my Community bank fraud department called regarding coinbase

[Denker]

A warm welcome to the world of financial surveillance! The banks surveillance algorithm has identified your transaction habits as suspicious. You are not conforming to normal activity. Maybe you are a money launderer or terrorist? Your banker asked, because he/she trusts the algorithm more than you. So better stop your highly suspicious activity or they will stop it for you, starting a full-fledged investigation.

It's not advisable to try to explain Bitcoin to them, because things they don't understand are suspect as well. They may even research the topic and find some mainstream media articles connecting Bitcoin to money laundering and financing of terrorism. And in the unlikely case they understand Bitcoin, they will certainly not approve it.

That's how life has become in the centrally controlled fiat world... If you ask me, better buy your Bitcoin with physical cash in a person-2-person trade.

ya.ya.yo!

Couldn't have said it better!
This surveillance and dictation of how, when and probably where you can use and have to spend your hard earned money ist just ridiculous.
They will close/freeze your bank account and then you have to deliver waterproof facts that you haven't done anything criminal, although they are doing criminal things to their customers on a daily basis.
That's why I would prefer to buy bitcoins via local real life trade as well, even for some premium price.

[1714121437]

1714121437

[davis196]

I bank at a small community bank  in the states and they have some real nice personal bankers that are helpful. Recently the fraud department called asking what I do and why I  have so many transactions with coinbase. F U its my money,  I can buy whatever I want with it. This  is annoying because my small bank has no idea what bitcoin is and explaining it is not easy they are old school.  My question is I am not doing anything wrong like gambling, why are they inquiring. I work in a professional company and was surprised when the personal banker asked. She also said they called a few mo ago  too . I also have made small buys in a span of 9 mo  nothing big like 1 btc per month. Has anyone else been in the same situation?

Maybe your banker thinks that buying bitcoins with USD might be illegal.

We are all slaves of the bank industry and bankers think that they can control our lives.

That`s why i want bitcoin to grow and replace fiat money.

[Bitcoinpro]

I bank at a small community bank  in the states and they have some real nice personal bankers that are helpful. Recently the fraud department called asking what I do and why I  have so many transactions with coinbase. F U its my money,  I can buy whatever I want with it. This  is annoying because my small bank has no idea what bitcoin is and explaining it is not easy they are old school.  My question is I am not doing anything wrong like gambling, why are they inquiring. I work in a professional company and was surprised when the personal banker asked. She also said they called a few mo ago  too . I also have made small buys in a span of 9 mo  nothing big like 1 btc per month. Has anyone else been in the same situation?

1: They know wat Bitcoin is

2: The call is a classic example of gangstalking

[Milkduds]

actually ?

no.

Your money is not in the bank.
It's bank that she loan credit to you.
She can cut credit and freeze your money without justice order.

If Bank fail.
Loan fail.
Money is evaporate.

The OP makes no mention of needing a loan,so I think that aspect and credit are irrelevant to the discussion.

The guy you're calling out is correct. When you deposit money in the bank they don't put it in some drawer in the vault with your name on it. They loan it out...all of it except 10% (or a bit more) that they're required to keep on hand as a reserve. That's how banks make money. So yes, your deposits become loans. And if those loans aren't repaid your bank can't pay you the deposits you've recorded with them.

To the OP - if you want to stay with this bank, you should introduce them to the positive side of bitcoin. Send them the right articles. You could even try to get Coinbase to send you a statement verifying the legitimacy of their business.

What's the worst thing that can happen? They tell you they won't honor payments/transactions to coinbase and you go bank...for your coinbase purchases only...with some online bank.

Still has nothing to do with the discussion,he is being harassed by the bank because he does not fit into the cookie cutter image they have for a customer. The issue was never that the money is not in the bank or not.

[MFahad]

I bank at a small community bank  in the states and they have some real nice personal bankers that are helpful. Recently the fraud department called asking what I do and why I  have so many transactions with coinbase. F U its my money,  I can buy whatever I want with it. This  is annoying because my small bank has no idea what bitcoin is and explaining it is not easy they are old school.  My question is I am not doing anything wrong like gambling, why are they inquiring. I work in a professional company and was surprised when the personal banker asked. She also said they called a few mo ago  too . I also have made small buys in a span of 9 mo  nothing big like 1 btc per month. Has anyone else been in the same situation?

From my point I think they are only doing their job and also following the law of the land over there so I would suggest you try shifting to another bank or try using personal transactions in other to avoid troubles. It better to avoid than to start defending...

[jonald_fyookball]

I buy thousands of dollars worth of bitcoins weekly.  Bank never questioned it.

[RodeoX]

I would tell them it's none of their business and that inquiries like this are a reason to use bitcoin. There are many banks to choose from and if they want to continue having me as a customer then they should mind their own business or I'll go elsewhere. Banks only understand one thing, money, your money.

[franky1]

i have found that in a few cases the banks are not causing issues due to coinbase being coinbase.

but in reality "chargeback scammers" have tried calling their bank to get their wire transfers reversed after obtaining the bitcoin.
and so coinbase gets flagged as having issues due to chargeback scammers. not bitcoin itself.