah, things are pretty dark when it comes to taxation here. I remember reading a few days ago about some bloke in NY selling some mining hardware and the taxman came to bite months after asking him to pay tax money which he didn't have. Who'd say that this is the nation that fought for its freedom from the redcoats just because the tea taxes were high. These days we get taxed out of our asses yet no one bats an eye.

BitHodler

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Quote from: OmegaStarScream on August 24, 2019, 05:00:11 AM

Of course, If there is unusual activity in your account (large sums), a bank being friendly to crypto or not won't matter much, they will still investigate.

This. I'm not aware of the exact threshold in the US, but every bank is legally obliged to not only investigate your transactions when they detect suspicious activity, but they also have to share your information with the authorities.

If you haven't been paying your taxes for example, and the bank ends up sharing your information, you're going to have some explaining to do, especially when your transactions are flagged as crypto transactions.

In order to avoid unnecessary problems, always read their terms and search for any mentions of crypto currencies. Better safe than sorry.

Docnaster

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Quote from: SirLancelot on August 26, 2019, 09:58:28 AM

Quote from: dul48 on August 24, 2019, 03:35:36 AM

Hi, guys! I'm not sure such banks are exist but maybe you know one.

None for now mate, but maybe in future you will get some, the only agencies that are operating like banks for us are the third party agencies like local bitcoin and other ones where you can change your cryptocurrency to fiat, and maybe you can then take the cash to your bank, and even if you receive large amount of fiat from these local exchanges, the banks will still put and eye on it and could block your funds so you can explain how you got such money, but I believe that very soon, we will have some banks that will have no choice than to accept cryptocurrency transaction even if it is against their will, that will be when the crypto industry has been regulated and government is use they will be getting their complete tax money from traders.

None? so what about all the banks that every one of us have been suggesting so far? Of course there are banks and financial institutions that are supporting and even funding the crypto boom. Please do some research before you just speak anything that comes to your mind.

SirLancelot

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Quote from: dul48 on August 24, 2019, 03:35:36 AM

Hi, guys! I'm not sure such banks are exist but maybe you know one.

None for now mate, but maybe in future you will get some, the only agencies that are operating like banks for us are the third party agencies like local bitcoin and other ones where you can change your cryptocurrency to fiat, and maybe you can then take the cash to your bank, and even if you receive large amount of fiat from these local exchanges, the banks will still put and eye on it and could block your funds so you can explain how you got such money, but I believe that very soon, we will have some banks that will have no choice than to accept cryptocurrency transaction even if it is against their will, that will be when the crypto industry has been regulated and government is use they will be getting their complete tax money from traders.

muhhentuhhen

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Quote from: dul48 on August 24, 2019, 03:35:36 AM

Hi, guys! I'm not sure such banks are exist but maybe you know one.

Bank of America is working with cryptocurrencies. I guess, here, Ripple is meant, but you should better visit their site to check the information as the Internet is full of false data.
The other day, BofA has filed a patent for a digital currency wallet with several levels of access to assets. The proposed wallet will accept various passwords for different amounts of requested funds. Even a special BofA application appeared on August 15. According to this app, this technology will include a computing platform with a digital wallet interface.

Docnaster

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Not sure if many or any of you have heard of USAA. United Services Automobile Association, they provide banking services among many products that they offer. Including savings and checking accounts. Check them out at USAA.com Most importantly, I recall reading somewhere that they even invested in Coinbase. So I don't think why any retail or personal relationship with them can be an issue..

Quote from: Zicadis on August 24, 2019, 04:34:15 PM

I heard of both of them but I am yet to see anyone being able to use either of these banks to set up something personal. And I guess that really depends on what you want to do, which was not specified here.
Can either of you verify if either of these banks or some other bank actually allows commercial applications, like stores and such?

Not me. I'm not in US.

Quote from: gentlemand on August 25, 2019, 03:06:06 PM

Keep us posted. I assume even the most crypto friendly bank will have made their existing clients jump through a million hoops before deigning to business with them. A cold call will probably earn a chuckle at least.

Well that won't be very professional of them. Banks should give equal importance to large and small customers.

gentlemand

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Quote from: Zicadis on August 25, 2019, 02:53:36 PM

After this post I tried getting in touch with a rep of Signet, I didn't get through to anyone since it was a weekend. I will try again and post my experience of what they say here in this thread or create a new post if there are some important things to share. It's just that I'd feel pretty awkward pretending to be a hopeful retail customer for them, never window shopped banks before ya'know..

Keep us posted. I assume even the most crypto friendly bank will have made their existing clients jump through a million hoops before deigning to business with them. A cold call will probably earn a chuckle at least.

Zicadis

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Dump it!!!

Quote from: gentlemand on August 24, 2019, 05:49:06 PM

Quote from: Zicadis on August 24, 2019, 04:34:15 PM

I heard of both of them but I am yet to see anyone being able to use either of these banks to set up something personal. And I guess that really depends on what you want to do, which was not specified here.
Can either of you verify if either of these banks or some other bank actually allows commercial applications, like stores and such?

I've never heard of retail level ish people banking with them. It's probably more trouble than they can be bothered with. Far easier to deal with a handful of big time clients than a bunch of minnows. Worth asking all the same but the answer is going to be no most likely.

After this post I tried getting in touch with a rep of Signet, I didn't get through to anyone since it was a weekend. I will try again and post my experience of what they say here in this thread or create a new post if there are some important things to share. It's just that I'd feel pretty awkward pretending to be a hopeful retail customer for them, never window shopped banks before ya'know..

figmentofmyass

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if you fit the profile of a money services business (MSB)---high value or high volume deposits/withdrawals from multiple crypto exchanges---you're probably gonna run into problems no matter what. in that situation, i would look into credit unions as gentlemand suggested, and further, spread your banking activity around to several different banks/credit unions to prevent arousing suspicions.

make sure to avoid using business bank accounts with exchanges. i've done a lot of digging through reddit over the years and most cases of bank account closures are related to business accounts. chase, BOA, doesn't matter---they will close your business account over a $100 purchase on coinbase. the rest of the cases i've read about pertained to people fitting the MSB profile mentioned above.

gentlemand

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Quote from: Zicadis on August 24, 2019, 04:34:15 PM

I heard of both of them but I am yet to see anyone being able to use either of these banks to set up something personal. And I guess that really depends on what you want to do, which was not specified here.
Can either of you verify if either of these banks or some other bank actually allows commercial applications, like stores and such?

I've never heard of retail level ish people banking with them. It's probably more trouble than they can be bothered with. Far easier to deal with a handful of big time clients than a bunch of minnows. Worth asking all the same but the answer is going to be no most likely.

Zicadis

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Dump it!!!

Quote from: Docnaster on August 24, 2019, 04:03:01 PM

It depends on the state you are in. Signet bank has its very own cryptocoin and many small banks are adopting cryptocurrencies as long as the local laws allow for it. It is only the big corrupt banks that are making a fuss about adopting crypto. They can't stand the thought of a future where they are not the center of everyday monetary life of people..

Quote from: gentlemand on August 24, 2019, 06:47:29 AM

Silvergate Bank underpins plenty of crypto businesses in the USA. I'm not sure whether they welcome personal business from crypto fans. Lots of people seem to use credit unions. Regardless of where you settle you're better off treating any account you conduct crypto business through as disposable. It's not sensible to risk your main account by exposing it to your regular bank.

I heard of both of them but I am yet to see anyone being able to use either of these banks to set up something personal. And I guess that really depends on what you want to do, which was not specified here.
Can either of you verify if either of these banks or some other bank actually allows commercial applications, like stores and such?

Docnaster

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Quote from: dul48 on August 24, 2019, 03:35:36 AM

Hi, guys! I'm not sure such banks are exist but maybe you know one.

It depends on the state you are in. Signet bank has its very own cryptocoin and many small banks are adopting cryptocurrencies as long as the local laws allow for it. It is only the big corrupt banks that are making a fuss about adopting crypto. They can't stand the thought of a future where they are not the center of everyday monetary life of people..

gentlemand

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Silvergate Bank underpins plenty of crypto businesses in the USA. I'm not sure whether they welcome personal business from crypto fans. Lots of people seem to use credit unions. Regardless of where you settle you're better off treating any account you conduct crypto business through as disposable. It's not sensible to risk your main account by exposing it to your regular bank.

OmegaStarScream

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If it's for running a business, you can check this list. If you're just trading, then I don't think it matters much. Of course, If there is unusual activity in your account (large sums), a bank being friendly to crypto or not won't matter much, they will still investigate.

dul48

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Hi, guys! I'm not sure such banks are exist but maybe you know one.

Topic: Which US bank is the most crypto-friendly? (Read 225 times)