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Wednesday, June 19, 2013

Bitspend.net: Banks have closed all of our accounts because we deal with Bitcoins

Chase bank and another bank, have both decided that we as a Bitcoin based business are "Too High Risk" of clients, and have frozen/shut down our accounts. We were NOT given notice, and we were simply told "your funds will be sent to you by check within 30 days". This is not something we were ever warned about, given notice of, or even received the courtesy of a phone call from the bank beforehand.
The actions taken by the banks make zero sense because:
  • We spend a lot of money on their credit cards, which is how they make money.
  • We made multiple payments monthly, and always exceeded our owed amount and had "credit" on our credit cards.
We were the ideal customers, not in any way "High Risk" customers.

Due to this, we cannot for the time being, place any orders.

Now that all accounts have been frozen in a joint effort, we will work with each of you to resolve your orders/refunds as soon as we can. We are not gong to shut our doors permanently, we will make it through this, and we appreciate the patience of all our customers during this time.

I apologize to anyone whose order has been delayed at all because of this situation. We are doing our best to fight through this, and to figure out a way to keep our legitimate business from being wiped out simply because banks don't like Bitcoins.

I will update this if and when we get more information.

Thanks,

Justin W.

[Update 1: Chase has also decided they needed to close my personal accounts and our main account as well and now all money is frozen and can take up to 30 days to get back. This means that we cannot even pay our credit bills with the money being deposited from Exchanges.]

[Update 2: We will be shutting down temporarily and not processing orders. Your order will be placed ASAP when we gain access to one of our accounts, or open an new one.]

[Update 3: Chase says "Your account will be reviewed to decide whether the source of deposits(exchanges) is legitimate and we will decide within 30 days if we will be returning any or all of your money" - quote from actual Chase employee. So because we have money coming in from Bitcoin Exchanges, we are now a criminal and have had all our money seized...]

We will work the orders that have been paid for today, our goal is to have 100% of them ordered by tomorrow even if we use our personal accounts to pay for it. Our customers are the most important thing, and just because the banks are effing us without lube, does not mean you should also suffer.

We will do our best to get them all placed as fast as possible.

Read more: Discussion at Reddit about the topic.

What is Bitcoin?

Shocking! Read this if you are customer of CHASE BANK or other US bank: If you have comment spam on your blog (or "bad" keywords) your bank may close your account because their automated system is "thinking" that you are high risk customer.

1 comment :

  1. so now you can use http://www.proxycoins.com instead
    same concept only P2P

    ReplyDelete

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