Chase Bank to offer deposits for MTGox

[DutchBrat]

https://mtgox.com/press_release_20111017.html

How Does It Work?
Once you upgrade to a verified Mt.Gox account, simply walk into any Chase branch and fill out a Chase deposit slip with the following information:

1. The deposit date.
2. The customer name, being "Mt.Gox".
3. Your Mt.Gox customer account number - "MTG#####X" (E.g. below)
4. Your signature.
5. The Mt.Gox Chase account Number, accessible via the Mt.Gox Add Fund page.
6. Your total deposit amount in USD.

Making Bitcoin access easier !

[d.james]

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

[Elwar]

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:

MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

[Phinnaeus Gage]

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:

MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.

[eldentyrell]

1. The deposit date.
2. The customer name, being "Mt.Gox".
3. Your Mt.Gox customer account number - "MTG#####X" (E.g. below)
4. Your signature.
5. The Mt.Gox Chase account Number, accessible via the Mt.Gox Add Fund page.
6. Your total deposit amount in USD.

It is really Not Cool that this is available only to "upgraded" accounts.

Please consider allowing deposits below some threshold ($500/month) from all accounts.  ExchB didn't require any sort of government identity documents for deposits.

[c0ffer]

...Making Bitcoin access easier !

This is the important part

[tvbcof]

1. The deposit date.
2. The customer name, being "Mt.Gox".
3. Your Mt.Gox customer account number - "MTG#####X" (E.g. below)
4. Your signature.
5. The Mt.Gox Chase account Number, accessible via the Mt.Gox Add Fund page.
6. Your total deposit amount in USD.

It is really Not Cool that this is available only to "upgraded" accounts.

Please consider allowing deposits below some threshold ($500/month) from all accounts.  ExchB didn't require any sort of government identity documents for deposits.

...and they are bye-bye. gone-ski. Audi-5000.  In fact, as I read ~weex's goodbye note, they will be requiring some additional info for at least some people who want to collect their $$$.  Unsurprising really.

---

On a totally different tangent, what is the availability and status of your FPGA boards and setup?  I was researching it last night, but I don't think I happened across anything real recent and I don't think I discovered a web site for your stuff.

[sveetsnelda]

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

Well...  sort of.  ExchB was doing this, but there were differences.

1.  Had to obtain a deposit request first.
2.  Had to obtain a receipt from the teller, take a picture of it, and email it.  Yes, this isn't too bad for most because of camera phones, but it is still cumbersome.
3.  There was a significant fee for the deposit (one percent up to $20 IIRC).  Yes, this is usually still cheaper than a wire transfer.  Combine this with the trading fee and it's adding up either way.
4.  ExchB didn't have the kind of volume that MTGox has.  The couple times that I used ExchB, I remember having to settle on buying the coins for a substantially higher price.  It wouldn't have been a big deal if I were just buying enough coins to grab some chips at Bitmunchies, but acquiring an appreciable amount of coins meant that I would have to rip pretty far into the market depth or wait for quite a while for my orders to be filled.

Like DutchBrat said -- anything to make the process easier and more convenient.

[eldentyrell]

...and they are bye-bye. gone-ski. Audi-5000.  In fact, as I read ~weex's goodbye note, they will be requiring some additional info for at least some people who want to collect their $$$.  Unsurprising really.

In fact, as I read the goodbye note, they went out of business due to anemic revenues rather than having to ask for identity documents.

On a totally different tangent, what is the availability and status of your FPGA boards and setup?  I was researching it last night, but I don't think I happened across anything real recent and I don't think I discovered a web site for your stuff.

I posted an update in that thread here and also edited the first post in the thread to link to it.  In terms of availability-for-purchase, that's the status until further notice.  In terms of my own private mining operation, I've got 100 bare PCBs back, 6 built (and mining as we speak), still trying to get better pricing on the Spartan6's before I build the rest.

[sveetsnelda]

All I can say is, good luck to MtGox when people chargeback their bank transfers.

Huh?  How do you chargeback a cash deposit?  If I walk into your bank and deposit cash into your account, I'm certainly not going to be able to go back to the bank days later and demand my money back...  right?

[Phinnaeus Gage]

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:

MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.

Sorry for quoting myself, but I was looking for clarification. If I'm able to get USD into MtGox within minutes, does this mean that the reverse is true--Bitcoin to USD via a MtGox account within minutes?

[cbeast]

All I can say is, good luck to MtGox when people chargeback their bank transfers.

Huh?  How do you chargeback a cash deposit?  If I walk into your bank and deposit cash into your account, I'm certainly not going to be able to go back to the bank days later and demand my money back...  right?

You qualified that with "cash" on purpose, didn't you? Unfortunately that doesn't allow MtGox to abide by FinCEN.

Chargebacks are for US merchants, no? In what country is Mt Gox operating?

[sveetsnelda]

All I can say is, good luck to MtGox when people chargeback their bank transfers.

Huh?  How do you chargeback a cash deposit?  If I walk into your bank and deposit cash into your account, I'm certainly not going to be able to go back to the bank days later and demand my money back...  right?

You qualified that with "cash" on purpose, didn't you? Unfortunately that doesn't allow MtGox to abide by FinCEN.

Yes.  I did.  I qualified that with "cash" because that's exactly what MtGox is allowing.  Cash deposits.  This is what ExchB did as well.  Cash deposits...  not transfers.

[eldentyrell]

All I can say is, good luck to MtGox when people chargeback their bank transfers.

It isn't a transfer.

It's a cash deposit.

You can't "un-deposit" cash at a bank.

[eldentyrell]

It isn't a transfer.

It's a cash deposit.

You can't "un-deposit" cash at a bank.

heh "un-deposit"... otherwise known as "withdraw".

I don't think you understand how this works.

You are making a cash deposit into MtGox's bank account.

Last time I checked, most reputable banks will not let you "withdraw" money from somebody else's bank account.  That's usually called a "bank robbery".

Maybe you know about some secret I don't?

[payb.tc]

It isn't a transfer.

It's a cash deposit.

You can't "un-deposit" cash at a bank.

heh "un-deposit"... otherwise known as "withdraw".

I don't think you understand how this works.

You are making a cash deposit into MtGox's bank account.

Last time I checked, most reputable banks will not let you "withdraw" money from somebody else's bank account.

Maybe you know about some secret I don't?

oh, i understand how it works, you can only "un-deposit" from your own bank account.

i just thought the new term was funny, when we already have a perfectly good word for it already.

[J Pitt]

I don't think you understand how this works.

You are making a cash deposit into MtGox's bank account.

Last time I checked, most reputable banks will not let you "withdraw" money from somebody else's bank account.  That's usually called a "bank robbery".

Maybe you know about some secret I don't?

If they were able to somehow restrict deposits to their account to only cash and not checks, then they're fine. But checks are, of course, cancelable.

[MagicalTux]

We will not credit deposits from checks, only cash. It's written on MtGox that the account can only be used for *cash* deposit, it should be obvious enough.

[Gavin Andresen]

Good luck keeping your account open without a FinCEN ruling excluding you from liabilities regarding reporting the personal information of depositors...

Double-huh?  You write your Mt.Gox account information on the deposit, Mt.Gox has all the information necessary to report to FinCen (because only upgraded Mt.Gox accounts can use the service) if required (if depositing more than whatever the daily/weekly FinCen requirements are, yada yada...).

What's up with the attitude Matthew? More ways to purchase bitcoin is a good thing...

[DeathAndTaxes]

Good luck keeping your account open without a FinCEN ruling excluding you from liabilities regarding reporting the personal information of depositors...

Double-huh?  You write your Mt.Gox account information on the deposit, Mt.Gox has all the information necessary to report to FinCen (because only upgraded Mt.Gox accounts can use the service) if required (if depositing more than whatever the daily/weekly FinCen requirements are, yada yada...).

What's up with the attitude Matthew? More ways to purchase bitcoin is a good thing...

I am guessing his signature is a clue.  100% markup vs instant deposits w/ no minimal fees.

The only thing I don't like it Mt Gox getting bigger.  They already have 90% of the volume.  Exchanges are like ebay once you have a big one it is difficult for others to compete.