Bank Threatens To Close Accounts Of Bitcoin Buyers

[Rick Nolan]

Today Jordan Spencer, a client of Lakestone Bank & Trust, said on his Facebook account that the bank sent him a letter, informing that purchases and receiving funds from Coinbase.com is against Lakestone’s policy and the bank will close Jordan’s account if transactions continue.

Read more: https://hype.codes/bank-threatens-close-accounts-bitcoin-buyers

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[Jet Cash]

Use a different bank, or just keep the coins.

[OmegaStarScream]

There is a decent amount of banks that are bitcoin friendly and unless someone use a known exchange for these transactions, I don't see how would they know that this transaction involve bitcoin, someone can always trade his BTC for PayPal or Skrill and then withdraw to his bank account.

[eternalgloom]

Seems like they've angered a lot of the Bitcoin community if you look at their Facebook ratings.
Yeah I would not want to be a customer at a bank that decides for me where I can spend my money...

I am wondering what the thought-process behind this is? Have they received too many complaints in the past regarding Bitcoin and people getting scammed for example?
Or are they just 'against' Bitcoin in general?

[sabrikks]

it's normal for this to happens because banks hates bitcoin, it's a possible threat to their existance so they are fighting back and we have already seen country in north africa banning the trade of bitcoin

[Gibreil]

Today Jordan Spencer, a client of Lakestone Bank & Trust, said on his Facebook account that the bank sent him a letter, informing that purchases and receiving funds from Coinbase.com is against Lakestone’s policy and the bank will close Jordan’s account if transactions continue.

Read more: https://hype.codes/bank-threatens-close-accounts-bitcoin-buyers

Have you left a feedback?

I think that bank don't have exchanges in cryptocurrency. Prohibiting of cryptocurrency in banks is normally today because I think that crypto will be the greatest enemy of banks. However, it ia too scary that if it will implement worldwide (Prohibition of crypto), i think it is too hard for us to withdraw using our digital wallet to banks and maybe our bank account will close if we use it.

[Freezingel]

Well people are free to spend their money on what they want so the bank shouldn't have done that kind of move. If it were me then i will close my account and use different bank. They can't prevent people from using coinbase if the government itself allows it.

[junoreactor]

Similar story posted 2 months ago, In France > https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/
As long as your money is available, I see no problem with it.
Most banks have "anti money laundering" instructions and that's why they don't want to be responsible if some dirty money transited into their bank. Just get a bank account from somewhere else, US residents could look at Belize for instance, European residents can look at Malta, just two examples.   

[Dapper]

It'll have a huge market effect if this happens on a large scale.    Yeah, btc will still be around, but it's still a fact that for most normal everyday folks, their funds originate from some bank account, and it would be difficult to convert it to btc without a bitcoin exchange. 

[JerryJam]

This guy can certainly close his account with this bank. But why should he do it? If there is no law in the country that prohibits bitcoin, then the bank is obliged to serve the customer. Accordingly, the client does not violate the law and can use the services of the bank.

[Dapper]

Well, no.   If anyone bothered to read the fine print of just about any basic savings or checking account, the bank absolutely can terminate the relationship for pretty much any reason at all.   They don't keep your money, they just don't owe you a service.   Now, they can't discriminate based on race, religion, etc. etc... but they CAN end the relationship if it is to limit their own risk.   It's no different than the bank having an absolute right whether or not to loan you money.   Getting a loan is not a right either. 

[mOgliE]

He should definitely change banks.

I understand large banking institutions may feel jeopardized by bitcoin.. but for the moment they know they still have the upper hand.
There is no reason to refuse such transactions.. as for the banks, it only makes a new source of revenue, so new funds to place on traditionnal trading places.

In the end, I hope bitcoin will allow us to get rid of traditionnal banks. But it is still too soon!

[alfstep]

What? Coinbase is blacklisted by them? just use VPN then LOL joking
I agree with others, just use more friendly bank account, they have nothing to do with what we earn online, as long as it is not money laundering
Or perhaps your friend withdraw huge amount of money and frequently? It is normal for the bank to take precaution then

[Catch-22]

I heard of some bitcoin traders who were asked to closed their account because they had bitcoin transaction.  As most of the government do not support bitcoin, it is expected.

[jonval21]

the real fight against bitcoin have started, this time banks will lose, the time will come when bankers will  be scared to lock the money from people.

[Mometaskers]

Your bank won't allow you to use bitcoins? Well then show them they made a bad decision and take all your money out. This is ridiculous. Coinbase is pretty much the largest exchange in the US. And banks not accepting funds from it just stupid, considering the gov't itself consider the exchange's operation legal. I live in a third-world country and all banks here accept bitcoins from our local exchanges.

[uslfd]

Anyone has an account with them should terminate the account immediately.

[tigan_gangmei]

Hope the banks realise customers can open accounts in other banks.

[Hobo66]

Just use a different bank, this is new info I heard so far from a bank.
In my country this is not a problem yet, I hope this issue never happen
to my bank, The government are trying to stop the progress of bitcoin cant anyone see it.

[LTCendmanagement]

This is what we hate, banks always limit the money we have. With the bitcoin we can feel the freedom of owning the finances themselves, without the help of banks without government assistance.