WHY WE SHOULD BOYCOTT WELLS FARGO

[lowbander80]

Wells Fargo is now returning fiat payouts to their origin if it comes from a bitcoin exchange.Bitfinex has had all its withdrawals in fiat to Wells Fargo accounts returned and so has other exchanges today.Is this legal or just the bank being scared of Bitcoin and giving no help.
Please boycott Wells Fargo till their rules change

[GreenBits]

Wells Fargo is now returning fiat payouts to their origin if it comes from a bitcoin exchange.Bitfinex has had all its withdrawals in fiat to Wells Fargo accounts returned and so has other exchanges today.Is this legal or just the bank being scared of Bitcoin and giving no help.
Please boycott Wells Fargo till their rules change

There are plenty of.other reason s to hate on Well Fargo besides this, LOL. They were rejecting bitcoin related deposits a while before this, and remember they were just caught up in that fake account scandal (this was less.than 6 months ago I believe. They also had some subsequent shit with the cover-up (I think they went after the whistleblowers aggressively, and fired a bunch of people; the employees sued for wrongful termination).

[botany]

Wells Fargo is now returning fiat payouts to their origin if it comes from a bitcoin exchange.Bitfinex has had all its withdrawals in fiat to Wells Fargo accounts returned and so has other exchanges today.Is this legal or just the bank being scared of Bitcoin and giving no help.
Please boycott Wells Fargo till their rules change

I am surprised that they are allowed to do so. If I have a cheque, I have every right to deposit it in my account.
The same should hold good for fiat payouts.

[lowbander80]

Bitfinex has had 100s of thousands of dollars sent back to them from Wells Fargo.I believe Bitfinex is considering paying out through a shell company not linked to them on paper

[botany]

Bitfinex has had 100s of thousands of dollars sent back to them from Wells Fargo.I believe Bitfinex is considering paying out through a shell company not linked to them on paper

That won't solve the issue. It will only be a matter of time before Wells Fargo shuts down that route as well.
According to me, Wells Fargo can ask the account holders for additional fees (because of the high risk) or ask the account holders to shut down their account. Blocking payouts is illogical. If any of the account holders takes the legal route, I am not sure if this will hold up in court.

[lowbander80]

You now cannot wire money from your account to exchanges especially Bitfinex. They are now suing WF

[The Sceptical Chymist]

Of course it's legal.  Banks don't have any obligation to do anything risky with their or our money, and that's how they perceive bitcoin.  My bank had questions for me when I used Circle, though they didn't take any action.

Boycott Wells Fargo?  That's easy for me, since I don't do any banking with them, but I don't think it's necessary.  And the bitcoin community isn't big enough to effect any sort of change with them anyway.

[Hazir]

Just pick other operator to provide your banking services. Wells Fargo is not the only bank there is.
For everyone who is saying that boycotting big banks is useless - remember there is no such thing as 'too big to fail'.
In fact, if a bank is to big to fail it is to big to exist. https://en.wikipedia.org/wiki/Too_big_to_fail