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Author Topic: So.. Chase shutdown my College Checking account  (Read 6943 times)
mnmShadyBTC
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July 27, 2014, 05:20:08 AM
 #61

I actually have five bank accounts. If any one of them decides to do something funny like the OP's bank, I could just spread the money around or close that account. It's a free market after all.

Strange to hear that a bank doesn't like its customers keeping too much money with them though. It's kind of like a supermarket getting mad at someone for buying too much groceries. You'd think that it would be great business for them.
Banks need to adhere to certain regulations. If a bank's compliance department determines that an account is too risky then the compliance department will have the account closed.
I agree, in most of the cases of bank accounts that are associated with bitcoin being shut down, they are being shut down because of AML concerns not because banks are opposed to bitcoin.

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peeveepee
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July 27, 2014, 06:04:29 AM
 #62

Just register a company and get a bank account under that company name.
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July 27, 2014, 07:35:47 AM
 #63

Just register a company and get a bank account under that company name.

When you do this they still tie the CEO/President's SSN to the company as that person is ultimately liable to the company's debts.  I know people think incorporating protects their assets from the company's losses but it really doesn't for most small businesses.  If his SSN is flagged then he won't be able open an account for 7 years if it's in the Chex system.  I'm not sure how long the security alerts stay in effect.
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