I've been selling Bitcoin on LocalBitcoins using cash deposit for a few months now and have recently had my personal BofA bank account cancelled. I've done some research on this forum and it seems to be a common theme among traders using cash deposit and moving large volumes regardless of transparency or MSB registration. I've started an LLC and opened a business account at BofA without any trouble but am unsure how to avoid this happening again. I have some questions and ideas on how to avoid this that I'd like to run by you guys.
1. I've heard that when an LLC bank account is closed, there is nothing stopping you from forming a new LLC and tax ID to start a new account at the same bank. Is this possible?
2. I see a lot of traders accepting through a lot of bank accounts and was wondering if any of you out there use this to keep the volume in individual accounts low. If so, how well does it work and could having so many business accounts also attract attention?
3. Does anyone out there have an estimate or at least a ballpark guess of what level of volume results in account terminations. Do some banks seem to tolerate higher volumes?
4. How much better are Credit Unions with large volumes? Also, is the large Credit Union co-op network that most traders seem to use here simple to deposit and withdraw from when at other locations?
5. Do ACH transfers deposits cause the kind of red flags that cash deposits do?
Here's my LBC profile if you're curious.
https://localbitcoins.com/accounts/profile/cylon5/
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