[2017-10-12]Tell Why You Bought BTC Or Face Account Closure: US Bank To Customer

[iamTom123]

US bank PNC allegedly “wants nothing to do with Bitcoin” but still threatens to close accounts if customers do not reveal why they bought it. A post by PNC account holder u/EliToohey Thursday recounts how the bank contacted them demanding to know why Bitcoin had been purchased from exchanges Coinbase and Xapo.

“I've had a banking relationship with PNC Bank for 15 years and I just got a call to verify unusual activity,” the post reads. “He asked me to confirm a couple transactions then asked ‘For what purpose are you buying Bitcoin’”.

When the user refused to divulge the “purpose,” the bank’s representative threatened to close the account. “I told him I wouldn't answer, he then asked ‘What are you going to do with the Bitcoin’”, u/EliToohey continues.

“I again told him I wouldn't answer. He then informed me that his security team told him they would ‘exit the relationship with me’ if they didn't get satisfactory answers.” The episode is not unusual in the often bizarre relationship banks have with cryptocurrency.

Tales of threats and sudden account suspensions have surfaced not just in the US, but also in Europe, with UK-based Barclays becoming one of the worst offenders in terms of contradictory and overreaching policy. Banks’ treatment of Bitcoin combined with bankers’ championing fiat has led to increasing ridicule from cryptocurrency investors in light of JPMorgan CEO Jamie Dimon’s allegations that Bitcoin is a “fraud.”

Source here...

This is actually sad and if I happen to be one of the customers of this bank and I am into cryptocurrency (even if they will not call me) I would withdraw my relationship with the bank because I am so sure that I can find another bank offering the same good services and does not have that tendency to investigate my Bitcoin dealings which can be beyond the scope of their investigative power (I am assuming here.).

So we are then calling all the customers of this bank to start getting their deposits now and transfer it somewhere much better. We are hoping that there could be someone in that bank who can be reading the news they got into and this forum so they can rethink the use of their banking regulatory power.

Is this just another bank feeling the disruption caused by Bitcoin?

[1Referee]

I have had a similar situation in the past with a bank being cocky. It forced me to proof that the funds I used to buy and sell Bitcoin with were legitimately obtained, or else they would close down my account. I provided everything they wanted, all the way till the logs of my trades back then, and gladly they accepted it, and released the funds, but told me that I can no longer use my bank account in combination with anything that involves crypto. I asked why, but they kept coming up with excuses such as money laundering and the unregulated nature of crypto. A few days after that when I moved all funds to a different bank, I have closed that bank account myself. I will never ever tolerate whatever entity telling me what to do and not to do with my own money. I am glad that the current bank I am with seems quite okay with me very regularly moving fiat back and forth to Bitstamp. If they at some point act the same as the previous bank, I will directly close this bank account as well. I however would actually like it if they just asked me why I bought Bitcoin. I would gladly tell them that the main reason is to keep my money outside the reach of greedy banks and governments - are you now satisfied!?

[ismart1]

It´s just amazing how they want to force people to stay ignorant and a hostage of the bank system. They really want to make people believe that they alone have the answer for your financial problems, it works for the majority of people so they threaten those who no longer abide by their role model because if everyone joins the crypto world they are in trouble.

[BitHodler]

I have seen my bank go nuts too, by blocking a very popular buying/selling service for nearly 48 hours. The bank got so many complaints from frustrated users who use that service as main exchanging point, that the bank removed the block.

I am quite sure that if people didn't complain at all, they very likely wouldn't remove that block. If you as single person complain it won't do much, but if you as large group do so, it's a very effective way to force your point through.

It's always the numbers that matter if you want to get something done. If you as group threaten to close your account, and ask your family to do so too, the bank won't hesitate to roll back everything.

[bubblebit]

It’s a little bit sad knowingly how the banks is going low on ethical way for they’re personal vendetta toward bitcoin and to its users/investors. I don’t know if it is against the law or not for threatening or harassing, specially a client on that manner.

This year has this tremendous attack’s from them and it only show how bitcoin change the structure financially. If I do have banks accounts in that place, I would be gladly withdraw all and hope all of they’re customers do the same and let see who is needed who.

[LevshaK1]

It’s a little bit sad knowingly how the banks is going low on ethical way for they’re personal vendetta toward bitcoin and to its users/investors. I don’t know if it is against the law or not for threatening or harassing, specially a client on that manner.

This year has this tremendous attack’s from them and it only show how bitcoin change the structure financially. If I do have banks accounts in that place, I would be gladly withdraw all and hope all of they’re customers do the same and let see who is needed who.

The banking system has long been dying. The banks became very impudent and something had to stop them. I'm glad that bitcoin will be able to change the banking system and improve the lives of users