bitfloor issues?

[xxyyzz]

My refund was credited to my IAFCU account yesterday!

[1715634723]

1715634723

[1715634723]

1715634723

[infested999]

http://romanshtylmansucks.com/

http://romanshtylmanstoleourmoney.com/


hmm.... interesting

Probably Roman himself bought them up before I could.

There is still .net, .info, .co, .org, .mobi......

Didn't someone donate some bitcoin to you to do this?

Yea I have almost $1 out of $10.

[ProfMac]

I bought a beer last night with my IAFCU debit card.

(lifts one to us all)

[mrtbitcoin]

My USD balance was restored to IAFCU as of yesterday (25th July 2013). This is great news. I did have a small BTC balance left in bitfloor, I wonder if that is lost forever?

Anyway, happy to see some refunds announced here, best wishes to all! 

[infested999]

My USD balance was restored to IAFCU as of yesterday (25th July 2013). This is great news. I did have a small BTC balance left in bitfloor, I wonder if that is lost forever?

Anyway, happy to see some refunds announced here, best wishes to all! 

You could have withdrew that BTC anytime you want

[audenx]

Many of you have suggested that I post a BTC address where you can send me thank-you tips after you receive your Bitfloor refunds. For those of you who were thinking of doing this, I would really appreciate it if you showed your gratitude by tipping IAFCU. Please read on for details of how to do this.

(If you already tipped me on reddit or elsewhere — thanks! I'll be forwarding your tip on to IAFCU.)

When I spoke to Jordan Modell recently, I learned that IAFCU incurred a lot of expenses (legal, software, and personnel) beyond what they were expecting as they worked to set up Bitfloor users' new accounts and process refunds. They will continue to incur expenses as Bitfloor users start transferring their money to other financial institutions.

I asked Jordan if he could provide me a rough breakdown of the expenses they've incurred so far. He checked his records and emailed me the following:

• New software to handle Office of Foreign Assets Control checks for those without accounts: $3,500
• Call center: $1,000 and climbing
• New hires: $1,500
• Manpower: $4,000 - $5,000 (Their whole team worked double shifts on weekends, and no one took a day off in 16 days and counting.)

Because IAFCU is a small non-profit, these expenses are significant for them. I'd really love to see them at least break even for all the help they've given us (and hopefully even better than break even).

I am hoping we can raise $15,000 for IAFCU from within the Bitcoin community as a show of goodwill. I spoke to Jordan about whether they can receive donations, and he said that they can. The best way to do it is by making a contribution to the Internet Archive.

Here's what I'm proposing we do to make the fundraiser a bit public:

• If you'd like to participate, visit http://archive.org/donate/index.php and select your donation method of choice (they welcome BTC, but other USD payment options are there, too)
• (This is important) send an email to donations@archive.org. In it, include the amount you donated and request that your donation be used to cover IAFCU expenses. Brewster Kahle's assistant will be on the lookout for these messages to make sure the funds get where you want them to go.
• If you'd like me to count your contribution in a public tally showing how much we've raised for IAFCU, BCC me on your email to donations@archive.org so I know how much you gave.

And thanks!

[infested999]

• New software to handle Office of Foreign Assets Control checks for those without accounts: You look at their name, compare it to the name on their passport, send the money
• Call center: There was no need to call anyone, there is no law that states you have to have a phone number to open a bank account
• New hires/Manpower: They decided to be extra stringy checking their customers data

[DannyHamilton]

• New software to handle Office of Foreign Assets Control checks for those without accounts: You look at their name, compare it to the name on their passport, send the money
• Call center: There was no need to call anyone, there is no law that states you have to have a phone number to open a bank account
• New hires/Manpower: They decided to be extra stringy checking their customers data

Wow, you sure are whiny.  You sound like my 14 year old nephew. I'm pretty sure that this process wasn't anywhere near as simple as you've chosen to imagine in your own mind.

[ProfMac]

Many of you have suggested that I post a BTC address where you can send me thank-you tips after you receive your Bitfloor refunds. For those of you who were thinking of doing this, I would really appreciate it if you showed your gratitude by tipping IAFCU. Please read on for details of how to do this.

(If you already tipped me on reddit or elsewhere — thanks! I'll be forwarding your tip on to IAFCU.)

When I spoke to Jordan Modell recently, I learned that IAFCU incurred a lot of expenses (legal, software, and personnel) beyond what they were expecting as they worked to set up Bitfloor users' new accounts and process refunds. They will continue to incur expenses as Bitfloor users start transferring their money to other financial institutions.

I asked Jordan if he could provide me a rough breakdown of the expenses they've incurred so far. He checked his records and emailed me the following:

• New software to handle Office of Foreign Assets Control checks for those without accounts: $3,500
• Call center: $1,000 and climbing
• New hires: $1,500
• Manpower: $4,000 - $5,000 (Their whole team worked double shifts on weekends, and no one took a day off in 16 days and counting.)

Because IAFCU is a small non-profit, these expenses are significant for them. I'd really love to see them at least break even for all the help they've given us (and hopefully even better than break even).

I am hoping we can raise $15,000 for IAFCU from within the Bitcoin community as a show of goodwill. I spoke to Jordan about whether they can receive donations, and he said that they can. The best way to do it is by making a contribution to the Internet Archive.

Here's what I'm proposing we do to make the fundraiser a bit public:

• If you'd like to participate, visit http://archive.org/donate/index.php and select your donation method of choice (they welcome BTC, but other USD payment options are there, too)
• (This is important) send an email to donations@archive.org. In it, include the amount you donated and request that your donation be used to cover IAFCU expenses. Brewster Kahle's assistant will be on the lookout for these messages to make sure the funds get where you want them to go.
• If you'd like me to count your contribution in a public tally showing how much we've raised for IAFCU, BCC me on your email to donations@archive.org so I know how much you gave.

And thanks!

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000.  Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some.  With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

[DannyHamilton]

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000.  Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some.  With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

Thanks for taking the time to do the math. I'll be making my $5.88 per $1000 received donation.

[village.idiot]

 -1

[infested999]

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000.  Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some.  With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

In Europe wire transfers are free. It is illegal to charge money for a wire transfer because large transaction must be made in a wire transfer or else they would be illegal.

[DannyHamilton]

In Europe wire transfers are free. It is illegal to charge money for a wire transfer because large transaction must be made in a wire transfer or else they would be illegal.

What gave you the impression that BitFloor (or IAFCU) was in Europe?

[johnblaze]

• New software to handle Office of Foreign Assets Control checks for those without accounts: You look at their name, compare it to the name on their passport, send the money
• Call center: There was no need to call anyone, there is no law that states you have to have a phone number to open a bank account
• New hires/Manpower: They decided to be extra stringy checking their customers data

Wow, you sure are whiny.  You sound like my 14 year old nephew. I'm pretty sure that this process wasn't anywhere near as simple as you've chosen to imagine in your own mind.

lol my thoughts exactly

this infested999 guy is a clown of the highest order

[TheButterZone]

All accounts will require $15 to open. Here is the breakdown for that:

There is a $5 credit union deposit that belongs to you but is put on hold in your account. If you have used a credit union before, you know that they all do this. I forget what the deposit is called but it's like your 'stake' in the credit union.

By law (their credit union charter) all customers of their credit union must own, operate, work for, or donate to a local New Brunswick, NJ charity. So a $10 donation is required.

...so $5 + $10 = $15 to open the account (unless you DO in fact work for or own/operate a charity in New Brunswick, NJ)

New Update tonight.....
Additionally, due to the regulatory checks which IAFCU must perform, the fee for fund return is now 5 USD. We are assured that this is the final fee and all account holders are subject to this fee to receive your funds.

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000.  Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some.  With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

Thanks for taking the time to do the math. I'll be making my $5.88 per $1000 received donation.

No wonder there aren't more internet credit unions... seems like they're a one-way, non-stop ticket to bankruptcy for the operators.

[DannyHamilton]

All accounts will require $15 to open. Here is the breakdown for that:

There is a $5 credit union deposit that belongs to you but is put on hold in your account. If you have used a credit union before, you know that they all do this. I forget what the deposit is called but it's like your 'stake' in the credit union.

By law (their credit union charter) all customers of their credit union must own, operate, work for, or donate to a local New Brunswick, NJ charity. So a $10 donation is required.

...so $5 + $10 = $15 to open the account (unless you DO in fact work for or own/operate a charity in New Brunswick, NJ)

Notice that NONE of that $15 is kept as profit for the credit union.  $5 is a deposit that you get beck when you close your account, and $10 goes to a local charity.

New Update tonight.....
Additionally, due to the regulatory checks which IAFCU must perform, the fee for fund return is now 5 USD. We are assured that this is the final fee and all account holders are subject to this fee to receive your funds.

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000.  Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some.  With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

Thanks for taking the time to do the math. I'll be making my $5.88 per $1000 received donation.

No wonder there aren't more internet credit unions... seems like they're a one-way, non-stop ticket to bankruptcy for the operators.

Given the services that customers expect of a financial institution, and the demands they have of reduced costs, it can be quite difficult to maintain a successful credit union.

[mrtbitcoin]

"infested999" commented: "You could have withdrew that BTC anytime you want"

Every time I try to transfer BTC out of Bitfloor to an external wallet with either Multibit, Bitcoin-QT, or direct to MtGox... I get an error from bitfloor: "internal server error"

I guessed that the BTC everyone had in bitfloor are lost forever , Can anyone comment on this, please?

[ProfMac]

"infested999" commented: "You could have withdrew that BTC anytime you want"

Every time I try to transfer BTC out of Bitfloor to an external wallet with either Multibit, Bitcoin-QT, or direct to MtGox... I get an error from bitfloor: "internal server error"

I guessed that the BTC everyone had in bitfloor are lost forever , Can anyone comment on this, please?

I was on a trip when bitfloor closed.  When I was able to check in, I took some time to think about my options, then requested a BTC withdrawal.  It was processed normally.

[village.idiot]

"infested999" commented: "You could have withdrew that BTC anytime you want"

Every time I try to transfer BTC out of Bitfloor to an external wallet with either Multibit, Bitcoin-QT, or direct to MtGox... I get an error from bitfloor: "internal server error"

I guessed that the BTC everyone had in bitfloor are lost forever , Can anyone comment on this, please?

The day Bitfloor closed, I transferred my bitcoin balance to my wallet and requested the cash balance ACH to my bank account.
I received the confirmation email for the ACH and received the BTC in my wallet within minutes.
Wish I had known the cash would be tied up for so long.  I would have just converted it to BTC and I wouldn't care about this thread.

[ProfMac]

"infested999" commented: "You could have withdrew that BTC anytime you want"

Every time I try to transfer BTC out of Bitfloor to an external wallet with either Multibit, Bitcoin-QT, or direct to MtGox... I get an error from bitfloor: "internal server error"

I guessed that the BTC everyone had in bitfloor are lost forever , Can anyone comment on this, please?

The day Bitfloor closed, I transferred my bitcoin balance to my wallet and requested the cash balance ACH to my bank account.
I received the confirmation email for the ACH and received the BTC in my wallet within minutes.
Wish I had known the cash would be tied up for so long.  I would have just converted it to BTC and I wouldn't care about this thread.

I wish I had sold at 260 on April 9 and requested an ACH from bitfloor then.