Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers

[Authentic]

So, basically, you are a middle-man to make sure the sellers respect the price quoted? Does it work like LocalBitcoins?

Here is a quick explanation as to how things work here:

The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller's bank accounts.

By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly.

That's it. There is no sign up, or registration. We do not collect any ID.

Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.


When ordering I need to know three things from you:

1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently bitcoin is available most frequently at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?

Once I have that information I can prepare a quote for you.

After you have made a cash-only deposit into the seller's bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.

Those two items will need to be photographed and then uploaded as an attachment to the same ticket used to request the quote. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.

The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.

On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.

Anyways, I hope that clears that up for you.

Yes, I now understand how your service works. Thanks a lot
How do you prevent the seller from scamming the buyer ("I have not received the deposit")? I understand the deposit receipt and the business card of the teller would be enough to prove the deposit, but what would happen in that situation?

[sayulita]

So, basically, you are a middle-man to make sure the sellers respect the price quoted? Does it work like LocalBitcoins?

Here is a quick explanation as to how things work here:

The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller's bank accounts.

By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly.

That's it. There is no sign up, or registration. We do not collect any ID.

Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.


When ordering I need to know three things from you:

1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently bitcoin is available most frequently at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?

Once I have that information I can prepare a quote for you.

After you have made a cash-only deposit into the seller's bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.

Those two items will need to be photographed and then uploaded as an attachment to the same ticket used to request the quote. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.

The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.

On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.

Anyways, I hope that clears that up for you.

Yes, I now understand how your service works. Thanks a lot
How do you prevent the seller from scamming the buyer ("I have not received the deposit")? I understand the deposit receipt and the business card of the teller would be enough to prove the deposit, but what would happen in that situation?

Sellers who are permitted to work with Bitcoin-Brokers do everything within their power not to blow their opportunity. I have a list with the names and emails of sellers who are waiting to be given permission to have their bitcoin sold through the site. This list is a country mile long.

Now with that being the case, as I said, we already hold the bitcoin in escrow from the seller, so the seller NEVER has the ability to scam a buyer.

For the sake of argument, and to further entertain your question, let's assume a very shorted sighted seller makes their way onto the Bitcoin-Brokers framework and tries to pull off the scam you described.

The buyer has a bank issued bank receipt reflecting the deposit into the seller's account. The seller would have to explain to me why the buyer is holding the receipt.

Allow your mind to wander down the imaginary road of what would happen next. It doesnt take a genius to quickly figure out that seller has ZERO chance of scamming the buyer.

That is why after over 3000 different transactions since the company started in June of this year that there has been ZERO fraud, and you guessed it.......ZERO attempts at fraud.

Its a bulletproof framework at Bitcoin-Brokers where both the buyer and the seller are 100% protected on EVERY transaction.

[terrapinflyer]

I see you guys have changed your F.A.Q.

Before you stated that the bit-coin rate is determined(based on Mt.Gox's) by the time-stamp on the receipt received when the cash deposit was made.

Now, The FAQ now reads: bit-coin rate is determined as at the time the BIT-COIN is being released to the buyer!

Man this is very problematic and VERY vague.  

Which means you can literally sit on one's $ for up to 24 hours and watch what happens with the fluctuations before sending the BTC?

CATEGORICALLY, when a cash DEPOSIT or any cash payment was made...in normal business terms, it should signal the instantaneous disbursement or render of service.

Point is, YOU CANNOT DO that MAN!

Time-stamp as at when cash was made to the account should be norm. It's how everyone else does.

I apologize if you are unhappy with the change but let's review this.

We changed the terms, yes, but as you pointed out, the FAQ section was changed to advise clients of that change.

I don't understand how you find this to be "vague". It is about as clear as it can be stated.

As far as your comment about sitting on a client's money for up to 24 hours....99% of fundings occur in under 60 minutes.

In addition to the fact that fundings typically occur within minutes, there is zero benefit for Bitcoin-Brokers to try to time the pricing of your bitcoin. The Bitcoin-Broker fee is 2% regardless what prices do. It makes zero difference to Bitcoin-Brokers whether prices are moving up or down because the profit is always the same.

As far as your comment of "YOU CANNOT DO that MAN!"

Respectfully, "yes I can".

Most of the bitcoin is sourced from the actual exchanges when it is sold to you, so the pricing needs to be set in this manner. Otherwise the following scenario could occur:

1)Your deposit is made.
2)By the time you submit the documents as proof of deposit, prices have risen substantially.
3)The seller would be forced into selling you bitcoin at a loss. Obviously this cannot occur, otherwise the sellers will not allow you to use their bank account to buy your bitcoin in the first place. They need to be guaranteed a profit to offer you this service.

That's why you:

1)Make the deposit
2)Submit proof that deposit has been made
3)Deposit is verified by Bitcoin-Brokers, and then sent off to seller as proof.
4)Seller logs into online banking and verifies deposit is actually in their bank account.
5)Seller logs into their account at an exchange and purchases your bitcoin for you.

There are some sellers who sell their bitcoin without sourcing from the exchanges. These sellers have acquired their bitcoin through mining, or some other enterprise which nets them bitcoin which needs to be sold off. These types of sellers are less concerned with the intra-day movements of bitcoin prices, and as a result they set their prices according to the timestamp on your deposit receipt (which is what it sounds like you are looking for in a transaction).

I would suggest on your next order, that you request a seller who prices their bitcoin based on the timestamp, as compared to one who sources from an exchange. If there is supply available through one of these sellers, I will be happy to offer you these instead since it really makes zero difference to Bitcoin-Brokers which seller is chosen.

Hopefully, this offers you a better understanding as to why it has to happen this way.

Here is a quick explanation as to how things work here:

The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller's bank accounts.

By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly.

That's it. There is no sign up, or registration. We do not collect any ID.

Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.


When ordering I need to know three things from you:

1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently bitcoin is available most frequently at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?

Once I have that information I can prepare a quote for you.

After you have made a cash-only deposit into the seller's bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.

Those two items will need to be photographed and then uploaded as an attachment to the same ticket used to request the quote. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.

The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.

On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.

Anyways, I hope that clears that up for you.

Sellers who are permitted to work with Bitcoin-Brokers do everything within their power not to blow their opportunity. I have a list with the names and emails of sellers who are waiting to be given permission to have their bitcoin sold through the site. This list is a country mile long.

Now with that being the case, as I said, we already hold the bitcoin in escrow from the seller, so the seller NEVER has the ability to scam a buyer.

For the sake of argument, and to further entertain your question, let's assume a very shorted sighted seller makes their way onto the Bitcoin-Brokers framework and tries to pull off the scam you described.

The buyer has a bank issued bank receipt reflecting the deposit into the seller's account. The seller would have to explain to me why the buyer is holding the receipt.

Allow your mind to wander down the imaginary road of what would happen next. It doesnt take a genius to quickly figure out that seller has ZERO chance of scamming the buyer.

That is why after over 3000 different transactions since the company started in June of this year that there has been ZERO fraud, and you guessed it.......ZERO attempts at fraud.

Its a bulletproof framework at Bitcoin-Brokers where both the buyer and the seller are 100% protected on EVERY transaction.

These two statements contradict each other. I am very confused by your escrow system now. Are you holding the coins when you make the quote or are you asking the seller to send the coins to escrow after the deposit is confirmed?  I am not trying to smear your service I have used it many times and have never had a problem. I am simply trying to understand the system.

[sayulita]

I see you guys have changed your F.A.Q.

Before you stated that the bit-coin rate is determined(based on Mt.Gox's) by the time-stamp on the receipt received when the cash deposit was made.

Now, The FAQ now reads: bit-coin rate is determined as at the time the BIT-COIN is being released to the buyer!

Man this is very problematic and VERY vague.  

Which means you can literally sit on one's $ for up to 24 hours and watch what happens with the fluctuations before sending the BTC?

CATEGORICALLY, when a cash DEPOSIT or any cash payment was made...in normal business terms, it should signal the instantaneous disbursement or render of service.

Point is, YOU CANNOT DO that MAN!

Time-stamp as at when cash was made to the account should be norm. It's how everyone else does.

I apologize if you are unhappy with the change but let's review this.

We changed the terms, yes, but as you pointed out, the FAQ section was changed to advise clients of that change.

I don't understand how you find this to be "vague". It is about as clear as it can be stated.

As far as your comment about sitting on a client's money for up to 24 hours....99% of fundings occur in under 60 minutes.

In addition to the fact that fundings typically occur within minutes, there is zero benefit for Bitcoin-Brokers to try to time the pricing of your bitcoin. The Bitcoin-Broker fee is 2% regardless what prices do. It makes zero difference to Bitcoin-Brokers whether prices are moving up or down because the profit is always the same.

As far as your comment of "YOU CANNOT DO that MAN!"

Respectfully, "yes I can".

Most of the bitcoin is sourced from the actual exchanges when it is sold to you, so the pricing needs to be set in this manner. Otherwise the following scenario could occur:

1)Your deposit is made.
2)By the time you submit the documents as proof of deposit, prices have risen substantially.
3)The seller would be forced into selling you bitcoin at a loss. Obviously this cannot occur, otherwise the sellers will not allow you to use their bank account to buy your bitcoin in the first place. They need to be guaranteed a profit to offer you this service.

That's why you:

1)Make the deposit
2)Submit proof that deposit has been made
3)Deposit is verified by Bitcoin-Brokers, and then sent off to seller as proof.
4)Seller logs into online banking and verifies deposit is actually in their bank account.
5)Seller logs into their account at an exchange and purchases your bitcoin for you.

There are some sellers who sell their bitcoin without sourcing from the exchanges. These sellers have acquired their bitcoin through mining, or some other enterprise which nets them bitcoin which needs to be sold off. These types of sellers are less concerned with the intra-day movements of bitcoin prices, and as a result they set their prices according to the timestamp on your deposit receipt (which is what it sounds like you are looking for in a transaction).

I would suggest on your next order, that you request a seller who prices their bitcoin based on the timestamp, as compared to one who sources from an exchange. If there is supply available through one of these sellers, I will be happy to offer you these instead since it really makes zero difference to Bitcoin-Brokers which seller is chosen.

Hopefully, this offers you a better understanding as to why it has to happen this way.

Here is a quick explanation as to how things work here:

The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller's bank accounts.

By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly.

That's it. There is no sign up, or registration. We do not collect any ID.

Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.


When ordering I need to know three things from you:

1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently bitcoin is available most frequently at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?

Once I have that information I can prepare a quote for you.

After you have made a cash-only deposit into the seller's bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.

Those two items will need to be photographed and then uploaded as an attachment to the same ticket used to request the quote. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.

The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.

On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.

Anyways, I hope that clears that up for you.

Sellers who are permitted to work with Bitcoin-Brokers do everything within their power not to blow their opportunity. I have a list with the names and emails of sellers who are waiting to be given permission to have their bitcoin sold through the site. This list is a country mile long.

Now with that being the case, as I said, we already hold the bitcoin in escrow from the seller, so the seller NEVER has the ability to scam a buyer.

For the sake of argument, and to further entertain your question, let's assume a very shorted sighted seller makes their way onto the Bitcoin-Brokers framework and tries to pull off the scam you described.

The buyer has a bank issued bank receipt reflecting the deposit into the seller's account. The seller would have to explain to me why the buyer is holding the receipt.

Allow your mind to wander down the imaginary road of what would happen next. It doesnt take a genius to quickly figure out that seller has ZERO chance of scamming the buyer.

That is why after over 3000 different transactions since the company started in June of this year that there has been ZERO fraud, and you guessed it.......ZERO attempts at fraud.

Its a bulletproof framework at Bitcoin-Brokers where both the buyer and the seller are 100% protected on EVERY transaction.

These two statements contradict each other. I am very confused by your escrow system now. Are you holding the coins when you make the quote or are you asking the seller to send the coins to escrow after the deposit is confirmed?  I am not trying to smear your service I have used it many times and have never had a problem. I am simply trying to understand the system.

Respectfully, these statements do NOT contradict each other whatsoever.

Bitcoin-Brokers ALWAYS holds the seller's bitcoin in escrow BEFORE ever instructing the buyer to deposit cash into the seller's bank account.

Bitcoin-Brokers will NEVER instruct a buyer to make a deposit into a seller's bank account unless we already have full control over the seller's bitcoin.

This is how we are always able to guarantee to the buyer that they will always receive their bitcoin after depositing cash into the seller's bank account.

[NewLiberty]

These two statements contradict each other. I am very confused by your escrow system now. Are you holding the coins when you make the quote or are you asking the seller to send the coins to escrow after the deposit is confirmed?  I am not trying to smear your service I have used it many times and have never had a problem. I am simply trying to understand the system.

Sounds like both are true. 
1) BB holds the coins in escrow. 
2) Depositor buys coins. 
3) BB askes seller for new coins to replenish escrow.
and repeat...

[terrapinflyer]

Thanks for the explanations, it is much more clear now.

[sayulita]

These two statements contradict each other. I am very confused by your escrow system now. Are you holding the coins when you make the quote or are you asking the seller to send the coins to escrow after the deposit is confirmed?  I am not trying to smear your service I have used it many times and have never had a problem. I am simply trying to understand the system.

Sounds like both are true. 
1) BB holds the coins in escrow. 
2) Depositor buys coins. 
3) BB askes seller for new coins to replenish escrow.
and repeat...

Thanks for your help.

[The 4ner]

What's the current minimum amount of bit coins necessary to be a seller?

This is an ever changing world so things will probably change in the future. Yet, at this moment, if you want to become a seller at Bitcoin-Brokers. I am only interested in sellers who can commit to at least $5000/month worth of bitcoin. Additionally, as a seller you will need to offer at least one high volume bank and preferably more than one (BOA, Wells, Chase, Suntrust, Key etc.

I sell a ton of bitcoin every week, and considering the amount of energy required to get a new seller set up in the system, it isn't worth any amount less than that.

Hopefully that helps.

Understood. Thanks!

[mxxx363]

Would be helpful if you could put a online status indicator for when someone is available to answer the buy requests.

I usually use localbitcoins and you guys but don't want to make a request then cancel if you happen to be afk.

[sayulita]

Would be helpful if you could put a online status indicator for when someone is available to answer the buy requests.

I usually use localbitcoins and you guys but don't want to make a request then cancel if you happen to be afk.

It isn't necessary because I am on the help desk between the hours of 7:00am-7:00pm PST Monday-Saturday.

You will never have a hard time reaching me.

At this moment, there are zero tickets unattended.

Usual response times are within minutes, though on very heavy sales days, a client might have to wait up to an hour for a response.

I think that's about as good as it gets in the industry to speak to a live person don't you?

[sayulita]

Happy Holidays to everybody!

[Andy_Forscemproni]

Love this service.

I tried to buy $400 worth of Bitcoin on Saturday, and so I followed the directions and sent my bank receipt and teller card scans in a reply to Bitcoin Broker's email.
It ended up never going through (didn't get a reply) so I ended up sending 2 more follow up emails on Sunday and Monday. My mistake in communication. After I didn't receive the reply, I should have assumed something was wrong with my email service (getting flagged by Zendesk) and immediately pm'ed sayulita on the forums. His initial reply to my ticket was on the order of ~5 minutes, so I had no reason to assume he would have been late replying. Again, I messed up.

But this didn't matter. Even after failing so badly on my part with communication and following the directions he sent me (deposit by 6pm on Saturday, that was my limit), after I sent him a pm via forums and then replied through Zendesk's system (not my email), he was promptly able to fix everything.

The best costumer service I've ever had.


And for anyone out there who will be using this service in the future, use the Zendesk system. Once you get your initial reply, setup an account with the email address you used and make all future replies through that system.

[tvbcof]

A big thanks to the above poster for the hints about using the Zendesk ticketing system.  I was familiar with such systems having used them in other efforts, but they might not be as obvious to everyone.  Hints like this can go a long ways toward helping others.

Bitcoin-brokers seems in theory to be a pretty tight system.  In practice as well.  The most obvious failure mode is if the operator took off with the sellers coins which are in escrow.  That he uses a ticketing system like Zendesk is something I considered comforting.  I don't know if it is true or not, but hopefully Zendesk has DOX on the operator and would cooperate in hunting him down if he was running an obvious scam using their service.

When I used this service I found the responsiveness of the operator to be similarly impressive.  And the results to be fantastic.  I now use Coinbase mostly but will not hesitate to use this services again and may do so even if Coinbase remains performant.

[NewLiberty]

A big thanks to the above poster for the hints about using the Zendesk ticketing system.  I was familiar with such systems having used them in other efforts, but they might not be as obvious to everyone.  Hints like this can go a long ways toward helping others.

Bitcoin-brokers seems in theory to be a pretty tight system.  In practice as well.  The most obvious failure mode is if the operator took off with the sellers coins which are in escrow.  That he uses a ticketing system like Zendesk is something I considered comforting.  I don't know if it is true or not, but hopefully Zendesk has DOX on the operator and would cooperate in hunting him down if he was running an obvious scam using their service.

When I used this service I found the responsiveness of the operator to be similarly impressive.  And the results to be fantastic.  I now use Coinbase mostly but will not hesitate to use this services again and may do so even if Coinbase remains performant.

Bitcoin-Brokers is the best option for buying bitcoin same day, reliably and without weird business decision risks.

The issues I've had with Coinbase are
1) Arbitrarily reversing trades due to "high risk" despite thousands of trades with them, a too high percentage of purchases get reversed when the price rises between purchase and fulfillment.
2) A major bank cancelled my account shortly after the first Coinbase ACH trade.  They bank did not provide a reason (they aren't required to do so), but there was nothing other than those Coinbase transactions that had changed.

Coinbase may be too high-profile for its own good.  If US banks decide they don't like bitcoin companies, it stands out.  I'm getting an account with Simple.com (which reputedly does like Bitcoin companies) set up with Coinbase to test how that goes, but this still won't resolve the issue #1 of unreliability.

The account closure option doesn't happen to everyone, yet, but it is common enough to be a concern if you want to keep your bank account.
http://www.coindesk.com/capital-one-closes-bank-account-bitcoin/
http://vr-zone.com/articles/bitcoin-businesses-getting-banned-banks-us/64047.html
http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/
http://www.reddit.com/r/Bitcoin/comments/1rytlm/wells_fargo_investigating_use_of_coinbase/
http://www.sfgate.com/business/article/Bitcoin-hasn-t-yet-gained-currency-with-banks-5042604.php

[sayulita]

Thanks very much to the last three posters who have contributed in this discussion.

I especially appreciate the assistance which has been provided to users of the Zendesk system (Thanks Andy).

I have been closed for 2 days to enjoy the holidays. Today, I am back open for business.

I hope everybody had a great holiday with friends and family.

[akaman]

The issues I've had with Coinbase are
...
2) A major bank cancelled my account shortly after the first Coinbase ACH trade.  They bank did not provide a reason (they aren't required to do so), but there was nothing other than those Coinbase transactions that had changed.

Could you tell us which bank this was? Its useful info for anyone considering opening accounts for buying/selling bitcoins.

[sayulita]

The issues I've had with Coinbase are
...
2) A major bank cancelled my account shortly after the first Coinbase ACH trade.  They bank did not provide a reason (they aren't required to do so), but there was nothing other than those Coinbase transactions that had changed.

Could you tell us which bank this was? Its useful info for anyone considering opening accounts for buying/selling bitcoins.

The current minimum is $5000.

[sayulita]

I wanted to bring it to everybody's attention that Chase Bank has informed multiple buyers within the last week that starting Feb 1st they will no longer permit people to make cash deposits into other people's bank accounts.

Perhaps Chase Bank account holders should contact their local branch and investigate this further.

While speaking with your local Chase Bank, try to also ask if this applies to business accounts or just personal accounts. I am going to guess that this could only apply to personal accounts, but would feel better hearing from somebody "in the know".

Thanks.

[marcus_of_augustus]

I wanted to bring it to everybody's attention that Chase Bank has informed multiple buyers within the last week that starting Feb 1st they will no longer permit people to make cash deposits into other people's bank accounts.

Wow, really?

So they choose to make their own money less useful for their customers ... crazy business model.

[tvbcof]

I wanted to bring it to everybody's attention that Chase Bank has informed multiple buyers within the last week that starting Feb 1st they will no longer permit people to make cash deposits into other people's bank accounts.

Wow, really?

So they choose to make their own money less useful for their customers ... crazy business model.

I'm surprised that it ever was legal.  Pleasantly surprised.  My guess is that the rest of the banks will follow suite rather quickly.  My banker says that it is how some people pay rent so I guess it was tolerated until now.

In my view of mechanical reality, money that one deposits in the normal consumer bank becomes the banks money to do with as they please (especially since Glass-Steagall got kicked out the window.)  I understand that this is basically legally adjudicated fact.  Money not in normal consumer banks basically belongs to the Fed.  Perhaps under the law, perhaps not.  It would take a calamity to see how that plays out where the rubber meets the road and calamities only happen every few generations when Joe Sixpack has forgotten about the last one and has not paid attention to their grandparent's stories.

Anyways, this goes some distance toward explaining why gold and more recently, Bitcoin, have been of interest to me.

Back OT, I am planning to get a certain fraction of my planned bitcoin sales done via Coinbase to raise the capital I actually need for the projects I've envisioned, then switch back to Bitcoin Brokers.  In this way I'll make fairly sure I don't get my account nuked for unusual activity, but enjoy a (usually) better price through Bitcoin-Brokers.