Bitcoin Forum
December 09, 2016, 04:13:18 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: What bank do you use?
BofA - 1 (16.7%)
Wells - 0 (0%)
Citi - 0 (0%)
Chase - 0 (0%)
Credit Union - 0 (0%)
Other - 5 (83.3%)
Total Voters: 6

Pages: [1]
  Print  
Author Topic: What bank do you use? If you could do bank->bank internal transfers, would you?  (Read 1030 times)
deftx
Newbie
*
Offline Offline

Activity: 9


View Profile
June 12, 2011, 12:00:29 PM
 #1

If you could do an internal transfer from, say, BofA to BofA, with the purpose of funding an exchange account like MtGox, would you prefer this option?

Internal bank transfers often happen instantly. For some users that want to jump on opportunities to exchange, this would be ideal. Unfortunately, based on my experience, many banks don't do this very well and often muck up the memo field due to teller or user error. However, if you had this option, would you do it? If so, what bank do you currently use?

Currently, exchanges take a few days to fund your account because of straight wires, international wires, and Dwolla. In my experience, funding my Dwolla to MtGox took around 3-4 days. This is not ideal at all.

Thoughts, votes, and other comments welcomed!

1481256798
Hero Member
*
Offline Offline

Posts: 1481256798

View Profile Personal Message (Offline)

Ignore
1481256798
Reply with quote  #2

1481256798
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
BiggieJohn
Member
**
Offline Offline

Activity: 70



View Profile
June 12, 2011, 12:08:26 PM
 #2

the concept of giving ANYONE my bank account number absolsutly terrifies me.

I trust paypal with the info.
Dwolla I gave a throwaway account that I keep less then $100 at a time.


giving an individual my account number for a member to member transfer, I dont think so.
If you give them enough info to complete the transfer they also have enhough info
to create ACH transactions and empty your account in seconds.

PMC-1A11eCF2Rzqzy4PCrV9jabYv1fvYfmN2yc
Doge-D8KLtphcSB3qAkfjBdvceEMj9TJUiJrFd3
deftx
Newbie
*
Offline Offline

Activity: 9


View Profile
June 12, 2011, 12:11:10 PM
 #3

the concept of giving ANYONE my bank account number absolsutly terrifies me.

I trust paypal with the info.
Dwolla I gave a throwaway account that I keep less then $100 at a time.

giving an individual my account number for a member to member transfer, I dont think so.
If you give them enough info to complete the transfer they also have enhough info
to create ACH transactions and empty your account in seconds.

In the case of withdrawals, yes, you would. There are protections from the bank often times that prevent fraud if you detect it. You run the same risks with VISA cards.

In the case of funding a trade account, all the trader sees is the last 4 digits of the account number usually.

This all hinges on the reputation of the exchange. I am assuming the exchange is reputable in this poll.

EDIT: PayPal has too many charge-backs and is known to cancel accounts outright. This is not an option for an exchange on a large scale. Even credit cards through merchants are scary because of charge-backs.
¢A$HÅ
Jr. Member
*
Offline Offline

Activity: 37


stackin' them bits


View Profile WWW
June 12, 2011, 12:17:14 PM
 #4

I would use a credit union or some small local bank.

A better idea, which is faster if I'm not mistaken, is to have the client make a cash deposit into your account. Is should show up quickly, and if they have access to their own bank in that town/city, they can go make a cash deposit into your account at that bank even easier than they can transfer funds from their account to yours. The client doesn't even have to give their real name this way. Wink


deftx
Newbie
*
Offline Offline

Activity: 9


View Profile
June 12, 2011, 12:19:47 PM
 #5

I don't have an account. If I did, I would use a credit union or some small local bank.

A better idea, which is faster if I'm not mistaken, is to have the client make a cash deposit into your account. Is should show up quickly, and if they have access to their own bank in that town/city, they can go make a cash deposit into your account at that bank even easier than they can transfer funds from their account to yours.



If this is faster, then great! The only final issue (assuming the exchange is running lawfully, of course) is making sure the tellers put proper memos on the deposits, and hoping that memo makes it to the other side Smiley

I used to write an app to process wires for a customer of mine. We processed 200-800 wires per day. People sometimes direct deposited on our accounts. It often had NO information on it. Wires were sometimes just as bad. Many banks would truncate the wire data and it would take sometimes months for us to match them to customers. Shame how it doesn't work better.
tictok
Newbie
*
Offline Offline

Activity: 20


View Profile
June 12, 2011, 12:31:27 PM
 #6

Hi I'm in the UK

To transfer funds into MtGox from the UK I used the Halifax online.
I have a barclays account too but they could only do international transfer over the phone. As it was about 2am in the morning, the Halifax was the best way to get my UK£ turned into euros and sent to MtGox...
deftx
Newbie
*
Offline Offline

Activity: 9


View Profile
June 12, 2011, 12:41:54 PM
 #7

How long did it take total?
tictok
Newbie
*
Offline Offline

Activity: 20


View Profile
June 12, 2011, 01:14:32 PM
 #8

I think my original transfer from Halifax online bank to Mt Gox french bank account was on monday evening / tuesday morning.
The currency showed up as US $ on MtGox in the early hours of this morning, so 3 to 4 working days, plus a couple of days over the weekend.
I imagine it takes longer than normal with my cash first going to their french account as euros, before later landing in the main account as US$.

Hope that helps
fonzo
Newbie
*
Offline Offline

Activity: 11


View Profile
June 15, 2012, 11:43:27 AM
 #9

ING direct in Australia does near instant transfers between members.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!