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Author Topic: Any possible troubles using USA bank account to sell Bitcoin?  (Read 1984 times)
justforbtc
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September 16, 2014, 02:43:46 PM
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I want to setup a USA bank account to accept the payments for the Bitcoins I sell. Number of transactions and the total amount of money involved would not be small.

I want to know that will the bank closes my account? Or any other possible trouble would be encountered?
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joesmoe2012
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September 17, 2014, 01:25:25 AM
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If its only a few transactions it should be fine.

Red flags are things like having dozens of transactions a week, receiving from multiple different offshore accounts, etc.


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September 17, 2014, 02:12:36 AM
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Why does bank want to close your account? Just because the money that you deposit to bank, which from selling bitcoins? No, they have no right to do so.
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September 17, 2014, 04:57:22 AM
 #4

Also, I would recommend using a bitcoin friendly bank. IAFCU for example has historically had a very pro-bitcoin stance.


justforbtc
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September 17, 2014, 08:17:30 AM
 #5

If its only a few transactions it should be fine.

Red flags are things like having dozens of transactions a week, receiving from multiple different offshore accounts, etc.



Do I need to consider tax issue?
freedomno1
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September 17, 2014, 08:20:54 AM
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I want to setup a USA bank account to accept the payments for the Bitcoins I sell. Number of transactions and the total amount of money involved would not be small.

I want to know that will the bank closes my account? Or any other possible trouble would be encountered?

It is highly possible the bank will close your account if you use Chase
The most likely issue you will encounter is being flagged for money laundering because of a large volume of suspicious transactions moving to and from your account easiest way to mitigate that is to keep the frequency fairly low on average or perhaps diffuse it with a different bank as well.
Pretty much be careful.
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September 22, 2014, 07:00:58 AM
 #7

If its only a few transactions it should be fine.

Red flags are things like having dozens of transactions a week, receiving from multiple different offshore accounts, etc.



Do I need to consider tax issue?

You shoulld.

johnnyrocket
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September 22, 2014, 09:20:28 AM
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If its only a few transactions it should be fine.

Red flags are things like having dozens of transactions a week, receiving from multiple different offshore accounts, etc.



Do I need to consider tax issue?

Yes. It would be helpful if you consult an accountant. Hopefully you will also do a bit of reading about banking issues related to high transaction volumes and large amounts to see what you're getting yourself into.
gmx95
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September 22, 2014, 11:57:50 AM
 #9

Have to watch out for auction fraud I think. Someone sells something at ebay, directs a person to send the wire to your bank account. sends his order to buy bitcoin at the same time. He gets the bitcoin, and the victim continues waiting for the items he bought at the auction. It happens all the time. If 2-3 people will complain to the bank and ask for the wires to be reversed, the bank will most likely close the account without getting into details.


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TradersWay.JC
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September 22, 2014, 03:58:28 PM
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Also, I would recommend using a bitcoin friendly bank. IAFCU for example has historically had a very pro-bitcoin stance.



This is an excellent suggestion. The bank does its due diligence to detect and report fraud. This suggestion can only be beneficial.

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justforbtc
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September 22, 2014, 04:46:20 PM
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Have to watch out for auction fraud I think. Someone sells something at ebay, directs a person to send the wire to your bank account. sends his order to buy bitcoin at the same time. He gets the bitcoin, and the victim continues waiting for the items he bought at the auction. It happens all the time. If 2-3 people will complain to the bank and ask for the wires to be reversed, the bank will most likely close the account without getting into details.

Thanks for sharing this. Looks like that people set high prices for buying bitcoins with bank transfer is one case of this fraud?
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September 25, 2014, 09:28:18 PM
 #12

Why does bank want to close your account? Just because the money that you deposit to bank, which from selling bitcoins? No, they have no right to do so.

Where did you get this info? This is absolutely wrong. They have every right to close your bank account for whatever reason, which they don't even have to disclose to you.

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