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Author Topic: Bitfloor Bank of America question  (Read 719 times)
jmix
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April 08, 2013, 08:57:44 PM
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Hi, not sure if this is the right place to post, but I've been trading on bitfloor for a while. A while back I had a BoFA account and went into a local branch to fill out a slip of paper with LocalTill's account #, and had some $ transferred over.

I was wondering if I could now do this electronically? Transfer money from my online banking account to localtill and have the funds pop up in my bitfloor account? Thanks.
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DannyHamilton
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April 08, 2013, 10:01:11 PM
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Hi, not sure if this is the right place to post, but I've been trading on bitfloor for a while. A while back I had a BoFA account and went into a local branch to fill out a slip of paper with LocalTill's account #, and had some $ transferred over.

I was wondering if I could now do this electronically? Transfer money from my online banking account to localtill and have the funds pop up in my bitfloor account? Thanks.

I believe that BitFloor now accepts wire transfers directly (no need to go through LocalTill).  Check their website for info.

EDIT: As of 2013-04-17 BitFloor has ceased all operations.

jwzguy
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April 08, 2013, 10:05:33 PM
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Hi, not sure if this is the right place to post, but I've been trading on bitfloor for a while. A while back I had a BoFA account and went into a local branch to fill out a slip of paper with LocalTill's account #, and had some $ transferred over.

I was wondering if I could now do this electronically? Transfer money from my online banking account to localtill and have the funds pop up in my bitfloor account? Thanks.

I believe that BitFloor now accepts wire transfers directly (no need to go through LocalTill).  Check their website for info.

They do, and I've heard localtill fees are hard to predict and can be up to 4%. My bank does a wire xfer for $10 (some charge more.) So on any significant amount of money the wire xfer is cheaper.

Cash deposits are instant, otoh. If the price goes up 50$ in the time it takes the wire to arrive, 4% might be cheap.

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DannyHamilton
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April 08, 2013, 10:50:31 PM
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They do, and I've heard localtill fees are hard to predict and can be up to 4%. My bank does a wire xfer for $10 (some charge more.) So on any significant amount of money the wire xfer is cheaper.

My bank charges a $25 fee for wire transfer. As such I'd need to be transferring more than $625 for wire transfer to be cheaper.  Angry

Cash deposits are instant, otoh. If the price goes up 50$ in the time it takes the wire to arrive, 4% might be cheap.

Exactly.  Between the $25 fee and the potential loss due to increasing exchange rate, cash deposit tends to be cheaper for me most of the time.  (It is more anonymous too I suppose).

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