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Title: US Banks Increasingly Difficult To Work With Post by: CompNsci on July 29, 2013, 11:17:16 PM Apparently the big U.S. bank chains (Wells Fargo, Chase, BOA, USBank) are becoming increasingly hostile to bit coin related transactions.
I just recently had a US Bank account closed due to international wires going to/from bitcoin exchanges. I've been shopping around with smaller local banks, who all also report that they can't do these, usually for vague reasons, like they are nervous about AML etc. They continue with these vague reasons even when I explain that it is all my money that I am dealing with! Anyone having luck with a U.S. bank that will explicitly allow international wires to/from BTC exchanges? Title: Re: US Banks Increasingly Difficult To Work With Post by: AliceWonder on July 29, 2013, 11:24:39 PM There's a credit union in Silicon Valley that I think does but I haven't used them.
Another option though is to use CampBX here in the United States. Title: Re: US Banks Increasingly Difficult To Work With Post by: atomium on July 30, 2013, 12:19:05 AM I haven't dealt much with exchanges, coinbase (not an exchange) has been good with banks so far.
Title: Re: US Banks Increasingly Difficult To Work With Post by: CompNsci on July 30, 2013, 01:20:32 AM There's a credit union in Silicon Valley that I think does but I haven't used them. Sounds cool, any further hint on the name? Although I use CampBX for U.S. trades, I need to also be able to trade elsewhere also. Title: Re: US Banks Increasingly Difficult To Work With Post by: cryptoanarchist on July 30, 2013, 01:31:32 AM According to the trolls on this forum, the banks aren't worried about bitcoin.
Title: Re: US Banks Increasingly Difficult To Work With Post by: CompNsci on July 30, 2013, 02:17:30 AM Looks like Internet Archive Federal Credit Union and Silicon Valley Bank may be the two possibles.
Title: Re: US Banks Increasingly Difficult To Work With Post by: Rickyrozay on July 30, 2013, 04:37:09 AM I have never sold btc, how do they know its a bitcoin transaction?
Title: Re: US Banks Increasingly Difficult To Work With Post by: AliceWonder on July 30, 2013, 04:46:01 AM I have never sold btc, how do they know its a bitcoin transaction? The destination / origin of the transfer. Title: Re: US Banks Increasingly Difficult To Work With Post by: Dargo on July 30, 2013, 05:01:21 AM 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. Title: Re: US Banks Increasingly Difficult To Work With Post by: CompNsci on August 15, 2013, 10:30:59 PM I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?
Title: Re: US Banks Increasingly Difficult To Work With Post by: cottoneyeJoe on August 15, 2013, 11:38:37 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! Title: Re: US Banks Increasingly Difficult To Work With Post by: stslimited on August 16, 2013, 05:08:58 AM 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 Title: Re: US Banks Increasingly Difficult To Work With Post by: MonkeyBear68 on August 16, 2013, 07:14:56 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/ They also currently have an IPO at Havelock Investments: https://www.havelockinvestments.com/fund.php?symbol=CFIG Thread on this forum: https://bitcointalk.org/index.php?topic=269191.0 It seems like it is much needed especially in the US. Title: Re: US Banks Increasingly Difficult To Work With Post by: QuestionAuthority on August 16, 2013, 08:10:31 AM 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.
Title: Re: US Banks Increasingly Difficult To Work With Post by: TippingPoint on August 16, 2013, 07:14:41 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.
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. Title: Re: US Banks Increasingly Difficult To Work With Post by: zvs on August 16, 2013, 07:53:10 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 ;D and losing the easiest site, Partypoker =/ i gave up after the 2011 incident Title: Re: US Banks Increasingly Difficult To Work With Post by: gog1 on August 16, 2013, 07:54:42 PM Anyone has any experience with HSBC in US?
Title: Re: US Banks Increasingly Difficult To Work With Post by: MagicBit15 on August 16, 2013, 07:58:24 PM 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.
Title: Re: US Banks Increasingly Difficult To Work With Post by: byronbb on August 17, 2013, 02:55:27 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. Title: Re: US Banks Increasingly Difficult To Work With Post by: Lethn on August 17, 2013, 08:36:04 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 Title: Re: US Banks Increasingly Difficult To Work With Post by: freedomno1 on August 17, 2013, 08:40:04 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 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 Title: Re: US Banks Increasingly Difficult To Work With Post by: Lethn on August 17, 2013, 08:42:11 AM 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.
Title: Re: US Banks Increasingly Difficult To Work With Post by: Kluge on August 17, 2013, 08:58:24 AM 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? Title: Re: US Banks Increasingly Difficult To Work With Post by: dawie on August 19, 2013, 06:57:21 PM 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. Title: Re: US Banks Increasingly Difficult To Work With Post by: CurbsideProphet on August 19, 2013, 07:55:19 PM 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. |