IAFCU Archives - CoinDesk

Bitcoin friendly banks in the US?

I remember reading a while ago that banks were freezing accounts/funds that were linked to coinbase and other btc exchanges.
What banks from your experiences are most btc friendly? Maybe we could update the info in this thread from a year ago.
submitted by jn02c00l to Bitcoin [link] [comments]

Great news! Bitfloor USD withdrawals now open.

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:
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.
[UPLOAD BUTTON]
=== === ===
Here's the email response I received from Internet Credit Union after I submitted my account application:
Dear AudenX,
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:
  1. 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.
  2. 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.
  3. 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.
Third Step – Sign onto online banking:
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
Jordan Modell
=== === ===
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 ===
17-July-2013: http://audenx.tumblr.com/post/55752420994
13-July-2013: http://audenx.tumblr.com/post/55752222447
10-July-2013: http://audenx.tumblr.com/post/55154517024
06-July-2013: http://audenx.tumblr.com/post/54770637002 <-- Great news
05-July-2013: http://audenx.tumblr.com/post/54707157530
02-July-2013: http://audenx.tumblr.com/post/54479938119
26-June-2013: http://audenx.tumblr.com/post/53970438791
21-June-2013: http://audenx.tumblr.com/post/53568535359
17-June-2013: http://audenx.tumblr.com/post/53234614015
13-June-2013: http://audenx.tumblr.com/post/52878432522
10-June-2013: http://audenx.tumblr.com/post/52640707656 <-- Good news
07-June-2013: http://audenx.tumblr.com/post/52414956398
05-June-2013: http://audenx.tumblr.com/post/52251841162
01-June-2013: http://audenx.tumblr.com/post/51902492890
30-May-2013: http://audenx.tumblr.com/post/51761248589
27-May-2013: http://audenx.tumblr.com/post/51584420452
22-May-2013: http://audenx.tumblr.com/post/51488743664
20-May-2013: http://audenx.tumblr.com/post/50956376471
15-May-2013: http://audenx.tumblr.com/post/50952729836
13-May-2013: http://audenx.tumblr.com/post/50547278257
10-May-2013: http://audenx.tumblr.com/post/50363516504
08-May-2013: http://audenx.tumblr.com/post/50363321012
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
submitted by audenx to Bitcoin [link] [comments]

Bank of the West is shutting down our bank account because we accept bitcoins.

Hello bitcoin community,
Amagi Metals would like to reach out to the bitcoin community for your help and support.
We have worked with BotW since 2011. In the last month they began requesting information about our business and claiming that we were a Money Service Business (MSB). However we only accept bitcoins as a payment method, we do not sell bitcoins, nor do we exchange or "deal" bitcoins. In addition we are compliant with AML/KYC and other regulations.
Today we heard back from the bank that they are closing down our account and that we can no longer use BotW after mid-August. They think that we are a "risk" because we accept bitcoins as a payment method.
So, we need your help! Can anyone suggest a bitcoin friendly bank located in the United States so that we may continue doing business after mid-August?
Please note that we plan on continuing business as usual and this will not affect our current business operations. Thank you for all your help and support!
-The Amagi Metals Team
Update Wells Fargo will not allow us to open an account. They said that even "holding" virtual currency as a business will prevent you from opening an account with them.
Update We have secured additional bank accounts at a few other banks. One of them includes IAFCU, the one that everyone was recommending. Thanks for the recommendations from the BTC community!!!
submitted by amagimetals to Bitcoin [link] [comments]

I have PM'ed 15 other redditors with Bitfloor accounts as a starting point for legal action, if needed, to recover USD funds. The total owed to the 9 who so far have stated their USD account balances is over $83,000.

I'm sure there are more of you out there. If you would like to be added to this email list, please PM me.
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
=== Edit: Monday, 6-May-2013 ===
Arstechnica piece quotes Bitcoin legal counsel John Snyder as follows:
Through counsel, Bitfloor is in active dialogue with its bank and is taking all reasonable steps to facilitate the return of funds, consistent with Bitfloor's legal obligations.
Bitfloor regrets this delay, thanks its customers for their patience to date, and appeals to its customers to continue to be patient as Bitfloor works diligently to resolve this situation.
and
The bank has not told us why it has delayed making available Bitfloor's U.S. dollar funds, but we are hopeful that this issue will be resolved soon. Bitfloor has sufficient U.S. dollar funds in its accounts to cover all of its customers' U.S. dollar credits on account.
=== Edit: Thursday, 30-May-2013 ===
I have been sending email updates over the past three weeks regarding new developments as I learn of them. If you would like to receive these updates, PM me your email address. If you would like your balance added to the tally, please email me your approximate USD balance, too.
=== UPDATE EMAILS ===
Check this thread for most recent information
10-July-2013: http://audenx.tumblr.com/post/55154517024
06-July-2013: http://audenx.tumblr.com/post/54770637002 <-- Great news
05-July-2013: http://audenx.tumblr.com/post/54707157530
02-July-2013: http://audenx.tumblr.com/post/54479938119
26-June-2013: http://audenx.tumblr.com/post/53970438791
21-June-2013: http://audenx.tumblr.com/post/53568535359
17-June-2013: http://audenx.tumblr.com/post/53234614015
13-June-2013: http://audenx.tumblr.com/post/52878432522
10-June-2013: http://audenx.tumblr.com/post/52640707656 <-- Good news
07-June-2013: http://audenx.tumblr.com/post/52414956398
05-June-2013: http://audenx.tumblr.com/post/52251841162
01-June-2013: http://audenx.tumblr.com/post/51902492890
30-May-2013: http://audenx.tumblr.com/post/51761248589
27-May-2013: http://audenx.tumblr.com/post/51584420452
22-May-2013: http://audenx.tumblr.com/post/51488743664
20-May-2013: http://audenx.tumblr.com/post/50956376471
15-May-2013: http://audenx.tumblr.com/post/50952729836
13-May-2013: http://audenx.tumblr.com/post/50547278257
10-May-2013: http://audenx.tumblr.com/post/50363516504
08-May-2013: http://audenx.tumblr.com/post/50363321012
06-May-2013: http://audenx.tumblr.com/post/49875576808
submitted by audenx to Bitcoin [link] [comments]

Best bank for a Bitcoin startup

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.
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.
submitted by Paullinator to Bitcoin [link] [comments]

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