Bitcoin Forum

https://mtgox.com/press_release_20111017.html

How Does It Work?
Once you upgrade to a verified Mt.Gox account, simply walk into any Chase branch and fill out a Chase deposit slip with the following information:

1. The deposit date.
2. The customer name, being "Mt.Gox".
3. Your Mt.Gox customer account number - "MTG#####X" (E.g. below)
4. Your signature.
5. The Mt.Gox Chase account Number, accessible via the Mt.Gox Add Fund page.
6. Your total deposit amount in USD.

Making Bitcoin access easier !

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.

It is really Not Cool that this is available only to "upgraded" accounts.

Please consider allowing deposits below some threshold ($500/month) from all accounts.  ExchB didn't require any sort of government identity documents for deposits.

This is the important part ;)

...and they are bye-bye. gone-ski. Audi-5000.  In fact, as I read ~weex's goodbye note, they will be requiring some additional info for at least some people who want to collect their $$$.  Unsurprising really.

---

On a totally different tangent, what is the availability and status of your FPGA boards and setup?  I was researching it last night, but I don't think I happened across anything real recent and I don't think I discovered a web site for your stuff.

Well...  sort of.  ExchB was doing this, but there were differences.

1.  Had to obtain a deposit request first.
2.  Had to obtain a receipt from the teller, take a picture of it, and email it.  Yes, this isn't too bad for most because of camera phones, but it is still cumbersome.
3.  There was a significant fee for the deposit (one percent up to $20 IIRC).  Yes, this is usually still cheaper than a wire transfer.  Combine this with the trading fee and it's adding up either way.
4.  ExchB didn't have the kind of volume that MTGox has.  The couple times that I used ExchB, I remember having to settle on buying the coins for a substantially higher price.  It wouldn't have been a big deal if I were just buying enough coins to grab some chips at Bitmunchies, but acquiring an appreciable amount of coins meant that I would have to rip pretty far into the market depth or wait for quite a while for my orders to be filled.

Like DutchBrat said -- anything to make the process easier and more convenient.

In fact, as I read the goodbye note, they went out of business due to anemic revenues rather than having to ask for identity documents.


I posted an update in that thread here (https://bitcointalk.org/index.php?topic=45532.msg545942#msg545942) and also edited the first post in the thread to link to it.  In terms of availability-for-purchase, that's the status until further notice.  In terms of my own private mining operation, I've got 100 bare PCBs back, 6 built (and mining as we speak), still trying to get better pricing on the Spartan6's before I build the rest.

Huh?  How do you chargeback a cash deposit?  If I walk into your bank and deposit cash into your account, I'm certainly not going to be able to go back to the bank days later and demand my money back...  right?

Sorry for quoting myself, but I was looking for clarification. If I'm able to get USD into MtGox within minutes, does this mean that the reverse is true--Bitcoin to USD via a MtGox account within minutes?

Chargebacks are for US merchants, no? In what country is Mt Gox operating?

Yes.  I did.  I qualified that with "cash" because that's exactly what MtGox is allowing.  Cash deposits.  This is what ExchB did as well.  Cash deposits...  not transfers.

It isn't a transfer.

It's a cash deposit.

You can't "un-deposit" cash at a bank.

I don't think you understand how this works.

You are making a cash deposit into MtGox's bank account.

Last time I checked, most reputable banks will not let you "withdraw" money from somebody else's bank account.  That's usually called a "bank robbery".

Maybe you know about some secret I don't?

oh, i understand how it works, you can only "un-deposit" from your own bank account.

i just thought the new term was funny, when we already have a perfectly good word for it already.

If they were able to somehow restrict deposits to their account to only cash and not checks, then they're fine. But checks are, of course, cancelable.

We will not credit deposits from checks, only cash. It's written on MtGox that the account can only be used for *cash* deposit, it should be obvious enough.

Double-huh?  You write your Mt.Gox account information on the deposit, Mt.Gox has all the information necessary to report to FinCen (because only upgraded Mt.Gox accounts can use the service) if required (if depositing more than whatever the daily/weekly FinCen requirements are, yada yada...).

What's up with the attitude Matthew? More ways to purchase bitcoin is a good thing...

I am guessing his signature is a clue.  100% markup vs instant deposits w/ no minimal fees.

The only thing I don't like it Mt Gox getting bigger.  They already have 90% of the volume.  Exchanges are like ebay once you have a big one it is difficult for others to compete.

This is great news for bitcoin. Having a direct cash deposit option at MtGox is def a plus for bitcoin since they are serving the majority of the community.

Regardless of being first or innovative, having more options for funding and withdrawing for an exchange is always a good thing imo.

Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

I have heard un-deposits work well if you bring a rifle and ski mask.

Yeah, and make it easier to track you as well.... am I the only one worried about this? MtGox is creating a central database with the ID of the great majority of bitcoin traders. The mere existence of such database is very worrisome, to say the least.

Our ToS are still being put together by our legal team. It's not that simple.

It's not said anywhere because it isn't true or implied.

Look there is nothing magical that Mt. Gox is doing here.

I could give you my Chase bank account # and you could go to any Chase bank in the country and deposit cash into my bank account.  Chase (or any bank) doesn't verify identity when making a DEPOSIT.  Hell you could it from the drive through with a deposit slip and a roll of cash (as long as it isn't >$10K). Mt. Gox is doing the same thing.  You are making a cash deposit into their bank account and when it shows up in their online banking they will credit your Mt. Gox account.  

Just because you can deposit one way doesn't mean you can "undeposit" the same way. Say I owe you $500 and you know it is in my Chase Savings account?  How exactly do you legally undeposit it?  "Undepositing" cash by anyone other than the account holder is generally called bank robbery and is best accomplished with some sort of firearm.

Seriously though what Mt Gox (or preferably another exchange so we don't end up with a monopoly) needs is Mastercard debit card.  You withdraw money from your account they put it on your reloadable mastercard.  Then you get cash from any ATM or simply use it for purchases.  When it runs low you make another withdrawal.  No checks to cash, no week long delays.  Instant fiat money.

"easy in, easy out"  ;D

i agree.  what is with the attitude?

Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

You raise an excellent point.  Why can't the exchanges just use ACH for withdrawals (at least for US customers)?  They're not expensive and the funds are available in a couple of days (if not the next day).  Maybe there's a good reason they don't, but I can't think of one.

I'm not sure how America works, but I'm British. In England you can walk into any branch of your own bank and just transfer money to any other bank account in the world (or walk into any branch of the receiver and pay cash into their account) - but becasue I have a computer I can just use that and save my perspiration, time and effort. Isn't that how banks work everywhere?

This would be a good next step, out of all options I personally would be more inclined to deposit/withdraw through ACH and probably many other people too.

Yeah I can see no ACH for deposits (they can be reversed) but why has nobody started ACH for withdrawals.  Although Tradehill gets me a check surprisingly quick (usually 2-3 days although they say 5-7) I would love ACH.

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  ;D

how do you do this?

some banks do that, they allow customers to virtually deposit checks by scanning or taking picture of it i believe.

My bank, USAA, has had this for well over a year.

I've been doing it at Walmart for over 5 years. I hand them a check, they scan it, and had the check back to me. According to the timestamps of my receipt and my back statement, it was all done within one second.

Now, I'm going to try to do this one more time. MtGox showed me a way to deposit USD into my account with it showing up quickly. Great! Now, I want to withdraw funds from MtGox and have it show up at my bank within the same amount of time. If they can't, then I say that their only looking out for themselves. Get your USD here quick, but we'll still take our sweet time giving your funds back to you. That's the point I was trying to make from my very first post on this thread.

You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

this is actually a very good point.

edit:  i wonder if i set up a Chase acct could mtgox get me my USD's back in one day?

It is something my bank (USAA) offers.  Initially the offered it via a scanner (called deposit@Home).  You type in amount of check, scan it and then once accepted void the check.  They credit your account electronically.  About a year ago they added smartphone feature which works the same way except you take photo of front and back of check.

Pretty cool.  It happens in realtime even the OCR image analysis and instantly tells you the deposit cleared or to scan again.   Pretty cool stuff but USAA is an awesome bank and it is owned by members.

very cool.  must be fairly unique.  any other banks do this?

There's that age thing again.

I'm going to try to do this one more time. I will type really slow so that you can understand where I'm coming from.

MtGox released a statement stating that there's now a way to get your USD into your account more quickly. Great! Fine! Getting money into a MtGox account was not very difficult in the first place. It was the time it takes to get it out. That's the news I want to hear and have them announce. Since that wasn't the case, my first post was to bring that fact to everyone's attention via satire, knowing damn well that that wasn't the case.

That said, let's reread my original post, together:

I understood where you came from. Hence i posted to correct any misinformation you had. If you understood my post, you would have known withdrawing funds and depositing cant never be done with the same process. They're different fundamentally. And you missed that. The only time both transactions can be done the same way is if you're the holder of both accounts.

I dont see why you keep going with this. Just forget it.

Fair enough, p.e.. I sincerely look forward to reading your future posts on this forum. (not a jab)

Bruno

So, I'd like to report that this process is not working smoothly.

I made a deposit more than 36 hours ago, scanned and emailed my deposit reciept to MtGox, and the funds still haven't been credited.  Several emails to their support team keep getting the same response: "We will notify you when your cash deposit is credited to your account."

ExchB credited my deposits within an hour most of the time, and never even once took more than two hours.

*sigh*

No big deal if the price stays where it is, but it sure will stink if it suddenly goes up 25% (which is quite possible considering the gigantic plunge the price just took).

We are on top of this, and the delay was due to us waiting for some data that was yet to be available from Chase. Sorry for this hick-up, but we will squash this problem ASAP to make is running smoother for you and others next time ;-)

I am on the same boat as you. Deposited cash about 40 hours ago and there is still nothing in my account.



And that data is probably the image of the deposit slips, which is made available to the account holder 24 hours after the deposit in Chase's system (I use to work for Chase). Combine that with the difference in hours b/w the US and Japan...that should explain why there's a delay. I will give MtGox the benefit of the doubt here, however, I do expect my money to be credited to my account sometime today.

I think you might be being unreasonable.   The existing byzantine banking system doesn't necessarily have the sort of logistical symmetry that suggests just because you can do something in one direction, you can as easily do it the other way. 
It's better that mtgox picks the low hanging fruit in order to give incremental improvements than to hold back until they have a comprehensive solution.

It's pretty easy to scan a csv/account statement for mtgox account codes and deposit amounts.
Is it as easy to submit a batch of transfer requests for processing? 
I dunno - for all I know it may take a special batch submission arrangement with the bank unless you want to sit in front of some clunky web interface to do it manually.

Ok, we found exactly what was going wrong! So please give our technician at least 12h to fix this once and for all!

Once again sorry for the delay, thank you for your continuous support and happy trading!

I thought you guys found out what was wrong in your previous post. This is just too shady.

Skeptical Hippo is Skeptical.

NO, you definitely are not on top of this.  It has been over 48 hours and you're giving me absolutely no information about what is going on.  Not cool.

Why does the Mt.Gox website still say that it will be credited within 24 hours?

I call fraud. Something tells me Mt.Gox is going to shut it's doors very soon and our deposits are going to be M.I.A.

LOL!!!  what FUD!

lol you got that right!  :P

It's been almost 14 hours since your post. WHERE IS MY MONEY?!!  >:(

Hello,

We have been working to get our back end to interface/parse with the Chase site, as they don't offer an easy way to do this. We had the scripts working in pre-prod however when we moved it to production we were unable to fetch the deposit receipts.

We apologize for the delay and our inaccurate forecasting of when this was to be completed. I've just check with MagicalTux and he has advised it will be available "soon", so just know we're working on it.

As a side note, anytime anything goes wrong people love to say Mt.Gox is insolvent, or we're running away with the money. I'd like to remind everyone that practically anytime a new product or service is launched under _any_ company, there are initial issues (sparing a few). We are not exempt from these, and always manage to get things up and running without running off with the whole of our users money.

I hope everyone can keep this in mind the next time we're "going insolvent", or planning to "rob our customers". :P







 

Don't mind them. They're just jelly that you have their money and they don't.

Since you guys can't interface with the Chase site and your scripts are not working properly (which I have a hard time believing, but OK), I suggest you do it the easy way....

1. Logon to Chase.Com
2. Click Your Business Account
3. Look at our deposits and click on the icon right next to the deposit
4. Voila! The image of our deposit slips come up.
5. Credit our accounts with OUR $$$

Or you can always call 1-800-935-9935 (Chase's customer service) and they'll fax/email you copies of all deposit slips within an hour.

Seriously, Mt.Gox this doesn't take 72 hours. This takes minutes.

And then you question us on why we think you're shady. I've been working for banks since the age of 18. Can you imagine if I were to withhold one of my customer's deposits and give them the runaround on why it can't be processed? I would get fired on the spot.

SMH @ you guys.

edit: Answer this question Adam....why can't you guys follow those easy steps I just gave you? In fact, I can get my buddy who's a Chase personal banker to email you ALL copies of our deposits tomorrow morning if you'd like.

Unfortunately, Mt.Gox is a very large exchange and we have a very large number of cash deposits that have been made. We can not just process it manually one by one because our system requires a deposit to be linked to a bank transfer. We are fixing our interface right now which will be ready very soon, so that all cash deposits show up within the system correctly.

Fair enough. I just hope to get my money in my account very soon.

Edit: Finally in my account! woohoo  ;D

All the pending cash deposit were processed successfully.

Thank you for waiting. Yay (・∀・) We will try our best to make sure users are getting their money credited on time. Let us know if you have additional suggestions.

hi, I became verified and deposited $400 in the Mt Gox Chase checking account.  After 24 hours, I emailed Mt Gox because the money was not in my account, and they said "deposits are pending".  It has now been over 62 hours, and the money still hasn't appeared in my account.  Your website still says 24 hours is the upper limit we have to wait, and to me it seems like the problem has not been solved.

It's not just chase deposits that are messed up, I did a dwolla withdrawal about 15 hours ago and money still hasn't shown up in my dwolla account.  I know something is wrong because usually it takes about 1 hour and never more than 2 or 3. This is not cool guys, This money is part of a transaction where I sold some items on these forums and now I need this money to be able to ship them out, MTGox is holding up the whole process - not cool man.

Finally, got an email confirmation from Mt Gox that the money is in my account.  This is more than 75 hours after I deposited the cash.  I'm not sure what the problem was, but I'm relieved the funds now show up in my Mount Gox account!

Bitcoin related chase accounts closing?

My Name is Todd Bethell aka Bitcoin ATM.

3 Nov. 2011 a letter was generated by Chase stating that the business account of ‘Fast Bitcoins’ will be closed.

See the letter: https://docs.google.com/open?id=0B0tOdBpZt1ifMzRhMTMzZmItYWNlYS00YmUyLThjNWYtMDg0MGFlNjE0YTlj (https://docs.google.com/open?id=0B0tOdBpZt1ifMzRhMTMzZmItYWNlYS00YmUyLThjNWYtMDg0MGFlNjE0YTlj)

This DBA and account were opened in April 2011 for the sole purpose of bitcoin purchases with MtGox. There was no explanation and no other notification, no phone call’s, email notifications or messages in ‘on-line banking’. A ‘bitcoin friendly’ branch manager made some phone calls for me and couldn't tell me much except that the department involved is internal to 'Chase Operating Loss Prevention' and looks to him like it was flagged for money laundering, international sanctions and such.  My funds were not frozen though and I was even given to the end of the year to tidy things up. So it seems they were not given a 'hard stop' order from outside the bank.

Also:
Oct 16th 2011, ExchB closed  with a less than satisfying explanation and now quite suspicious.
https://www.exchangebitcoins.com/ (https://www.exchangebitcoins.com/)
6 Dec. 2011, MtGox announced the suspension of chase transfers without explanation.
https://www.exchangebitcoins.com/  (https://www.exchangebitcoins.com/)

http://bitcoin.stackexchange.com/questions/1949/why-so-many-bitcoin-exchanges-have-their-bank-accounts-closed-and-have-problems (http://bitcoin.stackexchange.com/questions/1949/why-so-many-bitcoin-exchanges-have-their-bank-accounts-closed-and-have-problems)

https://bitcointalk.org/index.php?topic=48663.0 (https://bitcointalk.org/index.php?topic=48663.0)

https://bitcointalk.org/index.php?topic=50275.0 (https://bitcointalk.org/index.php?topic=50275.0)

https://bitcointalk.org/index.php?topic=4984.msg597803#msg597803 (https://bitcointalk.org/index.php?topic=4984.msg597803#msg597803)

There seems to be a systemic issue here.

Respectfully,

Todd D Bethell, CFM, MBA
1-949-394-5932
Skype: toddbethell
toddbethell@FASTscaning.com, @bitcoinfever.com, @bitcoinATM.com

^^ i think it's simply a licensing issue, as businesses cannot transmit 3rd party funds without proper license for money transmitting services in US with applicable requirements and regulations

Hi Todd, it's been a while. Glad to see you're still going strong.

Banks and Bitcoin don't get along for a few reasons. We can go with the paranoid conspiracy theory (not saying it's wrong) or we can go with the simple answer that when money comes in from a bunch of accounts (worse if anonymously) and then goes out to a bunch of accounts and the banks have no idea what happened in the middle it sets off all kinds of flags. It really looks like money laundering and even if we run millions through these accounts it's not worth it for them to keep them open.

You're going to probably see a lot of accounts open up and then run small volume for them before they're closed down. Establishing a relationship with the bank to where they understand and support what is going on is more difficult but will become more common place over the following years.

Jered

Actually, it is possible.

We reached a deal with the top 5 major banks and a 3rd party fully licensed state and federal MSB.

Not only will our accounts NOT be closed, but we will also be providing INSTANT cash deposits. Meaning, once you deposit the cash with the pre-printed deposit slip (Email/SMS as well) then the banks securely polls our API to complete the transfer to your MtGox or TradeHill account (more exchanges soon)

Should be launched early next week.

-Charlie, Bitinstant.com

you're kidding of course;  what banks?  :o

Crypto X Change accepts cash deposits at any Bank of America.

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

So that's the problem , many people don't want to be verified.

TD? As in that Canadian Bank?   

That will be a big deal because there are so few good options for us at the moment.
Hope that goes well. 

 :( TD the American one.

Problem with Canada is the laws are a tad different. I can promise you once were done with USD then CAD is oir next stop!

What are some options you would like to see?

excuse me but is this not MAJOR news?  i know how hard you've been working on projects but this is big if true.  i'll believe it when i see it!

Which closing are you talking about? Are you aware of things that we do not even know...? Anyway, Chase Bank is temporarily disabled since we are now moving toward of becoming an MSB, as advised by our compliance team.

Actually, its so major that we even retained a big PR firm to make sure the announcement gets around!

No need to believe it now, but when you make that first deposit, I know you will  ;D

ukash, for the love of god, ukash!