Banks: "Don't trade on Coinbase."

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RogueTadhg

[H]ard|Gawd
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So there's been a few Banks that now refuse and threaten customers that trade on Coinbase making the rounds on cryptocurrency groups.
- First National Bank

- Lakestone Bank & Trust:
We are happy to have you as a Lakestone Bank & Trust customer and would like to fulfill your banking needs, but it has come to my attention that you are making purchases and reciving funds from Coinbase.com - a type of business transaction that is against Lakestone's policies and will need to be discontinued immediately.

We will continue to monitor your account and if we see that these types of transations continue we will be forced to take other action, up to and including closing the account.
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Anyone else got these messages?

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I would respond with "I will do what i wish in regards to investing my own money or take my business elsewhere, unless there is a legal issue here buzz off"
 
are funds quickly coming in and out? other than that being stupid I don't see a problem. Or are they thinking btc is only used for tax evasion and money laundering? coinbase will report you to the IRS if you're over what $25k a year?
 
Only been with them a few months, but so far CapitalOne 360 has given
me no problems, no minimums, no fees (not even to receive wire transfer),
plus a trivial amount of interest. And Mastercard debit with a reasonable
quantity of ATMs in my area.

Told them when I walked in: that I was wanted a bank to dump Coinbase
earnings into. Hooked me right up. I dropped $40 pocket money to prop
open the account (could have been any amount), cause they will close
a new account if stays zero too long. I didn't know how long would take
to get my first payment, cause I had never mined before.

Ready to ditch Bank of America though. Charging $25/mo for no reason.
And they snuck that fee in there with such subtlety I only recently noticed.
Back when I signed up, it used to be free: assuming direct deposit and a
$300 balance. Now its like $10,000 and I ain't got nearly that much...

BOA thinks they can steal $300/yr from me, and I will just STFUantakeit.
And so far, they been right. But I need to fix that soon as possible. Any
suggestions for free checking account with VISA debit? Direct deposit
requirement OK, reasonable minimum balance (ohsay $1000) OK.

I don't want to put all my eggs in one bank or one brand debit card...
Cause one gets hacked, a week without funds while they straighten
the mess out. I need to maintain a backup plan. Maybe hoard cash,
but that affects my limited ability to keep up minimum balances...
 
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I havent had issues with BOA and Coinbase. I've been charged the Foreign fee, but other than that nothing else.

As far as other non-crypto fees. They sure do love their F@#$ing fees.
 
KD5ZXG said:
Only been with them a few months, but so far CapitalOne 360 has given
me no problems, no minimums, no fees (not even to receive wire transfer),
plus a trivial amount of interest. And Mastercard debit with a reasonable
quantity of ATMs in my area.

Told them when I walked in: that I was wanted a bank to dump Coinbase
earnings into. Hooked me right up. I dropped $40 pocket money to prop
open the account (could have been any amount), cause they will close
a new account if stays zero too long. I didn't know how long would take
to get my first payment, cause I had never mined before.

Ready to ditch Bank of America though. Charging $25/mo for no reason.
And they snuck that fee in there with such subtlety I only recently noticed.
Back when I signed up, it used to be free: assuming direct deposit and a
$300 balance. Now its like $10,000 and I ain't got nearly that much...

BOA thinks they can steal $300/yr from me, and I will just STFUantakeit.
And so far, they been right. But I need to fix that soon as possible. Any
suggestions for free checking account with VISA debit? Direct deposit
requirement OK, reasonable minimum balance (ohsay $1000) OK.

I don't want to put all my eggs in one bank or one brand debt card...
Cause one gets hacked, a week without funds while they straighten
the mess out. I need to maintain a backup plan. Maybe hoard cash,
but that affects my limited ability to keep up minimum balances...
Click to expand...

Alliant Credit Union is pretty good, every time I've tried to manually verify my account on Coinbase I never get the small deposit/withdrawals though so you may have to keep using CapOne360 for Coinbase stuff.
 
We make money the old fashioned way. We steal it...

I'll look into Alliant, see if any physical locations in my area.
 
KD5ZXG said:
No wire. No reason. Because they can.

"Advantage Monthly Maintenece Fee"
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What - you have an Advantage Business Account? They usually have a pretty defined four or five things you need to do with an account to not have fees.

Not that I am any "Pro BOA".. but just curious now.
 
Advantage Tiered Interest Checking, plus savings with adequate balance for no extra fee there...
I don't think a business account, but wouldn't put it past them. Never asked for anything like that.

 
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Hmm. Seems the only fee is if you have less than 10k in the account at the end of each cycle.

No maintenance fee if you maintain a combined balance of at least $10,000 or more each statement cycle
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https://www.bankofamerica.com/deposits/checking/interest-checking-account/

Maybe switch over the their 'Core' account where it's a

No monthly maintenance fee for each statement cycle that you:
Have at least one qualifying direct deposit of $250 or more
or
Maintain a minimum daily balance of $1,500 or more.
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https://www.bankofamerica.com/deposits/checking/personal-checking-account/
 
i use https://www.nasafcu.com/ they're basically the second best credit union behind only navy really and nasa is way easier to join. I had a bankruptcy back there a ways to reset some divorce related crap that took me down a few pegs. Quite early on nasa gave me a $6k credit card at an interest rate that was way better than any other card at the time. I can't say enough about how great they've been. Even though there's not a local branch that doesn't really matter anymore.
 
This brings up a good topic. What is everyone using for banks to sell crypto?
 
It's not my bank. But both reports are different people, different banks. Which is what prompted me to ask here - if anyone else had any issues. I've modified the original post with the Original Facebook post.
 
Seeing this crap, makes me love my bank even more. I use USAA and it was one of the initial investors in Coinbase and also has direct integration, so I see my wallet balances on the bank’s dashboard and mobile app.

Any bank that does this crap is garbage and should be avoided.
 
snakethejake said:
Seeing this crap, makes me love my bank even more. I use USAA and it was one of the initial investors in Coinbase and also has direct integration, so I see my wallet balances on the bank’s dashboard and mobile app.

Any bank that does this crap is garbage and should be avoided.
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and here I am using the API like a sucker :(
 
I linked Coinbase to a USAA account, sold $400 of BTC and had the money in less than 36 hours.
 
Ocellaris said:
I linked Coinbase to a USAA account, sold $400 of BTC and had the money in less than 36 hours.
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In Sweden we use a mobile app called Swish. It's widely adopted by all big banks and linked to customers phone number. So when I sell my BTC on localbitcoins it's instantly on my bank account.
Don't you guys have something like that in the USA?
 
Not to my knowledge. BOA doesn't, that I know of - I had to wait for a few days to get my 10 dollars.
 
Those are two different things.

Yes, we can send money person to person instantly with a number of PayPal/Google Wallet/Swipe/Venmo type of applications.

But Coinbase, for some reason, takes a really long time to process bank transactions. It takes at least a week to deposit money now.
 
RevMen said:
Those are two different things.

Yes, we can send money person to person instantly with a number of PayPal/Google Wallet/Swipe/Venmo type of applications.

But Coinbase, for some reason, takes a really long time to process bank transactions. It takes at least a week to deposit money now.
Click to expand...
volume. I believe they have a person actually look over and approve the transfer.
 
Don't get me started on Navy Federal Credit union - the only CU I've ever had issues with that did NOT get resolved much less resolved in a reasonable timeframe - but those issues long predate the existence of Bitcoin.

With that said, neither of the credit unions I've been a member of since I started cryptocoin mining has had ANY issue with Coinbase.

OP, I would insist on asking your BANK "what policy am I ALLEGEDLY VIOLATING with my Coinbase usage" and if they refuse to answer than tell them that if they cut off your account you WILL sue for breach of contract.

Definitely have to wonder what the issue these 2 SMALL banks are having is - doesn't seem like any major bank has issues with Coinbase.


Alliant CU I would guess is associated with the Alliant Energy power company, in IA/IL/WI or something like that (I'm sure on the IA, and IL not 100% sure on the third state they oprerate in any more).
 
http://www.alliantcreditunion.org/ is Alliant's website. Used to be a CU for United Airlines employees but now they aren't exclusive to that. If you don't meet the employment or geographic restrictions, you can donate $10 to a charity and get membership. They have physical locations in Chicago and a couple other places and I think they are part of the network (forget the name) where you can go to other credit union's physical branches and do your Alliant business there. I've never been to a physical branch, set it all up online and just use the app or scanner+PC to deposit checks. ATM fees are refunded same day (usually at night) so you can get cash from any ATM in the US that way.
 
JustReason said:
do they give a specific reason? Illegal activity, fees or something?
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Its obvious why they're so salty. Crypto is a direct threat to their business - and the biggest threat that the complacent banking and payments industry has faced. Their nonspecific "this is a type of business transaction that is against our policies" really just means "we're watching money leaving our bank and we don't like it".

Coinbase is just the most popular crypto onramp at least in the U.S., so that's why its being targeted in their desperation letters. Its simply the lowest hanging fruit. Coinbase has been #1 in the Apple app store off and on whenever there's been a price surge.

Think about it, bank managers are watching helplessly as coinbase and crypto drain their float of cheap money from savings accounts. Banks have had it way too good for way too long paying us next to nothing in interest.
 
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mnewxcv said:
Without even mentioning what policy it violates?
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Because there is none. Its just a cheap scare tactic that will work on some customers. Spamming a form letter costs them nothing. They're grasping at anything to stop the flow of money draining from the bank and into crypto.

Expect ever increasing tantruming from banks as we witness the freakout and they move through the different stages of grief that crypto isn't going away.
 
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Just get the shift card to pull money out of coinbase. Sells it at the time of the ATM withdrawal or pos transaction.
 
Ocellaris said:
I linked Coinbase to a USAA account, sold $400 of BTC and had the money in less than 36 hours.
Click to expand...

So you can cash out from Coinbase to USAA in money and everything works easily with that? I've got an account with $50 just sitting there, may need to look into that
 
Vaulter98c said:
So you can cash out from Coinbase to USAA in money and everything works easily with that? I've got an account with $50 just sitting there, may need to look into that
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Yes it was super quick for me. The page says it may take up to 5 days, I sold my BTC on the weekend and had my money the next Monday.

I used the $400 and bought a GPU to mine with :)
 
No issues with Chase. Though they did upgrade me to private client and ask of I wanted my new monies put into some kind of investment funds. Thanks but no thanks on that 5%/year until this crypto run is done.

BOA has also been fine.
 
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