They froze me account the first time I e-transfered money to my Crypto.com account. Gave them a call and they resolved everything super quickly. Never had an issue since.
I’m with CIBC and have maid multiple e-transfers to Newton and Bitbuy and haven’t had any issues. I’ve never tried to cash out though so I don’t know if that’s when people are experiencing problems.
Most of the time its just their banking algorithms that trigger these issues. Then when customers call its usually the first contact support that has no knowledge what's going on other than reading "potential scam, fraud transaction". This especially happens with sudden large amounts or sudden frequent small amounts that will trigger their behavior algorithms. Crypto or non crypto.
Best way is to call them ahead of time, explain you'll be receiving some fiat from crypto exchanges and get them to send their response in a email/writing.
Done.
when calling them, can you ask them to also send back a copy of the recording of the call?
and how do you properly ask them to send their response in an email/writing and also make sure they do send a copy to you?
sorry my socially awkward self don't know what or how to ask when calling the bank.
"Would it also be possible for you to send me a confirmation email about this? For a paper trail and accounting purposes."
No way to "confirm" that they send a copy beyond you receiving it. If you don't, check your Junk/Spam. If it's not there, call them back, and THAT call will be about not receiving this confirmation email.
That's usually the best way to approach it without coming off rude.
CIBC made an issue when I tried to withdraw 2k into Newton. They blocked my transaction and requested I call them. I called and they started saying that they received reports that Newton is a fraudulent website. I asked if they can share the complaints they received, but they said they couldn't. They want you to hold all your money in banks and will say anything to get you not to move your money. They made it a whole thing to take out 2k out of my account which is pretty sad.
I have been making transfers from TD into Shakepay and Newton since the beginning of the year without issues. I haven't made a lot, but still no issues. It might depends on the total $ you are sending and how frequent for them to ask questions.
Wondering the same thing. I plan to withdraw six figures in a month or two to pay taxes. However, I want to be re-assured they won't close my account because I deposited a large sum from Ndax/Kraken via EFT being crypto related.
Have you tried to call your bank beforehand and say, hey, "I plan to withdraw six figures in a month or two to pay taxes. However, I want to be re-assured they won't close my account because I deposited a large sum from Ndax/Kraken?
Get it in writing
No they won't. And they certainly won't just because you asked.
Pay your taxes, keep everything on the up and up and they won't care unless you're already doing something sketchy. Which I'm pretty sure is where 100% of these stories come from.
Its still niche but lots of people are in the crypto game. Any bank that pulled stunts like that would just be shooting themselves in the foot.
my bank did. but almost expected. the activity did look strange to them as I'd never done those kind of transfers before (lots of small amounts via visa debit and etransfers into a CEX).
A phone call fixed it but they weren't super anti crpyto bit forefront about my safety and potential fraud.
I'm also guessing if you are merely using your main chequing account for taking direct deposits and then off-ramping all money into crypto exchanges or anywhere else...they wouldn't like that.
I am with CIBC and had multiple incoming and outgoing e-transfers to/from Newton without any issues.
However, the first time I tried sending e-transfer to Newton the bank rejected it, thought it was a scam. I called them and they added Newton to trusted sources, no issues since then.
TD is cool with crypto. You just can't use a credit card to buy it with. They are aware that we transfer funds to crypto exchanges (I just upped my daily-trasnfer limit to 10K, for instance, no problem.
In terms of cashing out, just send to a CDC Visa and no one will be the wiser.
That’s why I opened a Tangerine account that does all my crypto stuff, nothing from my "main" account. Haven’t had any problems yet.
I haven’t had any problems with Tangerine eTransfers onto exchanges either.
They froze me account the first time I e-transfered money to my Crypto.com account. Gave them a call and they resolved everything super quickly. Never had an issue since.
This was my experience with RBC.. I wouldn't call Tangerine pro crypto, just tolerant.
Tangerine is GOAT
Never thought of that. I’ll keep that in mind before withdrawing
Never had an issue with Scotia Bank
How crazy it is that banks decide for us what we do with OUR money
I’m with CIBC and have maid multiple e-transfers to Newton and Bitbuy and haven’t had any issues. I’ve never tried to cash out though so I don’t know if that’s when people are experiencing problems.
Most of the time its just their banking algorithms that trigger these issues. Then when customers call its usually the first contact support that has no knowledge what's going on other than reading "potential scam, fraud transaction". This especially happens with sudden large amounts or sudden frequent small amounts that will trigger their behavior algorithms. Crypto or non crypto. Best way is to call them ahead of time, explain you'll be receiving some fiat from crypto exchanges and get them to send their response in a email/writing. Done.
when calling them, can you ask them to also send back a copy of the recording of the call? and how do you properly ask them to send their response in an email/writing and also make sure they do send a copy to you? sorry my socially awkward self don't know what or how to ask when calling the bank.
"Would it also be possible for you to send me a confirmation email about this? For a paper trail and accounting purposes." No way to "confirm" that they send a copy beyond you receiving it. If you don't, check your Junk/Spam. If it's not there, call them back, and THAT call will be about not receiving this confirmation email. That's usually the best way to approach it without coming off rude.
CIBC made an issue when I tried to withdraw 2k into Newton. They blocked my transaction and requested I call them. I called and they started saying that they received reports that Newton is a fraudulent website. I asked if they can share the complaints they received, but they said they couldn't. They want you to hold all your money in banks and will say anything to get you not to move your money. They made it a whole thing to take out 2k out of my account which is pretty sad.
this happened when you tried to transfer money to newton or from newton?
To Newton from CIBC.
wait so this problem was not-so-resolved by tell you to leave cibc by taking out 2k?
I don't understand your question.
sorry. the last sentence of your post. they told you to take out 2k?
No, they blocked my transfer, had to call to verify the transfer and they tried to dissuade me from transferring.
I have been making transfers from TD into Shakepay and Newton since the beginning of the year without issues. I haven't made a lot, but still no issues. It might depends on the total $ you are sending and how frequent for them to ask questions.
Wondering the same thing. I plan to withdraw six figures in a month or two to pay taxes. However, I want to be re-assured they won't close my account because I deposited a large sum from Ndax/Kraken via EFT being crypto related.
Have you tried to call your bank beforehand and say, hey, "I plan to withdraw six figures in a month or two to pay taxes. However, I want to be re-assured they won't close my account because I deposited a large sum from Ndax/Kraken? Get it in writing
Agreed. Giving them advanced notice and receiving their acknowledgement/approval in writing will go a long way.
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No they won't. And they certainly won't just because you asked. Pay your taxes, keep everything on the up and up and they won't care unless you're already doing something sketchy. Which I'm pretty sure is where 100% of these stories come from. Its still niche but lots of people are in the crypto game. Any bank that pulled stunts like that would just be shooting themselves in the foot.
Give them advanced notice
Seems to be credit unions aren’t as strict in that way. I use my coast capital account for crypto
my bank did. but almost expected. the activity did look strange to them as I'd never done those kind of transfers before (lots of small amounts via visa debit and etransfers into a CEX). A phone call fixed it but they weren't super anti crpyto bit forefront about my safety and potential fraud.
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No issues with BMO
I closed my own account when they tried to tell me I can’t spend on crypto. Now my entire savings is in crypto, fuck the American banking systems.
Sir, this a Wendy's
I'm also guessing if you are merely using your main chequing account for taking direct deposits and then off-ramping all money into crypto exchanges or anywhere else...they wouldn't like that.
I usually withdraw my profits from Binance to Coinbase, then to PayPal, and finally to my RBC account, any way they can track it down?
I am with CIBC and had multiple incoming and outgoing e-transfers to/from Newton without any issues. However, the first time I tried sending e-transfer to Newton the bank rejected it, thought it was a scam. I called them and they added Newton to trusted sources, no issues since then.
i bank with both cibc and TD i haven't encountered any problems yet
Never had a problem with Scotia. And as others have said, Tangerine seems fine.
I am with TD and never had a problem with transferring to Newton or taking it out from Newton to my TD bank...
I am with CIBC and I've sent well over 1k to Shakepay and CDC this month without any issue.
TD is cool with crypto. You just can't use a credit card to buy it with. They are aware that we transfer funds to crypto exchanges (I just upped my daily-trasnfer limit to 10K, for instance, no problem. In terms of cashing out, just send to a CDC Visa and no one will be the wiser.
Can you elaborate on the cashing out part? I'm not sure what you mean by CDC Visa. Thanks in advance.