Chase Bank to offer deposits for MTGox

[bitflower]

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.

Unfortunately, Mt.Gox is a very large exchange and we have a very large number of cash deposits that have been made. We can not just process it manually one by one because our system requires a deposit to be linked to a bank transfer. We are fixing our interface right now which will be ready very soon, so that all cash deposits show up within the system correctly.

[1713876432]

1713876432

[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.

Unfortunately, Mt.Gox is a very large exchange and we have a very large number of cash deposits that have been made. We can not just process it manually one by one because our system requires a deposit to be linked to a bank transfer. We are fixing our interface right now which will be ready very soon, so that all cash deposits show up within the system correctly.

Fair enough. I just hope to get my money in my account very soon.

Edit: Finally in my account! woohoo 

[MagicalTux]

All the pending cash deposit were processed successfully.

[bitflower]

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.

Unfortunately, Mt.Gox is a very large exchange and we have a very large number of cash deposits that have been made. We can not just process it manually one by one because our system requires a deposit to be linked to a bank transfer. We are fixing our interface right now which will be ready very soon, so that all cash deposits show up within the system correctly.

Fair enough. I just hope to get my money in my account very soon.

Edit: Finally in my account! woohoo 

Thank you for waiting. Yay (・∀・) We will try our best to make sure users are getting their money credited on time. Let us know if you have additional suggestions.

[b4b33]

hi, I became verified and deposited $400 in the Mt Gox Chase checking account.  After 24 hours, I emailed Mt Gox because the money was not in my account, and they said "deposits are pending".  It has now been over 62 hours, and the money still hasn't appeared in my account.  Your website still says 24 hours is the upper limit we have to wait, and to me it seems like the problem has not been solved.

[cablepair]

It's not just chase deposits that are messed up, I did a dwolla withdrawal about 15 hours ago and money still hasn't shown up in my dwolla account.  I know something is wrong because usually it takes about 1 hour and never more than 2 or 3. This is not cool guys, This money is part of a transaction where I sold some items on these forums and now I need this money to be able to ship them out, MTGox is holding up the whole process - not cool man.

[b4b33]

Finally, got an email confirmation from Mt Gox that the money is in my account.  This is more than 75 hours after I deposited the cash.  I'm not sure what the problem was, but I'm relieved the funds now show up in my Mount Gox account!

[toddbethell]

Bitcoin related chase accounts closing?

My Name is Todd Bethell aka Bitcoin ATM.

3 Nov. 2011 a letter was generated by Chase stating that the business account of ‘Fast Bitcoins’ will be closed.

See the letter: https://docs.google.com/open?id=0B0tOdBpZt1ifMzRhMTMzZmItYWNlYS00YmUyLThjNWYtMDg0MGFlNjE0YTlj

This DBA and account were opened in April 2011 for the sole purpose of bitcoin purchases with MtGox. There was no explanation and no other notification, no phone call’s, email notifications or messages in ‘on-line banking’. A ‘bitcoin friendly’ branch manager made some phone calls for me and couldn't tell me much except that the department involved is internal to 'Chase Operating Loss Prevention' and looks to him like it was flagged for money laundering, international sanctions and such.  My funds were not frozen though and I was even given to the end of the year to tidy things up. So it seems they were not given a 'hard stop' order from outside the bank.

Also:
Oct 16th 2011, ExchB closed  with a less than satisfying explanation and now quite suspicious.
https://www.exchangebitcoins.com/
6 Dec. 2011, MtGox announced the suspension of chase transfers without explanation.
https://www.exchangebitcoins.com/

http://bitcoin.stackexchange.com/questions/1949/why-so-many-bitcoin-exchanges-have-their-bank-accounts-closed-and-have-problems

https://bitcointalk.org/index.php?topic=48663.0

https://bitcointalk.org/index.php?topic=50275.0

https://bitcointalk.org/index.php?topic=4984.msg597803#msg597803

There seems to be a systemic issue here.

Respectfully,

Todd D Bethell, CFM, MBA
1-949-394-5932
Skype: toddbethell
toddbethell@FASTscaning.com, @bitcoinfever.com, @bitcoinATM.com

[Serge]

^^ i think it's simply a licensing issue, as businesses cannot transmit 3rd party funds without proper license for money transmitting services in US with applicable requirements and regulations

[Jered Kenna (TradeHill)]

Bitcoin related chase accounts closing?

My Name is Todd Bethell aka Bitcoin ATM.

3 Nov. 2011 a letter was generated by Chase stating that the business account of ‘Fast Bitcoins’ will be closed.

See the letter: https://docs.google.com/open?id=0B0tOdBpZt1ifMzRhMTMzZmItYWNlYS00YmUyLThjNWYtMDg0MGFlNjE0YTlj

This DBA and account were opened in April 2011 for the sole purpose of bitcoin purchases with MtGox. There was no explanation and no other notification, no phone call’s, email notifications or messages in ‘on-line banking’. A ‘bitcoin friendly’ branch manager made some phone calls for me and couldn't tell me much except that the department involved is internal to 'Chase Operating Loss Prevention' and looks to him like it was flagged for money laundering, international sanctions and such.  My funds were not frozen though and I was even given to the end of the year to tidy things up. So it seems they were not given a 'hard stop' order from outside the bank.

Also:
Oct 16th 2011, ExchB closed  with a less than satisfying explanation and now quite suspicious.
https://www.exchangebitcoins.com/
6 Dec. 2011, MtGox announced the suspension of chase transfers without explanation.
https://www.exchangebitcoins.com/

http://bitcoin.stackexchange.com/questions/1949/why-so-many-bitcoin-exchanges-have-their-bank-accounts-closed-and-have-problems

https://bitcointalk.org/index.php?topic=48663.0

https://bitcointalk.org/index.php?topic=50275.0

https://bitcointalk.org/index.php?topic=4984.msg597803#msg597803

There seems to be a systemic issue here.

Respectfully,

Todd D Bethell, CFM, MBA
1-949-394-5932
Skype: toddbethell
toddbethell@FASTscaning.com, @bitcoinfever.com, @bitcoinATM.com

Hi Todd, it's been a while. Glad to see you're still going strong.

Banks and Bitcoin don't get along for a few reasons. We can go with the paranoid conspiracy theory (not saying it's wrong) or we can go with the simple answer that when money comes in from a bunch of accounts (worse if anonymously) and then goes out to a bunch of accounts and the banks have no idea what happened in the middle it sets off all kinds of flags. It really looks like money laundering and even if we run millions through these accounts it's not worth it for them to keep them open.

You're going to probably see a lot of accounts open up and then run small volume for them before they're closed down. Establishing a relationship with the bank to where they understand and support what is going on is more difficult but will become more common place over the following years.

Jered

[Yankee (BitInstant)]

Chase will close MTGOX's account any time. Bitcoin and banks simply do not mix. Its not really hard to understand but the greed of trying to get each possible customer with easy banking deposits will flop soon. Good luck Gox!!

Visit, www.coinexchanger.com

Actually, it is possible.

We reached a deal with the top 5 major banks and a 3rd party fully licensed state and federal MSB.

Not only will our accounts NOT be closed, but we will also be providing INSTANT cash deposits. Meaning, once you deposit the cash with the pre-printed deposit slip (Email/SMS as well) then the banks securely polls our API to complete the transfer to your MtGox or TradeHill account (more exchanges soon)

Should be launched early next week.

-Charlie, Bitinstant.com

[cypherdoc]

Chase will close MTGOX's account any time. Bitcoin and banks simply do not mix. Its not really hard to understand but the greed of trying to get each possible customer with easy banking deposits will flop soon. Good luck Gox!!

Visit, www.coinexchanger.com

Actually, it is possible.

We reached a deal with the top 5 major banks and a 3rd party fully licensed state and federal MSB.

Not only will our accounts NOT be closed, but we will also be providing INSTANT cash deposits. Meaning, once you deposit the cash with the pre-printed deposit slip (Email/SMS as well) then the banks securely polls our API to complete the transfer to your MtGox or TradeHill account (more exchanges soon)

Should be launched early next week.

-Charlie, Bitinstant.com

you're kidding of course;  what banks? 

[evoorhees]

Crypto X Change accepts cash deposits at any Bank of America.

[Yankee (BitInstant)]

Chase will close MTGOX's account any time. Bitcoin and banks simply do not mix. Its not really hard to understand but the greed of trying to get each possible customer with easy banking deposits will flop soon. Good luck Gox!!

Visit, www.coinexchanger.com

Actually, it is possible.

We reached a deal with the top 5 major banks and a 3rd party fully licensed state and federal MSB.

Not only will our accounts NOT be closed, but we will also be providing INSTANT cash deposits. Meaning, once you deposit the cash with the pre-printed deposit slip (Email/SMS as well) then the banks securely polls our API to complete the transfer to your MtGox or TradeHill account (more exchanges soon)

Should be launched early next week.

-Charlie, Bitinstant.com

you're kidding of course;  what banks? 

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

[finway]

Once you upgrade to a verified Mt.Gox account

So that's the problem , many people don't want to be verified.

[Portnoy]

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

TD? As in that Canadian Bank?   

That will be a big deal because there are so few good options for us at the moment.
Hope that goes well. 

[Yankee (BitInstant)]

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

TD? As in that Canadian Bank?   

That will be a big deal because there are so few good options for us at the moment.
Hope that goes well. 

  TD the American one.

Problem with Canada is the laws are a tad different. I can promise you once were done with USD then CAD is oir next stop!

What are some options you would like to see?

[cypherdoc]

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

TD? As in that Canadian Bank?   

That will be a big deal because there are so few good options for us at the moment.
Hope that goes well. 

  TD the American one.

Problem with Canada is the laws are a tad different. I can promise you once were done with USD then CAD is oir next stop!

What are some options you would like to see?

excuse me but is this not MAJOR news?  i know how hard you've been working on projects but this is big if true.  i'll believe it when i see it!

[Mt.Gox Support]

Mt.Gox Users,

Please be aware that we have temporarily suspended Chase Cash Deposits as one of the funding options until further notice. We are currently reviewing registration opportunities in the United States and want to avoid complications.

Again, there is no set date for when the cash option will return to Mt.Gox, but please be assured that all pending cash deposits will be credited to your account accordingly. If you try to make a cash deposit at any Chase location, they will not accept it. All updates regarding this issue will be announced on ZenDesk. If you have any additional questions or concerns, feel free to contact Mt.Gox Support. We apologize for any inconvenience caused due to the sudden suspension of cash deposits.

Thank you,

Mt.Gox Support


It looks like the closing started already!

Visit, www.coinexchanger.com    Do Not Get Goxed Again-

Which closing are you talking about? Are you aware of things that we do not even know...? Anyway, Chase Bank is temporarily disabled since we are now moving toward of becoming an MSB, as advised by our compliance team.

[Yankee (BitInstant)]

I'm not kidding lol
Chase, Citibank, Bank of America, Wells Fargo, and possibly TD (still negotiating)

TD? As in that Canadian Bank?   

That will be a big deal because there are so few good options for us at the moment.
Hope that goes well. 

  TD the American one.

Problem with Canada is the laws are a tad different. I can promise you once were done with USD then CAD is oir next stop!

What are some options you would like to see?

excuse me but is this not MAJOR news?  i know how hard you've been working on projects but this is big if true.  i'll believe it when i see it!

Actually, its so major that we even retained a big PR firm to make sure the announcement gets around!

No need to believe it now, but when you make that first deposit, I know you will