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Author Topic: Anyone run into problem selling bitcoins for cash deposit into bank?  (Read 1284 times)
spookycloud
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September 26, 2013, 12:07:37 AM
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I am thinking about selling bitcoins through my personal bank account and have people across the country deposit money into my account. I see it on localbitcoin site, is there any legal issues I would run into or have the bank freeze my account?
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tvbcof
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September 26, 2013, 12:36:38 AM
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I am thinking about selling bitcoins through my personal bank account and have people across the country deposit money into my account. I see it on localbitcoin site, is there any legal issues I would run into or have the bank freeze my account?

I did one batch through Bitcoin-Brokers (thread in 'services' sub-forum) and it went fine.  I've talked to my personal banker (Wells Fargo) at some length about Bitcoin and specifically about random people depositing money into my account, and she said it was fine and fairly common for rent and what-not.  In fact, I have a rental where the property management company does just this.

My banker did suggest that I set up a different checking account for incoming funds so that I don't have to give out the number for my primary checking.  I've done this now, but have not done any sales on it thus far.  My primary account is a 'PMA' so I can set up another account with no fees or minimum balance.

Good luck to you.  Since Mt. Gox does not seem to be sending the international wire I requested almost a month and a half ago, I may go ahead and sell another batch through Bitcoin-Brokers unless I can find someone who wants to buy about $5000 worth in person in one batch which is unlikely.  At least I got no bites last time I tried to deal in such volumes.


btbrae
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September 26, 2013, 12:58:21 AM
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Just depends who you deal with, if the flags start going off when money flows from dodgy or fraudulent accounts then your account will be locked or suspended and there'll be some goto with your bank who by most accounts will give you a telling off and tell you to get a business account.
cbhelp
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September 26, 2013, 01:08:38 AM
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What is pma?

tvbcof
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September 26, 2013, 03:21:21 AM
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What is pma?

I don't know what the acronym stands for.  It's a premium account of some sort.  I gotta keep $25k in it to avoid fees, and as it happens that's in the ballpark of the kind of money I'm comfortable having in the mainstream in these times of massive derivatives trading and the new popularity of 'bail-ins' as a means of solving financial crises.

I would mention to the OP, that I was thinking of a situation where actual cash (the green paper stuff) was deposited in my name.  Not account-to-account transfers.  That is how Bitcoin-Brokers does things.  They act in part as an escrow agent for the transaction as well as a general organizer it seems.  I was not (and am not) aware of any 'localbitcoins'-like method for doing anything other than face-to-face transactions because I've not looked at it for a while.  There was some bug on their web site when I tried to set up an account, and I felt it unlikely to be effective for my needs anyway so I didn't bother to peruse the issue.


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