Bitcoin Forum
October 27, 2021, 12:18:23 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: my Community bank fraud department called regarding coinbase  (Read 1416 times)
astrocity1981
Sr. Member
****
Offline Offline

Activity: 343
Merit: 254


From The New World


View Profile
September 13, 2016, 07:33:13 PM
 #1

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?
1635293903
Hero Member
*
Offline Offline

Posts: 1635293903

View Profile Personal Message (Offline)

Ignore
1635293903
Reply with quote  #2

1635293903
Report to moderator
1635293903
Hero Member
*
Offline Offline

Posts: 1635293903

View Profile Personal Message (Offline)

Ignore
1635293903
Reply with quote  #2

1635293903
Report to moderator
1635293903
Hero Member
*
Offline Offline

Posts: 1635293903

View Profile Personal Message (Offline)

Ignore
1635293903
Reply with quote  #2

1635293903
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Meuh6879
Legendary
*
Offline Offline

Activity: 1512
Merit: 1010



View Profile
September 13, 2016, 07:37:55 PM
 #2

F U its my money,  I can buy whatever I want with it.

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.

---

And Bitcoin solve this.

Meuh6879
Legendary
*
Offline Offline

Activity: 1512
Merit: 1010



View Profile
September 13, 2016, 07:44:34 PM
 #3

In my country, bank shutdown account when you transfer more than 500 USD per month to an identified account from a bitcoin exchange.

it's the 3 main banks in the country.

so, i use a intermediary with professionnal account that it hides wire to exchange (and don't use any filtered method to shutdown activity like this).

intermediary have pro account with 350 000 customers (like me) in the 3 main banks and manage number (anonym) associate to customers.

the 3 main banks can not shutdown this for a wire to an bitcoin exchange.

yayayo
Legendary
*
Offline Offline

Activity: 1484
Merit: 1024


Betking.io - Best Bitcoin Casino


View Profile
September 13, 2016, 07:46:31 PM
 #4

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!

Milkduds
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile
September 13, 2016, 07:48:22 PM
 #5

F U its my money,  I can buy whatever I want with it.

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.

---

And Bitcoin solve this.



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


Well back a lot of people where having their bank accounts closed due to online poker connections and bitcoin is treated in the same aspect. I read a article here in Canada that the top 2 banks are closing bank accounts of those connected to marijuana business(legit ones),even as why are heading to making it legal across the board.
I recall folks in Denver had similar issues with the banks and this always breaks down into two issues.

One banks are worried about complying with government and cut off any grey areas in hopes that it protects them from unwarranted audits or issues. The latter in context to bitcoin is that the banks see it as competition and realize the way they do business is stagnant and out of date.

The reality is that banks can close a account for any reason they seem fit. This is really why I never trust banks to have any of our financial issues at heart. Reason I support bitcoin to crush this oppressive system where we are nothing but a credit number.
The Pharmacist
Legendary
*
Online Online

Activity: 2408
Merit: 4661


>>Proudly cycling merits for Team Foxpup<<


View Profile
September 13, 2016, 07:49:00 PM
 #6

My bank did the same about my Circle transactions,  asked me if all those transactions were for myself only.  Not sure what they're thinking, but that was months ago and I still buy bitcoin using Circle and haven't had any more questions or issues.   We're still on the crypto frontier.

olubams
Hero Member
*****
Offline Offline

Activity: 798
Merit: 503


View Profile
September 13, 2016, 07:59:26 PM
 #7

In my own opinion, I think you should be thinking of spreading your transactions to other bigger banks that have more pressing isssues than someone not even up to a thousand dollars so as have avoid unnecessary explanation whatsoever...
Coin-Keeper
Hero Member
*****
Offline Offline

Activity: 741
Merit: 580



View Profile
September 13, 2016, 08:03:06 PM
 #8

I pay a little more but I find that using cash deposits on the accounts of localbitcoins members is better for me.  I have tons of banks around here and I change where I go to make cash deposits all the time.  They don't get my name, but they could be scanning my face or similar.  BTC is not illegal at all.  I have not sold any BTC for cash yet.  I am in the build my investments mode.  I spend a little but save about 90% of what I am buying.  I have good LBC feedback so I get fast and easy trades.  I have coins that I bought years ago for way less than they sell for now.  I don't need the cash and I expect the coins to be a good deal for me in the long run.  Even at the current prices I still keep investing hoping to build a future.  I'll never be a BTC "whale".

BTC: 1PYSBbuKM3kW19xe9TXJQfq64rPhd8XorF
Staked and Verified: https://bitcointalk.org/index.php?topic=996318.msg17102755#msg17102755
Senor.Bla
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


View Profile
September 13, 2016, 08:05:07 PM
 #9

this is so great. most people think: hey it is my money and i can do what i want. this is just true for as long as banks want it to be.
the sums involved into this do not even have to be enormous to let banks freak out.
i really think that such incidents are one of the very strong arguments for bitcoin and against banks.

stevo401
Newbie
*
Offline Offline

Activity: 28
Merit: 0


View Profile
September 13, 2016, 10:45:36 PM
 #10

Perhaps the banks concern isn't that you are buying bitcoin, but that you could be buying it and reselling it without meeting any local Anti-Money Laundering / Know Your Client requirements with each sale. In some jurisdictions it could be argued that if they suspected this were happening but didn't look into it that they may be an accessory to the crime. Similarly, a Credit Union might not want the risk of being associated with Bitcoin due to the media attention BTC has received in the past regarding links to crime.

Although you are just building your BTC savings, the bank don't know unless they ask. If they cause too many hassles then it might be worth considering 'voting with your feet' and banking elsewhere .
swogerino
Legendary
*
Offline Offline

Activity: 2226
Merit: 1089



View Profile
September 13, 2016, 11:06:52 PM
 #11

Conbase caused all this damage? Shocked
Glad I am not using them or I would withdraw all my coins from their greedy clutches right now! Angry

Doamader
Hero Member
*****
Offline Offline

Activity: 756
Merit: 501


View Profile
September 13, 2016, 11:36:07 PM
 #12

Conbase caused all this damage? Shocked
Glad I am not using them or I would withdraw all my coins from their greedy clutches right now! Angry
The problem isnt coinbase, the problem is the bank is see a lot transactions going out, and maybe a part returning, and they dont know bitcoin or coinbase or any other exchange, instead they search they ask the person to go to bank, its insane to make such thing century 21, all people or almost all has computer, do the research about coinbase and bitcoin or crypto currencies. I had used my bank to something like 8 transactions with bitcoin, they didnt asked any question, but wera a small ammounts going in and out.
shinratensei_
Legendary
*
Offline Offline

Activity: 2170
Merit: 1018


ARCS - A New World Token


View Profile
September 14, 2016, 12:31:19 AM
 #13

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?
And welcome to the world of a bank, with the permission of government the bank always feels they can make intervention for the people's life and maybe that is will really disturb. but considering from your explanation maybe i think they're feel curious with the history of your transaction caused by using an exchange will make your account will be a very active users maybe just a day you're making more than 2 transaction into coinbase?

       ▄▄██████▄
    ▄███████████
  ▄███████▀▀▀▀▀       ▄▄▄
 ▄████
█▀             ████▄
█████               █████▄
█████                 █████
█████                 █████
█████                 █████
█████               █████
 ▀████
█▄           ▄█████▀
  ▀███████▄▄▄▄▄▄▄███████▀
    ▀█████████████████▀
       ▀▀█████████▀▀
.ARCS.
███████████████████████████████████████████████████████████████████     ██████████████████████████     ██████████████████████████     ██████████████████████████     ███████████████████████████████████████████████████████████████████
.....     A   N E W   W O R L D   T O K E N     ... .
|     WEBSITE     |     TWITTER     |   TELEGRAM   |     MEDIUM     |  WHITEPAPER  |
.
███████████████████████████████████████████████████████████████████     ██████████████████████████     ██████████████████████████     ██████████████████████████     ███████████████████████████████████████████████████████████████████
►►  Powered by
BOUNTY
DETECTIVE
swogerino
Legendary
*
Offline Offline

Activity: 2226
Merit: 1089



View Profile
September 14, 2016, 12:54:26 AM
 #14

Conbase caused all this damage? Shocked
Glad I am not using them or I would withdraw all my coins from their greedy clutches right now! Angry
The problem isnt coinbase, the problem is the bank is see a lot transactions going out, and maybe a part returning, and they dont know bitcoin or coinbase or any other exchange, instead they search they ask the person to go to bank, its insane to make such thing century 21, all people or almost all has computer, do the research about coinbase and bitcoin or crypto currencies. I had used my bank to something like 8 transactions with bitcoin, they didnt asked any question, but wera a small ammounts going in and out.
Well banks are all about anti-fraud now a days.
If they don't understand what something is they automatically flag it as fraudulent activity. Roll Eyes

outatime1
Sr. Member
****
Offline Offline

Activity: 364
Merit: 254

CryptoTalk.Org - Get Paid for every Post!


View Profile
September 14, 2016, 01:06:31 AM
 #15

I can see why they may ask you about it just to make sure someone is not defrauding you. However, I don't see why they would have a problem with it as long as you say that they are legitimate. It sounds like overreaching to me on their part.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
YoBit AirDrop $|
Get 700 YoDollars for Free!
🏆
astrocity1981
Sr. Member
****
Offline Offline

Activity: 343
Merit: 254


From The New World


View Profile
September 14, 2016, 02:02:37 AM
 #16

true on the banks overreaching, and if they close my account ill take my money business else ware. Hopefully it doesn't come to that I will look into localbitcoins. Thanks for the feedback guys  Smiley. Dunno if anyone else is a tax expert  or if anyone has reported the coins to IRS here but if don't sell my coins and purchase some physical bitcoins (casascius) do I report that to the IRS.  I know if sell coins and make profit I would pay capitol gains tax. Right now I am just hodling the coins for my kids.
HabBear
Hero Member
*****
Offline Offline

Activity: 1106
Merit: 636


View Profile WWW
September 14, 2016, 04:37:09 AM
 #17


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.
Herbert2020
Legendary
*
Offline Offline

Activity: 1932
Merit: 1136


View Profile
September 14, 2016, 06:06:48 AM
 #18

Conbase caused all this damage? Shocked
Glad I am not using them or I would withdraw all my coins from their greedy clutches right now! Angry
The problem isnt coinbase, the problem is the bank is see a lot transactions going out, and maybe a part returning, and they dont know bitcoin or coinbase or any other exchange, instead they search they ask the person to go to bank, its insane to make such thing century 21, all people or almost all has computer, do the research about coinbase and bitcoin or crypto currencies. I had used my bank to something like 8 transactions with bitcoin, they didnt asked any question, but wera a small ammounts going in and out.
Well banks are all about anti-fraud now a days.
If they don't understand what something is they automatically flag it as fraudulent activity. Roll Eyes

it is all about bitcoin.
there are still many banks that flag your account if you are buying bitcoin in many different countries. they either don't like bitcoin and want to prevent its spread or they don't understand it and want to stay away from bitcoin.
that is why you should always check with your bank and the laws of your country before starting to deposit or withdraw money from exchanges into your bank account.

This space is for rent. Send PM with your offer.
Kakmakr
Legendary
*
Offline Offline

Activity: 2520
Merit: 1622



View Profile
September 14, 2016, 06:25:00 AM
 #19

Banks flag certain actions that are out of the ordinary. If your transaction history change or if you receive an amount of money above the threshold or parameter set for your account, it will be red flagged. They will then phone you, to verify that the transaction is legitimate or within the rules of the banking system.

I also get these phone calls, and it also piss me off, but they just doing their jobs to adhere to the laws of the country. We live in a new world now, where everything is tracked and surveillance is part of our lives. ^hmmmmm^

Duelbits            ▄████▄▄
          ▄█████████▄
        ▄█████████████▄
     ▄██████████████████▄
   ▄████▄▄▄█████████▄▄▄███▄
 ▄████▐▀▄▄▀▌████▐▀▄▄▀▌██

 ██████▀▀▀▀███████▀▀▀▀█████

▐████████████■▄▄▄■██████████▀
▐██████████████████████████▀
██████████████████████████▀
▀███████████████████████▀
  ▀███████████████████▀
    ▀███████████████▀
.
         ▄ ▄▄▀▀▀▀▄▄
         ▄▀▀▄      █
         █   ▀▄     █
       ▄█▄     ▀▄   █
      ▄▀ ▀▄      ▀█▀
    ▄▀     ▀█▄▄▄▀▀ ▀
  ▄▀  ▄▀  ▄▀

Live Games

   ▄▄▀▀▀▀▀▀▀▄▄
 ▄▀ ▄▄▀▀▀▀▀▄▄ ▀▄
▄▀ █ ▄  █  ▄ █ ▀▄
█ █   ▀   ▀   █ █  ▄▄▄
█ ▀▀▀▀▀▀▀▀▀▀▀▀▀ █ █   █
█▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█  █▄█
█ ▀▀█  ▀▀█  ▀▀█ █  █▄█

Slots
.
        ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄
        █         ▄▄  █
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄       █
█  ▄▄         █       █
█             █       █
█   ▄▀▀▄▀▀▄   █       █
█   ▀▄   ▄▀   █       █

Blackjack
|              ▄▄▀▀█▌
          ▄▄▀█▄    █
        ▄▀     ▀▄▄ █
       █    ▄▄    ▀█
    ▄▄█    █  █   ▐▌
  ▄▀ █      ▀▀    █
▄▀  ▐▌           █
█ ▄▀▀▄▄        ▄▀
▀▀  ▄  ▀▄▄   ▄▀█
  ▄▀   ▄  ▀█▀  █
   ▄▀ ▄▀   █  █
  ▄▀ █     █▄▀
   ▄▀
NEW GAME!
..CRASH...
|||
[ Đ ][ Ł ]
AVAILABLE NOW
Pursuer
Legendary
*
Offline Offline

Activity: 1624
Merit: 1160


Where is my ring of blades...


View Profile
September 14, 2016, 07:48:11 AM
 #20

true on the banks overreaching, and if they close my account ill take my money business else ware. Hopefully it doesn't come to that I will look into localbitcoins. Thanks for the feedback guys  Smiley. Dunno if anyone else is a tax expert  or if anyone has reported the coins to IRS here but if don't sell my coins and purchase some physical bitcoins (casascius) do I report that to the IRS.  I know if sell coins and make profit I would pay capitol gains tax. Right now I am just hodling the coins for my kids.

first of all you should consult an expert about these matter because it I one of the most important things that can come back and bite you in the ass in long term if you don't take it seriously and you can end up like BurtW

for now I suggest you look at Legal board and maybe start a topic there.

and as for localbitcoins, unless you are paying with cash I don't think using them makes any difference because you can be sending money to a person who is selling bitcoin and your bank can again make the connection if his account is flagged although the chances are smaller.

smartmixer.io▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
.Make your Cryptos untraceable!.
(( ███████ ((    TELEGRAM    )) ███████ ))
▄▄███████▄▄
▄███████▀███████▄
▄███▀▀▀ ▄▄▄ ▀▀▀███▄
▄███ ▄▀▀▀   ▀▀▀▄ ███▄
████ █  ▄   ▄█ █ ████
████▌▐▌ ▀█▄█▀ ▐▌▐████
▀████ ▀▄  ▀  ▄▀ ████▀
▀████▄ ▀▄▄▄▀ ▄████▀
▀█████▄▄ ▄▄█████▀
▀▀███████▀▀
.
NO LOGS
▄▄███████▄▄
▄██████▀▀▀██████▄
▄█████▀ ▄▄▄ ▀█████▄
▄██████ ▀   █ ██████▄
███████   █▀  ███████
████████▄ ▄ ▄████████
▀████▀         ▀████▀
▀███   ▄   ▄   ███▀
▀███████████████▀
▀▀███████▀▀
.
NO SIGN-UP
▄▄███████▄▄
▄███████████████▄
▄███████▀   ▀█████▄
▄████▀  ▀      █████▄
████     ▄▀▄  ▀ ▀████
███    ▄▀▄ ▄▀▄    ███
▀███▄▄  ▀█ █▀   ▄███▀
▀████████ ████████▀
▀███████████████▀
▀▀███████▀▀
.

70% COMSN
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
MIX NOW!
.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!