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Title: Mt. Gox Too Risky for Chase? Post by: deadserious on October 31, 2012, 05:30:51 PM I have a friend that I've been helping get started with Bitcoin. He's asked his bank to wire transfer some funds to Mt. Gox so he can buy in when the price is right.
Unfortunately his bank (Chase) is telling him that they won't wire the funds because it's "Too Risky". I've never had a wire transfer denied to anyone before (international or domestic) and am kind of shocked to hear that they would deny one outright. It is his money after all and his risk to take. Has anyone else ran into this themselves? Is there a recommended alternative funding method? Maybe via Dwolla or something? I don't think there's enough volume on the other exchanges to direct him elsewhere right now. Title: Re: Mt. Gox Too Risky for Chase? Post by: Jimmysmith on October 31, 2012, 06:15:15 PM bank sometimes wont do it because of fraud. they think fraud may happen.. so they are kind of protecting him
Title: Re: Mt. Gox Too Risky for Chase? Post by: Stephen Gornick on October 31, 2012, 07:13:22 PM It is his money after all and his risk to take. The bank can hold funds from being available for a bank wire (or any other transfer) for various reasons. This is covered under "Regulation CC". - http://www.bankersonline.com/regs/229/229.html Even with normal processing there are exceptions that are allowed -- though I would assume the bank customer would be able to know the specific reason if an exception were taken. So is it possible that it is not that Chase is protecting the customer from the risk of sending money out and instead is protecting themselves using funds availability / extended hold periods to justify not sending the funds? [Edit: Also, the bank likely has security procedures for wire transfer requests in which the request must be made in-person at the account-holder's home branch. Is it possible the request was denied because the request was placed online or over the phone, and not following the required process?] Title: Re: Mt. Gox Too Risky for Chase? Post by: Richy_T on October 31, 2012, 07:31:28 PM If there's one thing I can't stand, it's when a bank starts restricting what I can do with my funds. I nearly had an aneurism on the phone one day trying to sort out an international money transfer. I can understand them putting a temporary halt on a potentially questionable transaction but once identity and willful intent have been established, get your damn nose out of my business.
I'd be looking for a different bank. Title: Re: Mt. Gox Too Risky for Chase? Post by: TheButterZone on November 01, 2012, 03:28:26 AM Chase QuickPay is accepted by some highly-trusted users of #bitcoin-otc
Title: Re: Mt. Gox Too Risky for Chase? Post by: deadserious on November 01, 2012, 03:43:25 AM Chase QuickPay is accepted by some highly-trusted users of #bitcoin-otc I'm not inclined to send him off to install an IRC client. That would require a bit too much involvement from my end. I told him to try setting up a Dwolla account and going about it that way. Title: Re: Mt. Gox Too Risky for Chase? Post by: TheButterZone on November 01, 2012, 04:13:25 AM http://webchat.freenode.net/
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