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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855595 times)
mechs
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September 19, 2013, 11:57:57 AM
 #1461

The "hiatus on withdrawals" started on June 20, 2013. 90 days have gone by.

90 days is an important milestone. As a rule of thumb, a business creditor that's 90 days behind will probably never pay without coercion. That's when you send an account to a collection agency.

There are ways to apply pressure to Mt. Gox.  If Mt. Gox owes you money, file complaints with the Japan Financial Services Agency, the US Securities and Exchange Commission, the small claims court in Delaware, and the Japan Payment Service Association (website for complaints: www.s-kessai.jp). Contact reporters at Forbes, Business Week, the Wall Street Journal, and Nikkei Sangyo Shimbun. Raise hell until you get paid everything you're owed or Mt. Gox's CEO is in jail.

It doesn't matter if Mt. Gox has problems with their bank. That's their problem.

If you're out of Mt. Gox but paid a premium to get out, a suit in Delaware Small Claims Court for any extra fees you paid might work. There's a legal concept, the "pre-existing duty" rule, which usually applies when someone raises the price on something they already agreed to do.

You don't have to put up with being jerked around. Fight back.
I really feel this is more a fractional reserve issue than a bank issue.  Like any fractional reserve situation  you want to be the first one out before they declare insolvency.  Being a pain in their ass as suggested here is good advice.
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bitcoinbboyce
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September 19, 2013, 01:27:51 PM
 #1462

Finally received a 5 figure SEPA transfer from July 4th  Grin
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September 19, 2013, 02:29:43 PM
 #1463


I really feel this is more a fractional reserve issue than a bank issue.  Like any fractional reserve situation  you want to be the first one out before they declare insolvency.  Being a pain in their ass as suggested here is good advice.

Why not make your signature a little bigger so the rest of that shit disappears of the screen.

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September 19, 2013, 03:45:43 PM
 #1464

Finally received a 5 figure SEPA transfer from July 4th  Grin

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

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September 19, 2013, 04:25:14 PM
 #1465

Finally received a 5 figure SEPA transfer from July 4th  Grin

Was this in usd or eur?
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September 19, 2013, 04:34:14 PM
 #1466

Finally received a 5 figure SEPA transfer from July 4th  Grin

Was this in usd or eur?
SEPA = EUR

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September 19, 2013, 05:12:53 PM
 #1467

Finally received a 5 figure SEPA transfer from July 4th  Grin

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.
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September 19, 2013, 06:05:59 PM
 #1468

Finally received a 5 figure SEPA transfer from July 4th  Grin
Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.
They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.
SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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September 19, 2013, 06:13:18 PM
 #1469

Sorry, I made a mistake overseeing it's a SWIFT transfer, probably because it said Europe. SWIFT has people waiting since mid June, so of course he hasn't seen the money yet …

You're providing good info, have you considered creating a thread with up to date facts for people who would like to withdraw via SWIFT/SEPA/Japan domestic?
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September 19, 2013, 07:18:47 PM
 #1470

Sorry, I made a mistake overseeing it's a SWIFT transfer, probably because it said Europe. SWIFT has people waiting since mid June, so of course he hasn't seen the money yet …

You're providing good info, have you considered creating a thread with up to date facts for people who would like to withdraw via SWIFT/SEPA/Japan domestic?
I am trying to convince MtGox to put up an official page, but it is difficult.  Probably due to many special cases and tweaks.  The queue is never processed exactly in order, but optimized to minimize failures.  E.g. some banks return more transfers than other banks for no apparent reason, so don't spend the entire quota trying to re-send to the problematic banks.  Some people try to withdraw to an account under a different name than the account holder, so be careful with new accounts.  Etc.  If they publish official numbers, the numbers will either look very bad, or people negatively affected by the optimizations will complain about the official numbers being wrong.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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September 19, 2013, 08:58:05 PM
 #1471

Finally received a 5 figure SEPA transfer from July 4th  Grin
Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.
They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.
SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.
I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?
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September 19, 2013, 11:17:02 PM
 #1472

Finally received a 5 figure SEPA transfer from July 4th  Grin


2.5 months is ridiculous. I gave up after 3 weeks.

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sturle
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September 20, 2013, 05:32:11 AM
 #1473

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.
I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?
Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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September 20, 2013, 05:37:31 AM
 #1474

Finally received a 5 figure SEPA transfer from July 4th  Grin
2.5 months is ridiculous. I gave up after 3 weeks.
I got mine after less than 2.  Expecting the second by the end of this month (~8k EUR on September 11th).  2.5 months either means he made multiple withdrawals, or the amount was > 30k EUR, or there were special complications.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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September 20, 2013, 05:56:31 AM
 #1475

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.
I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?
Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.
I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.
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September 20, 2013, 06:42:11 AM
 #1476

Anybody recently with completed ABA transfer?
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September 20, 2013, 08:04:33 AM
 #1477

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.
I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.
I have a limit in my bank as well.  I don't usually reach the limit.

Their limit is 120k EUR/day.  I have no idea why the limit is so low.  They are really sending that much, and the situation has in fact improved for SEPA.  In May a SEPA withdrawal took 5 weeks, and I don't think anyone believe MtGox were in a liquidity crunch in May.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
Inedible
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September 20, 2013, 08:21:28 AM
 #1478

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.
I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?
Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.
I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

You either have very limited experience of banking or have preferential access due to substantial wealth, either way, bank transfer limits are very real for the rest of us.

If this post was useful, interesting or entertaining, then you've misunderstood. 1N6rmaDiPf8ke3mx8217NykAMDZXkX713x
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September 20, 2013, 08:28:14 AM
 #1479

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.
I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?
Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.
I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

You either have very limited experience of banking or have preferential access due to substantial wealth, either way, bank transfer limits are very real for the rest of us.
In which country are you referring? There's many businesses in Poland who exceed that limit.

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September 20, 2013, 02:27:59 PM
 #1480

Finally received a 5 figure SEPA transfer from July 4th  Grin

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

Sit tight and have ye faith  Cool
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