Bitcoin Forum

Edit: Since this was originally published Bank of America has been substituted for Chase. Check deposit now requires verification as well.

Hello Bitcoiners,

Extending the simplicity of check deposit that we've been offering all along and our free, simple and secure two-factor authentication, we're happy to announce the following!

ExchB, the 1st US Bitcoin exchange, now offers new deposit methods, a new withdrawal method, and no fees on check withdrawals. ExchB features telephone support, low 0.54% trade fees without a referral code, and free two-factor authentication.  In addition to quick and easy deposits via a mailed check, wire transfer, or ING Direct, ExchB now provides:

Instant Cash and Overnight Check Deposits
ExchB customers can walk up to any of thousands of locations nationwide and make a cash deposit at any Bank of America or Wells Fargo branch in the US.  Simply walk up to the teller, deposit your cash, and e-mail us an image of your receipt. Cash clears when we verify your e-mail. Check deposit is still available but requires that you go through our Verified Member program. Details are on the Deposit page once you login to your account.

US Postal Money Order Deposit
ExchB customers may make deposits using US postal money orders.  Funds are usually made available when received.  Money orders are available at any US post office and at many other locations including grocery and convenience stores. Internationally, US postal money orders are available at the US post office on US military bases.  The US post office charges a fee of $1.55 for a $1,000 money order.

Free Check Withdrawal
ExchB customers may now withdraw via a mailed check at no charge.

ACH Withdrawal
ExchB customers may now withdraw directly to their bank checking or savings account with funds arriving in 2-3 business days.

Open an account and get 50% off trade fees for 30 days with referral code: instantcash (https://www.exchangebitcoins.com/en/r/instantcash)

If you have comments, questions, or suggestions please contact us at info@exchb.com or 855-EXCH-BTC (855-392-4282).

Thank you,

David Sterry, President
Exchange Bitcoins Inc.
https://www.exchangebitcoins.com

FINALLY!!!!

PRAISE THE LORD!!!

Site is looking clean, good luck, lots of good options.

Wait wait wait.

You are telling me I can do this:

Open an ExchB account.

Walk down the street to a Chase or Wells Fargo branch.

Give them cash.

Get a receipt.

Take a picture of that receipt with my phone.

Email that picture to you (from my phone).

Have that money in my account with you ready to buy bitcoins THAT SAME DAY, maybe even in a few hours? MAYBE by the TIME I GET HOME?

THAT IS AWESOME.

However, A nice step by step walkthrough on your site for this would be very helpful.  Things like "What to say to the teller"  and "what to include in the email"

Very interesting.

We have instructions for you to print out on the deposit page.  These instructions include deposit information and what to include in the e-mail.

-Arthur

Yes.


Yes.

If your phone has web access, you might even purchase the bitcoins on your phone. :)

-Arthur

I like this.

very nice... hope it lasts and doesn't get shut down by the banks. next step, bitcoin atm machines.   :)

So into this!

This site says they take personal checks.

How can they possibly do that with all the check fraud out there? What happens if somebody deposits a stolen check, then runs off with a bunch of bitcoins?

I love everything about your site. I wish you guys success with it and (hopefully!) more volume.

I'm assuming it's a calculated risk ExchB is willing to take.  I'm also assuming the number of people committing check fraud by physically going into a bank with extensive video surveillance would be less than... Well... What Dwolla ran into with ACH's.  --  If you're willing to go into a bank to commit check fraud by depositing into an account... You've got balls.

Cheers,
Kermee

Wow the BTC economy sure is establishing itself quickly all things considered! This is great news, good luck with business!

If we already have a Wells Fargo account is there a way to simply transfer the funds online?

This would be FANTASTIC if this could be done

Yes, and it's free! (Well, as long as it's less than $1,000 per day.) You just have to know the account number, and the name of the person or company you're transferring to. See https://www.wellsfargo.com/help/faqs/transfers_faqs (https://www.wellsfargo.com/help/faqs/transfers_faqs) for details.

I can't speak for weex, but we at GetBitcoin (https://www.get-bitcoin.com) have had several successful orders using this payment method, and we do recommend it if you have a Wells Fargo account.

https://i.imgur.com/7IMW9.png

Cheers,
Kermee

That's a very good point Kermee.

Still, I would feel better if the exchange only allowed cash deposits at the bank locations. There's always going to be somebody who is willing to grow a huge beard, travels three states north (to someplace where wearing a bulky coat and stocking cap won't attract attention, make a phony check deposit, drive back, shave the beard, shed the clothes (all of them), buy some bitcoins, and transfer them out of the exchange.

ExchB does not accept deposits via Wells Fargo's Transfer to Another Customer service.

Please do not send payments via this method.  They will be returned.

In the future, we may accept payments this way.  However, the total amount of deposits we can receive to our account is limited to $1000 per day.  So, this method is not likely to have high availability to our customers.

For Wells Fargo customers we recommend (1) a cash deposit which is often credited in minutes or (2) using Bill Pay to send a check. Please see our Deposit page for full instructions.

Thank you,

-Arthur

David,

It was good meeting you this weekend at the Conference.  There is a Chase branch 1 mile from my house.  I will make a cash deposit today and try your service!

Tony

I tried out this cash deposit service and it worked fine for me.  I get the feeling if bitcoin continues to grow the banks may shut this method down eventually, but for now its convenient.  The only thing that could be more convenient would be an ATM I could get bitcoins from immediately, and those are coming so the future is bright.

this worked great.  By the time I got home from the bank, the dollars were in my account and I could start trading.  Great job ExchB!

I have used this service with great satisfaction. BTW, I've gotten quick and excellent fills on my orders which is more than I can say for my experience with Trade Hill.

I've done this twice now, and both times is was fast and easy.

You make a "reservation" to deposit after you login to exhangebitcoins.com.  You choose the bank and enter the amount.  Then you get a page with instructions, which I printed out and brought to the bank with me.

I made my cash deposit at the bank, filling out the deposit slip as instructed on the printout I had.

I got a receipt from the teller.

I went to lunch.  I took a picture of the receipt with my phone, and emailed it to them as specified in the instructions.  I did this while I was waiting for my food.

By the time I got back to the office, I had an email stating my deposit was confirmed.  I logged in and there it was.  I placed a buy order.

The only complaint I have at all is the volume on exhangebitcoins.com is pretty low, so trades can take several hours to complete if you are not willing to match the lowest ask, which in my two experiences has been somewhat higher than the going rate at MtGox at the time.  For example, today I paid $6.1 / BTC when MtGox was at 5.94.

That said, it is THE fastest and easiest way to get bitcoins for cash, on a weekday in the USA at least.