Bitcoin Forum

I play online poker and would do transfers with people where i transfer them BoA through online transfer and then i get poker funds.  I however read that boa is actually reversible.  Is this true or false?  I know paypal and chase quickpay are reversible but i was always told boa and wells fargo wasn't.


I read that boa cash deposits can be reversed if they go back the same day.  Is that true/false?  What about wells fargo?


So basically the only thing that is not reversible is when someone send you a bank wire and once you receive it, they can't reverse it anymore?

Probably best to call the bank and ask them. But I have heard of bank transfers reversed, I don' think what bank it is.

No that is not the case. If the account has been hacked then the funds can be reversed. Additionally the funds can be reversed if they suspect illegal activity such as money laundering etc though that is not as common.

Both are true. Both online transfer and cash deposits specifically for BofA are reversible. I know from personal experience of being a victim of this scam on LBC.

Wire transfers are extremely hard to reverse, however still possible.

How did the buyer convince the bank teller to reverse cash deposit?

I know exactly how they did it, however I'm not going to disclose. That just gives ideas to potential scammers.

What do you mean by LBC?

LBC=Local Bitcoins (http://www.localbitcoins.com)

Do you know how long a time a person has to reverse a BofA online transfer?  Example if i trade poker funds to them for BoA, how long do they have before the funds can no longer be reversed?  Lot of ppl trade poker funds for boa and i heard 1 person on a forum mention that BoA is reversible when previously i heard it wasn't.

I would think it would be several months. If the account owner were to claim fraud then BoA would likely attempt to recover any amounts that was sent to you.

Unless the other person deposits cash into your account then it is possible to reverse the transaction. This is true for all banking transactions. Period.

If you spend some time reading comments above, you should know CASH deposit is reversible for BoA.

No they are not. The person who posted that is likely spreading FUD. The only real possibility to do this is to convince the teller to give the account "intimidate" availability for a check deposit so it would look like a cash deposit on online banking, but it would really not be a cash deposit.

I once read a story on the LBC forums where the seller alleged the buyer and bank teller knew each other (they were from a small town) and colluded together to reverse the cash deposit. I have no way of knowing if that is true but I am sure something like that could very easily happen.

You're an idiot. I just mentioned that I was a victim of this scam. Nearly all high volume sellers on LBC has experience a cash reversal one time or another, and it's pretty wide-spread for a certain time period until we caught on. To resist it, btc is not released until after bank hours (or sometimes even several days) if dealing with a newb account that does cash deposits. Also a picture of receipt with "NO REFUND" written on it. This is now pretty standard. Do you think these measures are done for fun?

If you still don't believe me, then go sell on LBC, make sure you give instant release to all newbs that do cash deposits.

There are three (easy) possibilities for BOA initiated transfers. My guess from reading the above is they are in decreasing likelihood of reversibility:
1. Wire transfer
2. ACH Transfer
3. Transfer using one of the intermediary transfer to cell phone or email services.

Apparently all are reversible. There appears to be no way a buyer can establish trust in a way that precludes reversibility. So we are left with cash transactions for "untrusted" buyers.

Ironic.

If there were any witnesses to this or any paper trail at the bank then the teller could be fired and the bank held liable for the seller's loss. The buyer would have likely have been required to show a picture of the receipt and if the teller had provided a fake one this would have been easily traceable.

Haven't dealt with BoA for a while, but believe their are reversible. What is more is that even in the old day, some 10-15 years ago, BoA used to close accounts at a first sign of any suspicious activity, like when someone send s wire and then claims that it was not authorised, etc.

If boa is reversible, why is it lot of online poker players use it to transfer funds.  Example many ppl would trade pokerstars for bank of america and wells fargo online transfers.  I know chase quickpay and paypal are reversible but seems like almost everyone accepts boa transfer or wells fargo.

That's like saying why the hell does paypal transactions still happen in the btc world when everyone knows they're reversible. It's a matter of convenience for the risks associated with it.

I would agree with this. I think the chances of a rogue teller are very slim to none. The consequences of the teller doing something like this would be much greater then the potential profit the trader could potentially earn. After the fact it should also be obvious as to what had happened so it would not be difficult to catch the rouge teller.

Collusion with the bank teller? Please. Yes, online transfers can be reversed (although with more difficulty than with Paypal and I have seen it happen only rarely). Cash teller deposits are the safest method for transfers like this.

I tried to find a link to the thread where I read that, but I found this anyway which is even more interesting:
http://www.reddit.com/r/Bitcoin/comments/1zruvf/warning_cash_deposits_can_be_reversed_at_bank_of

The above is FUD. I had two cash deposits reversed with BoA and they happened several weeks after the deposits were made. It's now 18 months later, and I've still not managed to recover the funds that were reversed. The Bank of America is suggesting I sue them.

How can cash deposits be reversible that much later on?  Isn't it end of business day only?


Also anyone here had a boa transfer online reversed before?  If so, can you tell me the details?

Bank transfers are always reversible... But cash deposits isn't.

How long are bank transfers reversible for?


I did read cash deposits are reversible...

anyone know?

I would think bank transfers are reversible.  If the sender claims fraud the bank will try to take back the money from wherever it was sent.

I read cash deposits are if done in the same day with boa.  I saw this on reddit...

Anyone here have had BoA transfer reversed?  I spoke to one guy on a forum that said this happened to him when he sold bitcoins for boa online transfer.  He told me this only happened once only and recommended me if i were to sell bitcoin or anything for boa... only do it with reputable.  I also read in a forum that a person who received boa from someone... had to pay back the funds b/c the person who sent them boa funds sent them hacked boa acct from someone else.


So based on this, i would like to know if there are any more stories of people who received boa online transfer and had issue.  Also could someone who sent boa funds online from their own boa acct reverse it?  If so, how long?  Basically all i know is boa online transfer is only reversible if the boa acct is hacked.


So if you are receiving boa from someone, do you need to ask them for their ID or something to match their boa acct?  Or even do a video skype chat with them to confirm hey that is really you?  Because someone could have a copy of someones id etc for someones hacked boa acct.  So im wondering how far one has to go to make sure receiving boa from someone is okay...

anyone can offer more info on this?