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Topic: US Banks Increasingly Difficult To Work With (Read 2684 times)

CompNsci (OP)

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US Banks Increasingly Difficult To Work With

July 29, 2013, 11:17:16 PM

Apparently the big U.S. bank chains (Wells Fargo, Chase, BOA, USBank) are becoming increasingly hostile to bit coin related transactions.

I just recently had a US Bank account closed due to international wires going to/from bitcoin exchanges. I've been shopping around with smaller local banks, who all also report that they can't do these, usually for vague reasons, like they are nervous about AML etc. They continue with these vague reasons even when I explain that it is all my money that I am dealing with!

Anyone having luck with a U.S. bank that will explicitly allow international wires to/from BTC exchanges?

AliceWonder

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Re: US Banks Increasingly Difficult To Work With

July 29, 2013, 11:24:39 PM

There's a credit union in Silicon Valley that I think does but I haven't used them.
Another option though is to use CampBX here in the United States.

QuarkCoin - what I believe bitcoin was intended to be. On reddit: http://www.reddit.com/r/QuarkCoin/

atomium

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 12:19:05 AM

I haven't dealt much with exchanges, coinbase (not an exchange) has been good with banks so far.

CompNsci (OP)

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 01:20:32 AM

Quote from: AliceWonder on July 29, 2013, 11:24:39 PM

There's a credit union in Silicon Valley that I think does but I haven't used them.

Sounds cool, any further hint on the name?

Although I use CampBX for U.S. trades, I need to also be able to trade elsewhere also.

cryptoanarchist

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 01:31:32 AM

According to the trolls on this forum, the banks aren't worried about bitcoin.

I'm grumpy!!

CompNsci (OP)

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 02:17:30 AM

Looks like Internet Archive Federal Credit Union and Silicon Valley Bank may be the two possibles.

Rickyrozay

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 04:37:09 AM

I have never sold btc, how do they know its a bitcoin transaction?

AliceWonder

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 04:46:01 AM

Quote from: Rickyrozay on July 30, 2013, 04:37:09 AM

I have never sold btc, how do they know its a bitcoin transaction?

The destination origin of the transfer.

QuarkCoin - what I believe bitcoin was intended to be. On reddit: http://www.reddit.com/r/QuarkCoin/

Dargo

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Re: US Banks Increasingly Difficult To Work With

July 30, 2013, 05:01:21 AM

Quote from: CompNsci on July 30, 2013, 02:17:30 AM

Looks like Internet Archive Federal Credit Union and Silicon Valley Bank may be the two possibles.

+1 for IAFCU. I have an account with them and they have been excellent so far. They presented at the Bitcoin 2013 conference in case you are interested.

https://www.youtube.com/watch?v=RD6fVNGEnlI&list=PLUOP0P68GJ3BGjfqoLLnzAefk3ZzXQtJ7&index=4

I don't know much about Silicon Valley, but have heard some good things.

CompNsci (OP)

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Re: US Banks Increasingly Difficult To Work With

August 15, 2013, 10:30:59 PM

#10

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

cottoneyeJoe

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Re: US Banks Increasingly Difficult To Work With

August 15, 2013, 11:38:37 PM

#11

Quote from: CompNsci on August 15, 2013, 10:30:59 PM

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

I wouldnt bother. I signed up and it was mostly painless with a very friendly phone call a few days later to get account access.

Sadly though I still await any information about how to do wire transfers with IAFCU. Submitted a support request and waited 2 days to hear...."oh international wire transfers...someone will have to call you back". Still waiting.

Similar results for CBX. I have been a customer for a year or more and recently submitted the full suite of docs they want for AML and KYC. I have heard nothing back from CampBx for more than a week.

There just doesnt seem to be a good way to move USD in or out of ANY of the exchanges any more!

stslimited

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 05:08:58 AM

#12

Quote from: cottoneyeJoe on August 15, 2013, 11:38:37 PM

Quote from: CompNsci on August 15, 2013, 10:30:59 PM

I have tried signing up with IAFCU and haven't received any response. Are they still in business? just swamped?

Coinbase is decent

50 bitcoin daily limit though, so if you need to dump $100,000 usd this will take a long time

MonkeyBear68

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 07:14:56 AM

#13

There is a group of Panamanian bankers that are setting up a company called Crypto Financial to facilitate transfers between Fiat and BTC.
See http://www.cryptofinancial.io/

They also currently have an IPO at Havelock Investments:
https://www.havelockinvestments.com/fund.php?symbol=CFIG

Thread on this forum:
https://bt.irlbtc.com/view/269191.0

It seems like it is much needed especially in the US.

QuestionAuthority

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 08:10:31 AM

#14

I guess it's not really necessary to crack TOR to take down Atlantis/SilkRoad's US business. All you really need to do is shut off the money supply and they will dry up. I can't be the first one to think about this. It's becoming obvious that US financial institutions are being pressured by government to stop allowing the purchase of Bitcoins. Now why would anyone in government care if I buy a pair of alpaca socks from a guy that only takes Bitcoins? They don't, they care if I buy cocaine and diamorphine. Any bank dealing with US citizens that currently allows a transfer to a Bitcoin exchange will have to be willing to ignore govt pressure, may not be legitimate financial institutions and end up being scams or could possibly end up raided like LR.

The merit system isnt working. Read this thread to see why.

TippingPoint

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 07:14:41 PM
Last edit: August 16, 2013, 07:26:34 PM by TippingPoint

#15

This sounds similar to how the U.S. government (through the banks/credit card companies) slowly choked off the easily accessible money supply of internet poker players a few years ago.

So now, we see "investigations" by various federal and state agencies to "protect consumers", talk of "terrorism", "drug dealers", and "child pornography", and signs of some banks becoming reluctant to have any transactions involving Bitcoins. No new laws required. No "outlawing" required. Just "regulating" and "reporting requirements". But increasingly more difficult for "normal people" to transfer money into or out of Bitcoins. Only the very motivated still persist.

Déjà vu all over again.

zvs

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 07:53:10 PM

#16

Quote from: TippingPoint on August 16, 2013, 07:14:41 PM

This sounds similar to how the U.S. government (through the banks/credit card companies) slowly choked off the easily accessible money supply of internet poker players a few years ago.

UIGEA ftw

money being held hostage at neteller for months back in 2007.

pokerstars instantly becoming 2x harder to do the 8 table grind Grin

and losing the easiest site, Partypoker =/

i gave up after the 2011 incident

gog1

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 07:54:42 PM

#17

Anyone has any experience with HSBC in US?

MagicBit15

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Re: US Banks Increasingly Difficult To Work With

August 16, 2013, 07:58:24 PM

#18

I hear a lot about people with chase having problems not much else, it really just needs to get accepted, or at least associated with some more positive things then maybe they will be open just as you can transfer a euro to a dollar.

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byronbb

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Re: US Banks Increasingly Difficult To Work With

August 17, 2013, 02:55:27 AM

#19

Quote from: MonkeyBear68 on August 16, 2013, 07:14:56 AM

There is a group of Panamanian bankers that are setting up a company called Crypto Financial to facilitate transfers between Fiat and BTC.
See http://www.cryptofinancial.io/

Interesting. Panama, that is offshore sports-betting land, ie a place well acquainted with "sneaky" banking.

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http://www.thebitcoinpage.com/

Lethn

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Re: US Banks Increasingly Difficult To Work With

August 17, 2013, 08:36:04 AM

#20

This may interest you guys and may explain lately why the banks are getting even more bitchy than usual about you doing business with them, they're probably terrified that all the money is going to go out of the country.

https://www.youtube.com/watch?v=9vCOITmNZy4

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