For those who haven't seen it, Roman just posted the update we've all been waiting for on bitfloor.com:
We are pleased to announce that we are ready to start returning USD funds. Please follow the instructions on the withdraw page. If your account balance is over 3000 USD, you must first open an account with IAFCU and then provide your IAFCU account number.
=== === === Update July 6, 12:56 PM Pacific:
I'm already getting emails and seeing responses here about various login/withdrawal/balance-related issues. I imagine it may take a few days for all the ins and outs of the refund process to become clear to all of us. If you are experiencing USD withdrawal-related issues (such as $0 balance showing up on your account when you know you had a positive balance) that are not resolved by 7/12, please send me a PM or email and I will start tracking those issues and reporting them to those on the update email list. If you would like to be added to that list, PM me your email address. Update July 6, 12:59 PM Pacific: sodoubleoggood
reports that Bitfloor has removed all pending withdrawals, so for users who were seeing $0 balances due to pending withdrawals, check your account again to see if that's cleared up. Update July 7, 10:36 PM Pacific:
I have been receiving numerous reports of bugs and account access issues from users who are trying to submit their withdrawal requests. I am keeping track of these comments, but because Bitfloor just announced the refund process yesterday, I am asking everyone to give Bitfloor one more week (until 7/12) to start working through their backlog of customer support emails. If by the end of next week there does not appear to be progress, I will create a "master list" of issues reported to me and will use the email update list to communicate progress on those issues. Update July 10, 2:18 PM Pacific:
Understandably, a lot of people want to know when they're going to get their refunds now that they've submitted ID info to Bitfloor or IAFCU. I don't have any information from Bitfloor or IAFCU suggesting a specific timeline, but here are my thoughts on the matter.
Those in the < $3,000 camp will be wondering about the timeline for verification of docs uploaded via Bitfloor. In the last few days before the exchange shut down, document verifications were taking 5-10 business days, so I could imagine the process taking the same amount of time now (and maybe longer since hundreds of customers are re-submitting their documents all at the same time). I don't believe Bitfloor has a large staff doing this manual processing the way that MtGox does, so I don't expect Bitfloor can get through thousands of verifications a day like they do.
Likewise, people in the IAFCU camp may need to wait several days for a phone call. IAFCU is a very small credit union
(and it may in fact be Jordan alone doing all account verifications)
, and if my spreadsheet represents, say, half of all Bitfloor users, IAFCU may have already received a couple hundred new applications in the last few days, each of which requires a telephone confirmation step (and possibly even a confirmation of a donation sent to a local charity). So I won't be surprised if it takes a few more days for IAFCU applications to get processed.
I know it's frustrating that it's taking so long. But I still think our best bet continues to be patience. Update July 10, 10:42 PM Pacific:
SpottedMarley from bitcointalk.org posted this message
indicating that he has spoken to a person at IAFCU who is working on processing the new account applications. He includes a lot of interesting details.
=== === === Here's what's currently appearing after I log in to my Bitfloor account. [Right-hand sidebar showing my BTC and USD balance] [Left-hand content area with the following instructions:] USD Refunds
In order to receive your USD refund, please read and follow the instructions below.
If your USD balance is 3000 USD or more, you must first open an account with IAFCU and provide your IAFCU account information and NOT your current bank account information.
Everyone is required to provide the following information:
- Copy of government ID
- Routing Number
- Account Number
- Current Address
- Phone Number
The cost for processing a refund (set by IAFCU) is 2.50 USD which will be deducted from your account balance. If your balance is below 2.50 USD we cannot process your refund at this time.
International Users should fill out the information below and use a SWIFT code in place of a routing number. Copy of Government ID
The photo must be clear, cropped to the dimensions of the scanned document, and upright.
=== === === Here's the email response I received from Internet Credit Union after I submitted my account application:
Ok so you have submitted your application for a new Account- If I were you I would saying: Now What? First Step
The next business day a real person in the good ole US of A will review what you sent and perhaps wonder why you forgot some information we really need. Second Step
This real person (maybe even me) will call and verify you are really you. So please pick up the phone or at least call us back.
When we call, answer the phone as three things will happen:
Third Step – Sign onto online banking:
- We are required to “Know our customers”. This means that personal touch of actually speaking with you and verifying some of the information on your application.
- We will give your account number . If you want a really cool account number you can request one by donating either dollars or bitcoins. Hey we are a not for profit and need to keep fees down for everyone. Accounts numbers from 100-9,999 can be gotten by helping support us. The lower or more special the number the higher the donation.
- We will ask you if you want to set up A2A transfer from another financial institution. Then you can transfer money from one those big banks that helped bring down the economy just a few years ago to us little but good guys that care about your financial well being.
READ THIS, perhaps even print it and put on your frig next to those fruit or poetry word magnets, and it will save us both lots puzzled states at a screen:
Log on now the day we call you and we mean today:
You need to log on with 24 hours of us creating your account and contacting you otherwise we will have to reset your PW. And why take up your time on long call with us when you could be out there saving the world. How do I log on?:
We encourage people to jump from our home page: IAFCU.ORG. Also then you can read my old and new blogs and make my dad happy. What do I do if its my first time?:
Mainly answer the phone! Part of being with a Credit Union is that we like to get to know our members and we will personally call you and walk you through how to get on and navigate online banking. Name that Account:
Once on you may want to go to Nick Names Under XXX and change the names of your accounts. Primary Share is called a Savings Account in the banking world and Share Draft is checking account. Yup we can help you with that.
THANKS FOR JOINING AND BECOMING AN OWNER OF THE CREDIT UNION
- This is a beta e-mail response please tell us how you like it. As with most things about us we love your input
=== === === df546rtghr65y4 asked an important question: So how is it that the IAFCU is able to issue accounts to people outside NJ?
Very good question.
This may seem weird to some customers who are new to credit unions (Wikipedia article)
, but if you've never used a credit union before, one of the first things to know is that their charters require them to have a well-defined "field of membership" that limits who is able to become a member. In the case of IAFCU, the field of membership is those who live or worship in New Brunswick, NJ. However
, IAFCU can satisfy the field of membership requirement for those outside New Brunswick if they make a small donation to a New Brunswick-based nonprofit.
So for those who (like me) are opening an IAFCU account but reside outside of New Brunswick, here's the info you're going to receive from IAFCU when they call you (from an email exchange I had with Jordan):
Please note that if you live outside New Brunswick NJ the only other requirement is donate $5 (usually we ask $10 but understand circumstances) to a local charity. There are four who are bitcoin friendly and worthy the one we deal with the most is Elijah's Promise they are a soup kitchen-food pantry and a lot more. They have no relation to us and it is tax deductible. We can tell you about the others when we call you.
Although this might seem like a hassle to some, presumably everyone who is opening a new account with IAFCU has over $3,000 to recover from Bitfloor, and the $2.50 processing fee + $5 donation is hardly a loss compared to what we were fearing might happen (e.g. 25-50% loss through a class-action lawsuit).
=== UPDATE EMAIL LOG ===
<-- Great news
<-- Good news
06-May-2013: http://audenx.tumblr.com/post/49875576808 AudenX unofficial USD balance owed tally as of Saturday, 06-July-2013: 270 respondents. $791,000. USD balance reported by IAFCU via SpottedMarley on Wednesday, 10-July-2013: over $2.8M
Can anyone suggest a good bank, preferably one with decent Internet connectivity to QuickBooks/Quicken for a new company. I'm not looking to be a money transmitteexchange, so I don't think I'll hit a lot of those problems. However I would like a somewhat reputable bank versus the crooks over at J.P. Morgan, Bank of America, Wells Fargo, etc. Been searching for an Internet bank like IAFCU, but they just don't have the connectivity features I want. submitted by
I know, you all want to say what's a bank for with Bitcoin? I still plan to hold most of my company funds in Bitcoin, but sometimes you still have to tap into the legacy economy.
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