A little warning about transferring money from crypto exchanges to bank accounts

in #bank7 years ago (edited)

I watched a video last night about a guy who run into some problems when he cashed out his bitcoins and then transferred USD from Coinbase to his account at the Bank of America. Here's the link to the video, but I warn you - it is full of profanities and generally not suitable for watching at the workplace or around children:

In short, the guy made a ~$100k transfer to his Bank of America account and within 3 minutes all his accounts were automatically closed. He had a number of personal and business checking and savings accounts, as well as credit cards and a mortgage. All of the accounts were frozen, except for the mortgage. He was also unable to log in to his account over the internet portal.

Furthermore, the guy was not able to get any answers as to exactly what warranted the bank's action, nor was he able to get his money. Bank of America stated they will mail him a cashier's check, but would not even give him an ETA.

The transfer from Coinbase did include "BTC" in the payer's name. Perhaps that's what tipped the bank off.

This shows the extend the big banks will go to make the lives harder for all those who perform crypto transactions outside of the banking system. They know bitcoin is their enemy, and this is their way of making people think twice before they consider trying to trade bitcoins.

This could be something that many large banks will start doing. It's their way of fighting the war on bitcoin.

Now, you might already be investing in cryptocurrencies because you've come to believe that the US dollar (aka debt system) is one giant scam that is about to collapse. And if so, you might assume that no financial institution will be immune to such collapse, but I've come to understand that credit unions don't invest as much of the account holders' money into as many risky options as the big greedy banks do. In an emergency situation, perhaps we'll have a better luck getting our money out of a smaller, local institution. Until then, I will use my local friendly credit union to perform transfers to and from the crypto exchanges.

For more info on why I believe the mighty dollar is about to collapse, check out this video:

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