BOA closed my account for buying from Coinbase & Circle, is there anything that can be done?


You're the one that's still using a method of payment from the 1950s when bitcoin and many alternative modes of money transfer exist.

Most importantly, you agreed to this when you signed up! I mean, you knew this was going to happen.. even if it's not 'right' in your eyes, it is in there terms of service. you could simply go to another bank that doesn't do that.

For what it is worth, my credit union never holds a check for more than two days and even then half of the check is available at the end of the day... but at the same time, my bank of america account has always been in good standing and I have never had a check held. Further, If you follow Bank of America, they had a $4b accounting error last year. Pretty sure they are going to tighten up on their money and not cash checks willy-nilly anymore. Kind of like how we are a bit more cautious when dealing with BTC exchanges after the MtGox fiasco.

I am by far no fan of Bank of America, but they are not the evil bastards everyone makes them out to be. They have been just giving money to the government for the past few years. Remember the Country Wide loan scandal? They bought a company that appeared to have good books, trying to cash in on the housing boom. Within 3 months of buying the company they uncovered a huge scandal of predatory loans. Yes, they were not aware of the predatory nature of the loans of a company they bought because they did poor due diligence. But that's not the problem. They actively worked to stop those loans and in 6 months the practice had ended and they were working with homeowners to correct their loans (my mom was caught in that mess and BOA called her to work out refinancing). What did the federales do? They came in and slapped BOA with a massive fine for being part of the problem even though they were not aware and worked to stop it. Now, I don't understand how this is any different than the government coming up to you and using asset forfeiture to take your cash, car, and home.. but this is precisely what happened to BOA.

But hey if you want to think I'm paid by the bank that's recommending you leave the very same bank for a credit union which doesn't have any of these hold restrictions or crazy fees.. be my guest. I could really use that money to buy more BTC for the incoming jump to $300

/r/Bitcoin Thread Parent