Chase Bank to offer deposits for MTGox

[cypherdoc]

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  

how do you do this?

I've been doing it at Walmart for over 5 years. I hand them a check, they scan it, and had the check back to me. According to the timestamps of my receipt and my back statement, it was all done within one second.

Now, I'm going to try to do this one more time. MtGox showed me a way to deposit USD into my account with it showing up quickly. Great! Now, I want to withdraw funds from MtGox and have it show up at my bank within the same amount of time. If they can't, then I say that their only looking out for themselves. Get your USD here quick, but we'll still take our sweet time giving your funds back to you. That's the point I was trying to make from my very first post on this thread.

this is actually a very good point.

edit:  i wonder if i set up a Chase acct could mtgox get me my USD's back in one day?

[1714124805]

1714124805

[1714124805]

1714124805

[1714124805]

1714124805

[DeathAndTaxes]

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds. 

how do you do this?

It is something my bank (USAA) offers.  Initially the offered it via a scanner (called deposit@Home).  You type in amount of check, scan it and then once accepted void the check.  They credit your account electronically.  About a year ago they added smartphone feature which works the same way except you take photo of front and back of check.

Pretty cool.  It happens in realtime even the OCR image analysis and instantly tells you the deposit cleared or to scan again.   Pretty cool stuff but USAA is an awesome bank and it is owned by members.

[cypherdoc]

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds. 

how do you do this?

It is something my bank (USAA) offers.  Initially the offered it via a scanner (called deposit@Home).  You type in amount of check, scan it and then once accepted void the check.  They credit your account electronically.  About a year ago they added smartphone feature which works the same way except you take photo of front and back of check.

Pretty cool.  It happens in realtime even the OCR image analysis and instantly tells you the deposit cleared or to scan again.   Pretty cool stuff but USAA is an awesome bank and it is owned by members.

very cool.  must be fairly unique.  any other banks do this?

[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.

Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

There's that age thing again.

I'm going to try to do this one more time. I will type really slow so that you can understand where I'm coming from.

MtGox released a statement stating that there's now a way to get your USD into your account more quickly. Great! Fine! Getting money into a MtGox account was not very difficult in the first place. It was the time it takes to get it out. That's the news I want to hear and have them announce. Since that wasn't the case, my first post was to bring that fact to everyone's attention via satire, knowing damn well that that wasn't the case.

That said, let's reread my original post, together:

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.

[plastic.elastic]

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.

Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

There's that age thing again.

I'm going to try to do this one more time. I will type really slow so that you can understand where I'm coming from.

MtGox released a statement stating that there's now a way to get your USD into your account more quickly. Great! Fine! Getting money into a MtGox account was not very difficult in the first place. It was the time it takes to get it out. That's the news I want to hear and have them announce. Since that wasn't the case, my first post was to bring that fact to everyone's attention via satire, knowing damn well that that wasn't the case.

That said, let's reread my original post, together:

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.

I understood where you came from. Hence i posted to correct any misinformation you had. If you understood my post, you would have known withdrawing funds and depositing cant never be done with the same process. They're different fundamentally. And you missed that. The only time both transactions can be done the same way is if you're the holder of both accounts.

I dont see why you keep going with this. Just forget it.

[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.

Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

There's that age thing again.

I'm going to try to do this one more time. I will type really slow so that you can understand where I'm coming from.

MtGox released a statement stating that there's now a way to get your USD into your account more quickly. Great! Fine! Getting money into a MtGox account was not very difficult in the first place. It was the time it takes to get it out. That's the news I want to hear and have them announce. Since that wasn't the case, my first post was to bring that fact to everyone's attention via satire, knowing damn well that that wasn't the case.

That said, let's reread my original post, together:

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.

I understood where you came from. Hence i posted to correct any misinformation you had. If you understood my post, you would have known withdrawing funds and depositing cant never be done with the same process. They're different fundamentally. And you missed that. The only time both transactions can be done the same way is if you're the holder of both accounts.

I dont see why you keep going with this. Just forget it.

Fair enough, p.e.. I sincerely look forward to reading your future posts on this forum. (not a jab)

Bruno

[eldentyrell_old]

So, I'd like to report that this process is not working smoothly.

I made a deposit more than 36 hours ago, scanned and emailed my deposit reciept to MtGox, and the funds still haven't been credited.  Several emails to their support team keep getting the same response: "We will notify you when your cash deposit is credited to your account."

ExchB credited my deposits within an hour most of the time, and never even once took more than two hours.

*sigh*

No big deal if the price stays where it is, but it sure will stink if it suddenly goes up 25% (which is quite possible considering the gigantic plunge the price just took).

[Mt.Gox Support]

We are on top of this, and the delay was due to us waiting for some data that was yet to be available from Chase. Sorry for this hick-up, but we will squash this problem ASAP to make is running smoother for you and others next time ;-)

[TheBlackDahlia]

So, I'd like to report that this process is not working smoothly.

I made a deposit more than 36 hours ago, scanned and emailed my deposit reciept to MtGox, and the funds still haven't been credited.  Several emails to their support team keep getting the same response: "We will notify you when your cash deposit is credited to your account."

ExchB credited my deposits within an hour most of the time, and never even once took more than two hours.

*sigh*

No big deal if the price stays where it is, but it sure will stink if it suddenly goes up 25% (which is quite possible considering the gigantic plunge the price just took).

I am on the same boat as you. Deposited cash about 40 hours ago and there is still nothing in my account.

We are on top of this, and the delay was due to us waiting for some data that was yet to be available from Chase. Sorry for this hick-up, but we will squash this problem ASAP to make is running smoother for you and others next time ;-)

And that data is probably the image of the deposit slips, which is made available to the account holder 24 hours after the deposit in Chase's system (I use to work for Chase). Combine that with the difference in hours b/w the US and Japan...that should explain why there's a delay. I will give MtGox the benefit of the doubt here, however, I do expect my money to be credited to my account sometime today.

[julz]

Now, I'm going to try to do this one more time. MtGox showed me a way to deposit USD into my account with it showing up quickly. Great! Now, I want to withdraw funds from MtGox and have it show up at my bank within the same amount of time. If they can't, then I say that their only looking out for themselves. Get your USD here quick, but we'll still take our sweet time giving your funds back to you. That's the point I was trying to make from my very first post on this thread.

I think you might be being unreasonable.   The existing byzantine banking system doesn't necessarily have the sort of logistical symmetry that suggests just because you can do something in one direction, you can as easily do it the other way. 
It's better that mtgox picks the low hanging fruit in order to give incremental improvements than to hold back until they have a comprehensive solution.

It's pretty easy to scan a csv/account statement for mtgox account codes and deposit amounts.
Is it as easy to submit a batch of transfer requests for processing? 
I dunno - for all I know it may take a special batch submission arrangement with the bank unless you want to sit in front of some clunky web interface to do it manually.

[Mt.Gox Support]

Ok, we found exactly what was going wrong! So please give our technician at least 12h to fix this once and for all!

Once again sorry for the delay, thank you for your continuous support and happy trading!

[TheBlackDahlia]

Ok, we found exactly what was going wrong! So please give our technician at least 12h to fix this once and for all!

Once again sorry for the delay, thank you for your continuous support and happy trading!

I thought you guys found out what was wrong in your previous post. This is just too shady.

Skeptical Hippo is Skeptical.

[eldentyrell_old]

We are on top of this

NO, you definitely are not on top of this.  It has been over 48 hours and you're giving me absolutely no information about what is going on.  Not cool.

[TheBlackDahlia]

Why does the Mt.Gox website still say that it will be credited within 24 hours?

I call fraud. Something tells me Mt.Gox is going to shut it's doors very soon and our deposits are going to be M.I.A.

[cypherdoc]

Why does the Mt.Gox website still say that it will be credited within 24 hours?

I call fraud. Something tells me Mt.Gox is going to shut it's doors very soon and our deposits are going to be M.I.A.

LOL!!!  what FUD!

[TheBlackDahlia]

Why does the Mt.Gox website still say that it will be credited within 24 hours?

I call fraud. Something tells me Mt.Gox is going to shut it's doors very soon and our deposits are going to be M.I.A.

LOL!!!  what FUD!

lol you got that right! 

[TheBlackDahlia]

Ok, we found exactly what was going wrong! So please give our technician at least 12h to fix this once and for all!

Once again sorry for the delay, thank you for your continuous support and happy trading!

It's been almost 14 hours since your post. WHERE IS MY MONEY?!! 

[MtGox_Adam]

Hello,

We have been working to get our back end to interface/parse with the Chase site, as they don't offer an easy way to do this. We had the scripts working in pre-prod however when we moved it to production we were unable to fetch the deposit receipts.

We apologize for the delay and our inaccurate forecasting of when this was to be completed. I've just check with MagicalTux and he has advised it will be available "soon", so just know we're working on it.

As a side note, anytime anything goes wrong people love to say Mt.Gox is insolvent, or we're running away with the money. I'd like to remind everyone that practically anytime a new product or service is launched under _any_ company, there are initial issues (sparing a few). We are not exempt from these, and always manage to get things up and running without running off with the whole of our users money.

I hope everyone can keep this in mind the next time we're "going insolvent", or planning to "rob our customers".







 

[Matthew N. Wright]

Hello,

We have been working to get our back end to interface/parse with the Chase site, as they don't offer an easy way to do this. We had the scripts working in pre-prod however when we moved it to production we were unable to fetch the deposit receipts.

We apologize for the delay and our inaccurate forecasting of when this was to be completed. I've just check with MagicalTux and he has advised it will be available "soon", so just know we're working on it.

As a side note, anytime anything goes wrong people love to say Mt.Gox is insolvent, or we're running away with the money. I'd like to remind everyone that practically anytime a new product or service is launched under _any_ company, there are initial issues (sparing a few). We are not exempt from these, and always manage to get things up and running without running off with the whole of our users money.

I hope everyone can keep this in mind the next time we're "going insolvent", or planning to "rob our customers".

Don't mind them. They're just jelly that you have their money and they don't.

[TheBlackDahlia]

Hello,

We have been working to get our back end to interface/parse with the Chase site, as they don't offer an easy way to do this. We had the scripts working in pre-prod however when we moved it to production we were unable to fetch the deposit receipts.

We apologize for the delay and our inaccurate forecasting of when this was to be completed. I've just check with MagicalTux and he has advised it will be available "soon", so just know we're working on it.

As a side note, anytime anything goes wrong people love to say Mt.Gox is insolvent, or we're running away with the money. I'd like to remind everyone that practically anytime a new product or service is launched under _any_ company, there are initial issues (sparing a few). We are not exempt from these, and always manage to get things up and running without running off with the whole of our users money.

I hope everyone can keep this in mind the next time we're "going insolvent", or planning to "rob our customers".

Since you guys can't interface with the Chase site and your scripts are not working properly (which I have a hard time believing, but OK), I suggest you do it the easy way....

1. Logon to Chase.Com
2. Click Your Business Account
3. Look at our deposits and click on the icon right next to the deposit
4. Voila! The image of our deposit slips come up.
5. Credit our accounts with OUR $$$

Or you can always call 1-800-935-9935 (Chase's customer service) and they'll fax/email you copies of all deposit slips within an hour.

Seriously, Mt.Gox this doesn't take 72 hours. This takes minutes.

And then you question us on why we think you're shady. I've been working for banks since the age of 18. Can you imagine if I were to withhold one of my customer's deposits and give them the runaround on why it can't be processed? I would get fired on the spot.

SMH @ you guys.

edit: Answer this question Adam....why can't you guys follow those easy steps I just gave you? In fact, I can get my buddy who's a Chase personal banker to email you ALL copies of our deposits tomorrow morning if you'd like.