US Bank will not wire money to Coinbase.

in #wire3 years ago

My bank (US Bank in Tucson Arizona) today refused to wire money to Coinbase. The wire transfer is to a domestic bank in New York. They took one look at the name on the account “Coinbase” and they refused. They stated that they will not wire money to any business that is involved with Bitcoin or any other cryptocurrency. They went on to say that Bitcoin was not a real currency. The teller was nice enough to call their main office to verify their policy and confirmed they will not wire money to a business associated with Bitcoin.

The irony is that in comparison to cryptocurrency, the bank that holds my money is an inferior service which limits my ability to make decisions on where I use my money and charges significant fees to perform an expeditious transaction.

Anyone else having similar issues with their bank? Which banks will perform transactions with Coinbase?

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Never had this problem. Maybe it's time to get a large US based bank such as Bank of America, Wells Fargo, or Chase.

I have Chase bank as well. My work around was to get a cashiers check from U.S. bank so I can transfer funds to Chase. The original goal was to transfer funds quickly and I was willing to pay the associated fees. I was just supprised put off that U.S. bank refused a wire transfer to a domestic bank.

I’ll see if Chase will allow the wire transfer tomorrow and report back.

US Bancorp a parent of US Bank (market cap = $85.98B)
Bitcoin (market cap = 131.5B and growing)
And US Bank doesn’t believe bitcoin is a currency.

Follow up: Chase bank wired the money. No questions asked.

Ha! Glad it all worked out.

My U.S. Bank account appeared locked online some months after moving from America to Vietnam. Was teaching English in Vietnam for 5 years and am now back in America. When I was in Vietnam, I was emailing my bank about my problems. When I got back to America, I found a U.S. Bank cashier's check. So, I'm looking to cash out that check, to deposit it to Bitcoin or something. I have some Bitcoin. My U.S. Bank account may have been closed by them and I also do not want to talk to them. The check is only about $300 USD. I am still researching my options but regardless, it appears based on your post here that I may not be able to deposit my check. I'll still look around for something. Thanks for the post, for the heads up.

@Socky, did you say you wired money from your U.S. Bank account to Chase and then to Coinbase or to a cryptocurrency wallet or exchange or something? I was reading your comments here and you mentioned Chase.

Hey, I almost missed this comment since the post is old.

I don't know if that is still U.S. Bank policy. That was at 7 months ago. I know that U.S. Bank has an affiliate bank that now backs TUSD. That is a cryptocurrency like Tether which didn't exist back then.

What I did was get a cashier's check made out to me from U.S. Bank. I then drove over to Chase bank and deposited that check. Then I used Chase to wire the funds to Coinbase.

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