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Title: Bank closes account Post by: mercistheman on May 19, 2014, 02:18:01 AM A close associate in the US got a call from his bank and was informed that they will have to close his account due to his bitcoin transactions... this was under the premise that he did not have a money transfer certificate (like Western Union).
I was curious if anyone else has had a similar experience... the concern is if banks are starting to collude against virtual currencies in the states. Title: Re: Bank closes account Post by: bluemeanie1 on May 19, 2014, 02:27:49 AM did they confiscate the funds in the account? -bm
Title: Re: Bank closes account Post by: ranlo on May 19, 2014, 02:29:09 AM An close associate in the US got a call from his bank and was informed that they will have to close his account due to his bitcoin transactions... this was under the premise that he did not have a money transfer certificate (like Western Union). I was curious if anyone else has had a similar experience... the concern is if banks are starting to collude against virtual currencies in the states. I've heard of others losing their accounts due to the same thing. I contacted a local bank and asked if they would do the same, and they said that they just won't accept Bitcoin, and that using exchanges (to convert fiat <-> BTC) is fine as long as they are sending ACHs. I've gotten similar answers from a few other banks as well. Title: Re: Bank closes account Post by: Ron~Popeil on May 19, 2014, 02:35:24 AM Expect more of this kind of thing. The banking industry is finally realizing the threat of bit coin.
Title: Re: Bank closes account Post by: mercistheman on May 19, 2014, 02:51:09 AM did they confiscate the funds in the account? -bm No he had to do an immediate withdrawl.Title: Re: Bank closes account Post by: moriartybitcoin on May 19, 2014, 03:51:55 AM CitiBank will close your account and steal your funds. No withdrawal, no dispute, nothing. Happened to TWO of my partners in the USA.
Title: Re: Bank closes account Post by: ranlo on May 19, 2014, 03:58:27 AM CitiBank will close your account and steal your funds. No withdrawal, no dispute, nothing. Happened to TWO of my partners in the USA. Were there any statements as to why the accounts were closed? Were they just using the accounts normally (Bitcoin-related) or were they doing a lot of deposits/withdrawals? Title: Re: Bank closes account Post by: serenitys on May 19, 2014, 04:25:52 AM I use a credit union and haven't had any issues with exchanging for btc so far.
If your bank does, you could look into a lawsuit. If the govt has classified btc as an asset and not currency then according to their guidelines you're making a legitimate purchase of assets no matter the cost and your bank has zero rights to decide what you can and can't buy...and as bitcoin "assets" are not banned nor illegal, the banks freezing your funds or closing your accounts is unlawful. You could file lawsuits against them and then probably move your funds to a credit union...not perfectly safe but way safer than commercial banks. Title: Re: Bank closes account Post by: ranlo on May 19, 2014, 04:47:48 AM I use a credit union and haven't had any issues with exchanging for btc so far. If your bank does, you could look into a lawsuit. If the govt has classified btc as an asset and not currency then according to their guidelines you're making a legitimate purchase of assets no matter the cost and your bank has zero rights to decide what you can and can't buy...and as bitcoin "assets" are not banned nor illegal, the banks freezing your funds or closing your accounts is unlawful. You could file lawsuits against them and then probably move your funds to a credit union...not perfectly safe but way safer than commercial banks. Or do the safest thing and ask your bank before you use them for Bitcoin-related things. Get it in writing or something, and then you have an official way of protecting your account. |