RBC closed my commercial bank account for having Bitcoin related activities.

[jamal01]

I will keep saying this until I am blue in the face. Fiat and Bitcoin will not mix, the banks will never allow it because it will make them obsolete. What part of that do people not understand? Bitcoin was designed to replace the fiat system and here we have people trying to integrate the two, LOL. It will not happen!!!! Make no mistake, this will be an all out war between the banking system and Bitcoin.

Without banks , bitcoin wouldn't have reached 1000$.
90% of the trading is done with money sent via banking systems.

And don't fool yourself , even with fiat money gone , banks will still be there.

As much as people say it, banks will never become obsolete. As much as I love Bitcoin I think the belief that crypto can replace all fiat is far fetched. They are a necessary evil. As to there motivations behind closing bitcoin related accounts? Possible that they do not understand it, or feel that Bitcoin can reduce their profits.

Either way, it is pretty disappointing. I myself have been trying to set up a Bitcoin related business and have been looking to which bank to use.

[seriouscoin]

If this what banks want, we can start forming our credit unions: http://www.ask.com/question/how-do-i-start-a-credit-union

Look up on laws and regulation and seek for bitcoiners investment.

[Bobsurplus]

Canada only has a handfull of banks.

TD - Toronto Dominion (I think)
BMO - Bank of Montreal
RBC - Royal Bank of Canada
Banque National
Caisse Desjardins
Banque Laurencienne

perhaps some others, I just listed the ones that are popular in Quebec/Montreal

I personally exclussively deal with TD only and have never had an issue... granted I am one of the smallest of small fries in the bitcoin world... just direct depositing miniscule amounts of cash from cavirtex.

You can add Scotia Bank and CIBC to that list.

[Bobsurplus]

I hate to admit I didn't put much research on the matter.

I know Vancouver has bitcoin ATM's, Tigerdirect.ca is not the size of newegg, but still very popular and accepting bitcoins.

I wouldn't think it's bad personally... All I know that has dropped to sh!t is our leadership... specially for me...
I got a retard for Quebec PM who wants to separate and offend all ethnic groups and a puppet for Canada that destroyed our reputation of piece keeping and our scientific communities in order to pollute the environment...

Sorry... I got carried away there.

I'm a separatist but not the way the PQ want to do. I simply wanna have the control of our destiny and do that project with ALL of the peoples living in Quebec. I want us to be able to decide by ourself of our Laws, Treaties and collecting tax for ourself and using it on things that really matters. We'll still be friend with Canada and have a nice relation, but we'll be able to act in our own interest.  

I don't want to get into this too much but you do realize what would happen if Pauline got her way, had a referendum and Quebec split from Canada.

Quebec would fall apart, all the people with money, French or otherwise would leave Quebec and take their money and Quebec would be left with a bunch of broke French people who no future to be had.

separatism is not the stance I`m taking and neither should you take that stance but it`s a free world so vote as you wish.

[jamal01]

I hate to admit I didn't put much research on the matter.

I know Vancouver has bitcoin ATM's, Tigerdirect.ca is not the size of newegg, but still very popular and accepting bitcoins.

I wouldn't think it's bad personally... All I know that has dropped to sh!t is our leadership... specially for me...
I got a retard for Quebec PM who wants to separate and offend all ethnic groups and a puppet for Canada that destroyed our reputation of piece keeping and our scientific communities in order to pollute the environment...

Sorry... I got carried away there.

I'm a separatist but not the way the PQ want to do. I simply wanna have the control of our destiny and do that project with ALL of the peoples living in Quebec. I want us to be able to decide by ourself of our Laws, Treaties and collecting tax for ourself and using it on things that really matters. We'll still be friend with Canada and have a nice relation, but we'll be able to act in our own interest.  

I don't want to get into this too much but you do realize what would happen if Pauline got her way, had a referendum and Quebec split from Canada.

Quebec would fall apart, all the people with money, French or otherwise would leave Quebec and take their money and Quebec would be left with a bunch of broke French people who no future to be had.

separatism is not the stance I`m taking and neither should you take that stance but it`s a free world so vote as you wish.

I was thinking it - but I am not from Quebec so I dont have the right to say it...but totally agree with you there

[TheFootMan]

I just got a call from RBC (Royal Bank of Canada), they said that they closed my commercial bank account because my activities are related to Bitcoin.

I don't even sell or buy Bitcoins. I create physical encapsuler for physical cryptocurrencies (Not yet released).

I will close all my account at RBC and never deal with those scared crooks anymore.

I would suggest anyone having account with RBC and believing in Bitcoin to do the same.

I'm really angry right now !

Anyway, I needed to share that with you.

Would like to have your thought on that.

Please up vote on reddit:
http://redd.it/1zn5on

Is there a way that people could talk back against this?

I was thinking: What about 100-200 people get together, all people get t-shirts saying something like:

"Bitcoin is neutral, just like cash" on the front. And on the back it says:

"RBC is acting unethically
denying legit businesses"

Then once a week make a peaceful appearance at the bank. Walk into the bank, fist a few of you, then some more, and eventually the entire bank is filled with people with yellow t-shirts with your message. Have some good spoke person that handle the media, and make the case known. Also, if you can find the private addresses of some of the banksters of RBC, make sure to gather a lot of people outside their house on the street, do some barbecue or otherwise make your presence clear.

Also contact consumer organizations and politicians and make your stance clear. That would in fact be really cool if you bothered to do this.

If people just become mad and close their accounts, that will not really make any impact.

[TheFootMan]

Are you telling me that, if cavirtex sends me cash from bitcoins/litecoins mined... I can get my account closed ?

This would be total madness considering as someone who works full time, and deposits a steady income, has savings, mortgage and insurance with them...
My mining income is less than 5% of my work income...

It would be total madness.

To protect yourself you need to separate your bitcoin activities from everything else. Preferably use a completely unrelated bank. I've heard of people who had to move everything from their bank (imagine all that hassle), just because they did some bitcoin dealings.

[Bobsurplus]

I just got a call from RBC (Royal Bank of Canada), they said that they closed my commercial bank account because my activities are related to Bitcoin.

I don't even sell or buy Bitcoins. I create physical encapsuler for physical cryptocurrencies (Not yet released).

I will close all my account at RBC and never deal with those scared crooks anymore.

I would suggest anyone having account with RBC and believing in Bitcoin to do the same.

I'm really angry right now !

Anyway, I needed to share that with you.

Would like to have your thought on that.

Please up vote on reddit:
http://redd.it/1zn5on

Is there a way that people could talk back against this?

I was thinking: What about 100-200 people get together, all people get t-shirts saying something like:

"Bitcoin is neutral, just like cash" on the front. And on the back it says:

"RBC is acting unethically
denying legit businesses"

Then once a week make a peaceful appearance at the bank. Walk into the bank, fist a few of you, then some more, and eventually the entire bank is filled with people with yellow t-shirts with your message. Have some good spoke person that handle the media, and make the case known. Also, if you can find the private addresses of some of the banksters of RBC, make sure to gather a lot of people outside their house on the street, do some barbecue or otherwise make your presence clear.

Also contact consumer organizations and politicians and make your stance clear. That would in fact be really cool if you bothered to do this.

If people just become mad and close their accounts, that will not really make any impact.

LMAO.. If you get 100 people to do this I'll donate the 100 t-shirts!

[TheFootMan]

The bankers are starting to see the writing on the wall. I can't wait till they all implode!!

I'm just thinking out loud.

IF the bitcoin community got together and started a bitcoin friendly bank or credit union, could other banks then refuse to make transfers to this bank - or would that be illegal? If it was illegal, could this then be a smart way to avoid the banking troubles for the bitcoin community?

[Bobsurplus]

I hate to admit I didn't put much research on the matter.

I know Vancouver has bitcoin ATM's, Tigerdirect.ca is not the size of newegg, but still very popular and accepting bitcoins.

I wouldn't think it's bad personally... All I know that has dropped to sh!t is our leadership... specially for me...
I got a retard for Quebec PM who wants to separate and offend all ethnic groups and a puppet for Canada that destroyed our reputation of piece keeping and our scientific communities in order to pollute the environment...

Sorry... I got carried away there.

I'm a separatist but not the way the PQ want to do. I simply wanna have the control of our destiny and do that project with ALL of the peoples living in Quebec. I want us to be able to decide by ourself of our Laws, Treaties and collecting tax for ourself and using it on things that really matters. We'll still be friend with Canada and have a nice relation, but we'll be able to act in our own interest.  

I don't want to get into this too much but you do realize what would happen if Pauline got her way, had a referendum and Quebec split from Canada.

Quebec would fall apart, all the people with money, French or otherwise would leave Quebec and take their money and Quebec would be left with a bunch of broke French people who no future to be had.

separatism is not the stance I`m taking and neither should you take that stance but it`s a free world so vote as you wish.

I was thinking it - but I am not from Quebec so I dont have the right to say it...but totally agree with you there

Of course you have a right to mention this, you live in Canada and Quebec is a part of Canada. Feel free to speak your mind, don't imprison your thoughts.

[Bit_Happy]

Are you telling me that, if cavirtex sends me cash from bitcoins/litecoins mined... I can get my account closed ?

This would be total madness considering as someone who works full time, and deposits a steady income, has savings, mortgage and insurance with them...
My mining income is less than 5% of my work income...

It would be total madness.

Total madness is spreading these days, let's hope for better times soon.

[TheFootMan]

LMAO.. If you get 100 people to do this I'll donate the 100 t-shirts!

I don't live in Canada, so I have no way of doing this, but I think the idea is great. I think making noise without being violent is the way to make your voice be heard.

[jamal01]

Are you telling me that, if cavirtex sends me cash from bitcoins/litecoins mined... I can get my account closed ?

This would be total madness considering as someone who works full time, and deposits a steady income, has savings, mortgage and insurance with them...
My mining income is less than 5% of my work income...

It would be total madness.

No you wouldn't - receiving those payments from CaVirtex is fine. To be clear the OP had a BUSINESS account that was related to Bitcoins. In other words banks are denying Bitcoin-related companies an account at the bank.

I used to have people do cash deposits from localbitcoins - I was told I cannot do this but the direct deposits from cavirtex are fine.

[TheFootMan]

No you wouldn't - receiving those payments from CaVirtex is fine. To be clear the OP had a BUSINESS account that was related to Bitcoins. In other words banks are denying Bitcoin-related companies an account at the bank.

I think the bank is just being risk-adverse. After all bitcoin associated businesses are a small amount of their total customer base, so they really don't care.

There really should be some kind of law against this. As long as an account holder is not under investigation by law enforcement where freezing of funds is considered necessary, or there has been a conclusion in a court of law that the account holder is engaged in criminal acts, then the bank should be obliged to provide banking services.

The banks have a monopoly on banking (duh), so basically shutting out people like this can ruin their entire business.

But I guess there's no countries where you can actually sue a bank to make them give you access to banking facilities?

[seriouscoin]

No you wouldn't - receiving those payments from CaVirtex is fine. To be clear the OP had a BUSINESS account that was related to Bitcoins. In other words banks are denying Bitcoin-related companies an account at the bank.

I think the bank is just being risk-adverse. After all bitcoin associated businesses are a small amount of their total customer base, so they really don't care.

There really should be some kind of law against this. As long as an account holder is not under investigation by law enforcement where freezing of funds is considered necessary, or there has been a conclusion in a court of law that the account holder is engaged in criminal acts, then the bank should be obliged to provide banking services.

The banks have a monopoly on banking (duh), so basically shutting out people like this can ruin their entire business.

But I guess there's no countries where you can actually sue a bank to make them give you access to banking facilities?

Stop living in a lalaland and move out of your parents basement ....

Banks are private entities, they're not obligated under any law to provide you a service.

Banks shutting down acct isnt the same as freezing fund. They basically tell you to move your fund elsewhere and end relationship with you.

[amspir]

I will keep saying this until I am blue in the face. Fiat and Bitcoin will not mix, the banks will never allow it because it will make them obsolete. What part of that do people not understand? Bitcoin was designed to replace the fiat system and here we have people trying to integrate the two, LOL. It will not happen!!!! Make no mistake, this will be an all out war between the banking system and Bitcoin.

I'm not sure what point you are trying to make -- are you saying that Bitcoin is some kind of play money that has no value when exchanged with fiat currency?  Both have perceived value and as long as they do, there will always be exchange between the two.   The world is not going to wake up to some libertarian-anarchist utopia and stop using government-issued fiat currency overnight.

Banks are hostile towards bitcoin, it's obvious, because it challenges their profits.  They are providing resistance, which just causes people wanting to exchange between fiat and currency to find alternate methods that are more expensive, down to trading with moneypak joe.   The free market predicts that there will be entrepreneurs that will build systems that are safer, cheaper and more more efficient than what currently exists for trading between the two.  When banks see their profits from payment systems and wire transfers going down, they or their successors will start dealing in bitcoin.

[zerobits]

I thought Canada was very bitcoin friendly, I am surprised to hear they would simply shut you down without any reason.

Did an account manager speak to you first?

[Cryptolator]

I hate to admit I didn't put much research on the matter.

I know Vancouver has bitcoin ATM's, Tigerdirect.ca is not the size of newegg, but still very popular and accepting bitcoins.

I wouldn't think it's bad personally... All I know that has dropped to sh!t is our leadership... specially for me...
I got a retard for Quebec PM who wants to separate and offend all ethnic groups and a puppet for Canada that destroyed our reputation of piece keeping and our scientific communities in order to pollute the environment...

Sorry... I got carried away there.

I'm a separatist but not the way the PQ want to do. I simply wanna have the control of our destiny and do that project with ALL of the peoples living in Quebec. I want us to be able to decide by ourself of our Laws, Treaties and collecting tax for ourself and using it on things that really matters. We'll still be friend with Canada and have a nice relation, but we'll be able to act in our own interest.  

I don't want to get into this too much but you do realize what would happen if Pauline got her way, had a referendum and Quebec split from Canada.

Quebec would fall apart, all the people with money, French or otherwise would leave Quebec and take their money and Quebec would be left with a bunch of broke French people who no future to be had.

separatism is not the stance I`m taking and neither should you take that stance but it`s a free world so vote as you wish.

I respect your opinion, I must admit that I really don't know what would happen if we separate. The only thing I know is that there is not a single countries that regret the separation from their old countries, not a single one feel like they made a mistake and want to go back, and we're talking about 34 new countries in the last 24 years.
But that's my opinion and I don't wanna start a war about it. Like I said, I am not ok with the way Pauline want to make her new countrie (By dividing and create tension). So our opinions are not so far I guess

[seriouscoin]

I thought Canada was very bitcoin friendly, I am surprised to hear they would simply shut you down without any reason.

Did an account manager speak to you first?

They did give him a reason. Which part of the OP you dont understand?

Forget about bitcoin, there are many cases that banks refuse to provide service base on "high-risk" and they're not obligated to tell you about their investigation.

[pungopete468]

The banks have a shared database. It's used to identify high risk individuals; I've been refused a bank account before due to a $200 balance owed at a separate bank institution...

Just wait until banks refuse to open new accounts for anybody who's been flagged as a Bitcoin user.

We need to start getting more decentralized and stop relying on the banks... They hold way too much power over people.