Opened a business checking account today
Asked me about bitcoin usage on the account form!
I went to the bank today to open a business checking account for my new LLC. I thought it would be a quick process, but it took forever. By the end I was about to try to convert to crypto completely and say fuck the bank account.
But anyways, the most interesting thing about opening this account (1st Bank btw), was that during the process the dude who was opening the account for me asked specific questions relating to Bitcoin. I realized quickly that the questions were trying to get at whether or not I was operating a Bitcoin exchange with this account as the transfer mechanism (far from the case, as my business is for building websites for homies). I asked him to see what he had to say, and he told me excessive Bitcoin usage throws up immediate red flags and that they might even shut the account down.
I was kinda shocked, but also really drove home what digital currency is doing to banks. It's finally time to RISE UP!
Seems to me it's KYC procedure.
I suppose but how deep does KYC need to go? It's like I just need a place to store money sometimes. It's not like a high level security clearance. Ya dig?
They must think bitcoin is 'dirty' business. Try other banks :)
Good idea. I wonder if there is anyone who has a list of Bitcoin friendly banks. I'm gonna post about it.
to all people who see this, I have another post where I want to create a list of crypto friendly banks. Please check it out and add to it for the benefit of yourself and all crypto peeps everywhere:
https://steemit.com/crypto-news/@jakev/bitcoin-friendly-banks
Unless you are directly buying and selling bitcoin to customers, you can probably leave it off your application. Just using it as a payment method does not make you a reseller or distributor. Once you mention Bitcoin the bank is forced to follow the KYC rules to protect themselves. I would completely leave it off the application, and just use Coinbase for all bitcoin transactions.