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Title: Cavirtex BMO shutdown Post by: FreedomFund on June 17, 2013, 03:23:11 AM To my fellow Canadians,
What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format? I appreciate any feedback, Thanks! Title: Re: Cavirtex BMO shutdown Post by: niko on June 17, 2013, 03:38:12 AM To my fellow Canadians, Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format? I appreciate any feedback, Thanks! Title: Re: Cavirtex BMO shutdown Post by: FreedomFund on June 17, 2013, 03:42:56 AM To my fellow Canadians, Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format? I appreciate any feedback, Thanks! Thanks for the feedback niko. I have not verified my cavirtex account as I have been doing deposits at the BMO branch. I guess i buy OTC or sit tight until they open up another cash deposit avenue. Title: Re: Cavirtex BMO shutdown Post by: niko on June 17, 2013, 03:58:52 AM To my fellow Canadians, Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format? I appreciate any feedback, Thanks! Thanks for the feedback niko. I have not verified my cavirtex account as I have been doing deposits at the BMO branch. I guess i buy OTC or sit tight until they open up another cash deposit avenue. Title: Re: Cavirtex BMO shutdown Post by: cavirtex on June 17, 2013, 04:18:50 PM To my fellow Canadians, Not worried. Virtex took the full legal route, they pay taxes (gst is included in the fees), and this government seems very much ok with bitcoin businesses. BMO had their reasons, I don't care. Been transferring money online between my bank and virtex without any problems for over a year. What are your thoughts on the recent shutdown of BMO accepting deposits and does anyone have any information on the new format? I appreciate any feedback, Thanks! Thanks for the feedback niko. I have not verified my cavirtex account as I have been doing deposits at the BMO branch. I guess i buy OTC or sit tight until they open up another cash deposit avenue. As niko alluded to, if you verify your account you can make deposits via bill payment and direct withdrawal from your bank account. Both methods are safe and convenient. We hope to announce alternative cash deposit methods soon. Thank you for your patience and understanding. Title: Re: Cavirtex BMO shutdown Post by: Alexander The Great on June 17, 2013, 05:04:29 PM Government takeover is what it looks like to me
Title: Re: Cavirtex BMO shutdown Post by: moni3z on June 17, 2013, 10:38:59 PM Banks don't like doing anything that involves using a teller, they will drop you if it's too much work for them and not enough gigantic profitz
Too bad we don't have HSBC cash deposit machines like they have in Asia/Europe. Walk up, dump in cash and choose account #'er to credit it to. Next day it's there. Title: Re: Cavirtex BMO shutdown Post by: Adelex on June 18, 2013, 12:06:52 AM I think a credit union could stand to gain a lot by positioning themselves as the defacto bitcoin bank.
Title: Re: Cavirtex BMO shutdown Post by: niko on June 18, 2013, 12:58:13 AM Banks don't like doing anything that involves using a teller, they will drop you if it's too much work for them and not enough gigantic profitz Too bad we don't have HSBC cash deposit machines like they have in Asia/Europe. Walk up, dump in cash and choose account #'er to credit it to. Next day it's there. This makes sense, and likely explains the BMO blockade. Title: Re: Cavirtex BMO shutdown Post by: superesc on June 18, 2013, 02:46:57 AM Was hoping BMO won't shut it down but I guess that was wishful thinking... waiting to see what their alternative plan is...
Title: Re: Cavirtex BMO shutdown Post by: macintosh on June 18, 2013, 03:45:57 AM What is BMO?
Title: Re: Cavirtex BMO shutdown Post by: lowlevel on June 18, 2013, 04:02:50 AM What is BMO? Banque de Montréal https://en.wikipedia.org/wiki/Bank_of_Montreal Title: Re: Cavirtex BMO shutdown Post by: macintosh on June 18, 2013, 04:19:50 AM I dont even know what Bmo means
Title: Re: Cavirtex BMO shutdown Post by: niko on June 18, 2013, 02:40:28 PM I dont even know what Bmo means You will never know.Title: Re: Cavirtex BMO shutdown Post by: Portnoy on June 18, 2013, 03:32:53 PM I think a credit union could stand to gain a lot by positioning themselves as the defacto bitcoin bank. A credit union is all I ever use and have never had a problem. Forget the big banks. Title: Re: Cavirtex BMO shutdown Post by: bongwater on June 18, 2013, 03:39:59 PM This is not good.
Title: Re: Cavirtex BMO shutdown Post by: macintosh on June 18, 2013, 05:35:10 PM BMO shutdown can you explain this to me please
Title: Re: Cavirtex BMO shutdown Post by: niko on June 18, 2013, 06:40:57 PM BMO shutdown can you explain this to me please Briefly, for a while Virtex had a deal with Bank of Montreal to allow for cash deposits: you log into your Virtex account and announce the deposit, then you walk into any BMO branch with Virtex' account info, and deposit cash. Now BMO decided not to allow this anymore, presumably because it's too much work for their tellers, and no profit. Title: Re: Cavirtex BMO shutdown Post by: cavirtex on June 19, 2013, 05:50:08 PM New cash deposit procedures now available at CaVirtex.
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