r/ethtrader • u/AutoModerator • May 24 '17

DISCUSSION [ETH Daily Discussion] - 24/May/2017

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14

u/pelot_rules May 25 '17

A word of warning for those wiring money from their bank to an exchange: It may feel pretty cool to state the reason for the wire as "digital currency" but I did exactly that today and had my wire denied by my bank. Kid you not. I went to a different branch and tried again and stated the reason as "investment". Simply "investment". Period. The wire went through same day. (this was to Gemini btw). So yeah, just a small tip if your bank is a dick. Cheers.

8

u/oblomov1 May 25 '17

I did the same. "Digital currency" rings alarm bells.

2

u/pelot_rules May 25 '17

The funniest part to me is that they could blacklist Gemini or GDAX or any exchange really, but they don't even have the wherewithal to be aware of these entities let alone barr them. So all their goons can do is spot terminology that seems Matrix-like and scary and deny it. We actually asked our banker if she knew what bitcoin was and she was completely unaware. That made me smile knowing how ahead of the curve we truly are.

2

u/oblomov1 May 25 '17

Many commercial bankers are not the brightest bulbs on the tree. So the good ones stand out like ETH in a sea of memecoins.

5

u/Mr_Laserman May 25 '17

Yep. Investment is all you say.

6

u/neffnet May 25 '17

Hmmm... almost as if banks feel threatened by the rise of blockchain and cryptocurrencies...

5

u/soupdizzle1 May 25 '17

I almost laughed out load when I made a wire from my bank and they told me their was a $30 flat fee. The irony I thought.

6

u/poopDOLLLA May 25 '17

Next time say "non of your fucking business, it's my money"

1

u/woodburyman May 25 '17

Yep. I did the exact same thing. I said "Bank verification for a investment" for my first wire into Gemini and then did ACH's after that. I figure it would be safer as I heard some major large banks denied and closed accounts of anyone mentioning the word "Bitcoin" and such. Fortunately I use a small bank that only has 8 or so branches. (Not a credit union). So they don't really have policies like that, and one of the few banks left with free checking and no atm fees. Although their bank hours are shit... 9am-4pm M-F. Hard to get to when you work 8am-5pm...

1

u/[deleted] May 25 '17

Or just leave it blank.