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Author Topic: US credit unions deem Bitstamp risky  (Read 802 times)
thegolden24 (OP)
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December 13, 2013, 06:11:56 PM
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My credit union said that my funds couldnt be transferred because it was deemed a risky transfer... This is bullshit(pardon my french) they didn't even give me notice, I had to go to the bank and raise hell for them to credit my bank account back. Do you guys know of a bank that will let me transfer $5000 to bitstamp without a problem?

Bitrated user: ChrisCarreon.
laowai80
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December 13, 2013, 07:15:15 PM
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Haha, bank doesn't let you handle your own money, I guess they don't think the money is really yours. This is truely something unimaginable. I hope you closed your account with them immediately after this incident?
btcprice
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December 13, 2013, 07:26:42 PM
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Haha, bank doesn't let you handle your own money, I guess they don't think the money is really yours. This is truely something unimaginable. I hope you closed your account with them immediately after this incident?

This is exactly why bitcoin and other cryptcurrencies are so valuable to us. No one questions me or even knows when I transfer coins between wallets or my phone.
thegolden24 (OP)
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December 13, 2013, 07:58:08 PM
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Haha, bank doesn't let you handle your own money, I guess they don't think the money is really yours. This is truely something unimaginable. I hope you closed your account with them immediately after this incident?

Yes I did. Any recommendations for a reliable bank in the US that will allow me to make these wire transactions without the b.s.?

Bitrated user: ChrisCarreon.
oxxymoronn
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December 13, 2013, 08:04:53 PM
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Haha, bank doesn't let you handle your own money, I guess they don't think the money is really yours. This is truely something unimaginable. I hope you closed your account with them immediately after this incident?

It's just sad really.... ugh it just gets worse and worse
laowai80
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December 13, 2013, 08:07:39 PM
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Yes I did. Any recommendations for a reliable bank in the US that will allow me to make these wire transactions without the b.s.?

You might want to check out this thread:

https://bitcointalk.org/index.php?topic=264679.0
btc4ever
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December 13, 2013, 08:15:06 PM
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no.

you could bank outside the U.S.  Or just buy the bitcoins locally privately and without any intermediary possibly losing them.   See my sig.

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
btc4ever
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December 13, 2013, 08:18:00 PM
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another thought.  in my experience brokerage firms tend to be less restrictive than banks.    I think it is because they are regulated differently.    Still though, I'd stick with with p2p transfers and leave the legacy banks behind.

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
Steveia
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December 13, 2013, 08:36:51 PM
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My credit union said that my funds couldnt be transferred because it was deemed a risky transfer... This is bullshit(pardon my french) they didn't even give me notice, I had to go to the bank and raise hell for them to credit my bank account back. Do you guys know of a bank that will let me transfer $5000 to bitstamp without a problem?


I'm not surprised. People always find out the hard way. Money deposited in a bank, any bank, is no longer your money. The State and/or the bank can, merely at their will, seize your money or control what you can do with it.

If the money is the bank's possession, it is no longer your money.

My advice is to never let the bank know what you are doing with your money (assuming, of course, you still want a bank account). In other words, if you are going to buy bitcoins, take cash out of the bank and buy them locally from localbitcoins or similar sites. This way the bank has no idea what you are doing with the cash withdrawal.

This way the government does not know you are buying Bitcoin.

All banks are, more or less, the same. Forget about looking for a better bank.
Steveia
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December 13, 2013, 08:40:39 PM
 #10

Haha, bank doesn't let you handle your own money, I guess they don't think the money is really yours. This is truely something unimaginable. I hope you closed your account with them immediately after this incident?

Spot on.
joesmoe2012
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December 14, 2013, 10:20:51 AM
 #11

My credit union said that my funds couldnt be transferred because it was deemed a risky transfer... This is bullshit(pardon my french) they didn't even give me notice, I had to go to the bank and raise hell for them to credit my bank account back. Do you guys know of a bank that will let me transfer $5000 to bitstamp without a problem?

What credit union?

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