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Chase Bank Closes My Business Account after Selling Bitcoin with Cash Payments!

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What a surprise today to logon and find my Chase Bank platinum business banking account closed after selling Bitcoin using Coinbase at http://jerry.tips/coinbjb to buy and Wall of coins to sell with cash deposits! The CRAZIEST part is that they refused to provide a reason! Customer support said “We are unable to give you a reason why we restricted your account, suspended your online access, and are closing it within 10 days AND no one else at Chase will be able to provide you with an explanation.” Thankfully I see the positive in that this account was costing me $95 a month which I will no longer have to pay and it also saves me the time for selling Bitcoin. If I had to guess why they closed the account, my guess is that they did not like my $10,000+ in CASH deposits at locations around the USA in February 2017 from Wall of Coins Bitcoin buyers paying cash for BTC. If that did not trigger them to flag the account, it might have been my $20,000+ in withdrawals to Coinbase to buy more Bitcoin to send back to WOC. When combining all of these together, I can imagine how a teller or branch manager might have got all excited and alerted the fraud department. I felt so good about helping cash buyers get their Bitcoin and making a 10% commission in doing so that I made an online video course about it at http://skl.sh/2llwqa3 which I am guessing the JP Morgan Chase Bank N.A. representative that closed my account did not watch. I hope in sharing my experience getting my 4 year old business banking account closed with Chase and having my online access suspended is helpful for you if the same happen to you or if you are considering following what I teach in my class! The founder of Wall of Coins advised me to not take payments larger than $200 as deposits because of the risk of accounts being restricted but as you can guess I did not listen to that and accepted a $2,500 payment into my Chase account just two days ago for Bitcoin which cost me around $2,300 to buy. Maybe smaller transactions would help or maybe a different bank or maybe buying on a different exchange! Whatever happened, I am grateful today to not let my happiness be interrupted by this small inconvenience and to be willing to share the results with you as the list of websites and accounts I have been banned grows by one more! Thank you for reading this and I hope you have a wonderful day! Help me reach 250,000 YouTube subscribers at http://jerry.tips/250kyts. Get all of my HD video classes for $0.99 on Skillshare with no ads and exclusive videos at http://jerry.tips/skillsha. PRICING for my SERVICES is at http://jerry.tips/isrvcs. Learn how I do my live streaming and video recording at http://skl.sh/2j8ZSgR. Listen to a new episode of my podcast free every day at http://jerry.tips/hppdc or on iTunes at http://jerry.tips/itunesj or on Google Music at http://jerry.tips/goopjb. WANT MORE YOUTUBE SUBSCRIBERS AND VIEWERS? Take my complete YouTube class for 2017 at http://jerry.tips/teachyt or read my YouTube book to see how to build your YouTube channel up to verified like I have with millions of views, hundreds of thousands of subscribers, and tens of thousands of likes on videos every month at http://jerry.tips/mboks or directly on Audible at http://jerry.tips/audibyt. MASTERMIND! Are you hoping to start and build your business as an entrepreneur online? Reach the next level TODAY by becoming a member of my mastermind on Patreon for $25 a month at http://jerry.tips/joinmoba and then applying to be a member at http://jerry.tips/winbz. PRIVATE LABEL RIGHTS! How would you feel if you had the ability to use all of my 3,000+ videos TODAY? Find out by joining my partners at http://jerry.tips/prtnsjb as they download, edit, and upload my videos to get traffic and make sales! Would you prefer to watch on Facebook? Like my page and select "see first" to view my new posts in your newsfeed at http://facebook.com/jbanfield. Twitter: would you follow me with @jerrybanfield at https://twitter.com/jerrybanfield. Twitch http://twitch.tv/jerrybanfield. Read 300+ posts on my blog at http://jerry.tips/blgpsts. View my list of everything I use in my business at http://jerry.tips/rsourcs. Read books with me on Amazon by viewing my author profile at http://jerry.tips/readwme. I appreciate you reading this and hope to see you on the next video and live stream! Sincerely, Jerry Banfield https://jerrybanfield.com
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Text Comments (391)
A.E.E.N 5th (1 month ago)
are you paying tax for all of that?`if not , you account will be shut down so easy is that
I also have a Chase Account... So if you can't use the banking system to deposit your earnings from Cryptocurrency's transactions how do you cash out??? Are there other banks or Credit Unions that will let you do this???
Med Akroum (1 month ago)
Im from morocco i need like 50 to 70 $ of bitcoin to start my investment ...its impossible to get btc in morocco someone can help me please 18cBHgjhuqTQJcXUHkdHTnkQgANye7GjBC
Jennifer Walker (2 months ago)
I get 100% service satisfaction from LiviaCoins.I get my bitcoins fast when i buy from them.
Cristos Palabras (2 months ago)
Not only is this a cautionary tale, you are telling us how to make money, and your course to learn how. Thumbs up, wow.
Matt Daniels (2 months ago)
Did they at least waive fees to give you a 10 day window to cover any outstanding checks and debits or call the police in order to jail you? You don't want unpaid checks going to the prosecutor's office nor getting blacklisted on Certegy, ChexSystems, SCAN or Telecheck; nor trashing your credit! If blacklisted, "banksters" will treat you like a terrorist! It's a throwaway society! At Bank of the West (Bear), when they close your account, they close your business!
Northern Lighting (3 months ago)
I hope all these banks lose their customers it’s about time that the people turn the table on these monsters
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Mr. K (3 months ago)
https://www.theverge.com/2018/2/4/16971666/cryptocurrency-bitcoin-jpmorgan-chase-bank-of-america-citigroup-credit-cardThe article states that Chase, BOA, or Citigroup don't really associate with cryptocurrency.
MrGamingPlays (3 months ago)
will they close my account if i use debit card (chase) to buy crypto currency iin coinbase? or only credit cards? and will they close my chase account if i for example cash out my cryptocurrency from coinbase to my bank account(Chase) (got savings account btw)?
Osha Ray (4 months ago)
Today, I just attempted to purchase $120 in Litecoin from Coinbase, and both of my banks connected with Coinbase refused the transaction. One of my banks locked my account, and the other bank said it looked like suspicious activity and flagged the purchase which was denied. So, it certainly had nothing to do with large purchases in my case! It looks like the banks don't want the competition and are fearful of Cryptocurrencies and the block chain technology. Which banks are still accepting purchases from Coinbase now?
Scott Munger (3 months ago)
Same here.. Bank didn't close my account but will if any other activity is seen with GDAX / Coinbase.
Shortlady82 (4 months ago)
Osha Ray the same thing happened to me today!!! However when I purchased 20.00 of bitcoin last month and purchased it directly with my bank account it took like 7 days to process but it went through.
Kannon Yurillo (4 months ago)
*I just got 0.1 BTC via this website. Google "bitxploit" for more info*
BiGChinGS LoCoHoDiaN (4 months ago)
jerry banfield keeps getting banned go figure ... how did you get your name???
MStacks85 (4 months ago)
Lol the banks say that BITCOIN is gonna be worthless, so they are warning us not to buy. Since when do the banks give the public good advice?!
Jeff Foster (4 months ago)
Haha...you thought it was your money!!
Angelo RC (4 months ago)
Only buy with private accounts not business. Not allowed to gamble with business account
Angelo RC (4 months ago)
I have chase private client and sent a 50k wire to coinbase and cashed out 150k back to chase and they upped my credit card limit.
Angelo RC (4 months ago)
You are not allowex to use you business account to trade crypto.
Jim Man (5 months ago)
you hire the bank to hold your money for a fee, therefore the banks job is to hold your money so you can use it as you choose, not to choose how you use your money...
Deoblou Corp. (5 months ago)
Hey I know I'm seeing this video almost a year late but you could print your bitcoin on paper wallets then you can traditionally sell your BTC like buying a CD from a friend. Love the video and I'm checking out your site, thanks for being there.
Lori Favela (5 months ago)
This happened to me. They will give you your funds, but still you have to figure out ways to transfer btc into cash.
Kristine Cunningham (5 months ago)
If they cant own what you think discover or create They will keep you from it too! That's what is going on!
TheDanielb554 (5 months ago)
Everyone should stop using them , it is the only way to stop this bullying . Leave the bank, when asked why, input (you closed other cryptocurrency users accounts for no reason).
Brad Bower (5 months ago)
Good luck eating your No-Coin during a major SHTF!!!!!!!
Daniel Bull Runner Lamb (5 months ago)
What we need is our own cryptocurrency bank.
Tinnitus Cure and Masks (5 months ago)
BANKERS..... These sons of a bitch are completely scared. They do not control anything anymore. Let them burn in hell.
Jonathan Middleton (5 months ago)
Any strange payments trigger things just as having huge amounts of cash in and out your account. And I've heard coinbase label bank deposit somehow with the words bitcoin.
Joshua Craig (5 months ago)
This happened to my dad but with stocks. He made some good money off some different companies and the bank closed his accounts and said he was money laundering. Lol needless to say he switched to a credit union and he still day trades with no problems.
Finch Family (5 months ago)
are you related to Mr Banfield @ NYL?
Rakanishu Tsuyoshi (5 months ago)
Well no wonder..if you change imaginary money with real money
Dr Bob Gregson (5 months ago)
You can easily cash out/buy bitcoins at furcoins.com, my experience with them is fascinating. No fees, no delay and no sign up!
James Frushon (5 months ago)
This guy was using your site...jail...https://www.youtube.com/watch?v=RPVo3WiA-e0
James Frushon (5 months ago)
You're going to jail!
Garron (5 months ago)
Bank small, better be a small fish in small pond.
greenlantern129 (5 months ago)
I think the reason why they want to discontinue service with you is illegal that’s why they don’t want to tell you I encourage you to try to get an entity involved to help you fight this legal matter because a public bank can’t refuse to service you for any reason
Silver Prepper (5 months ago)
How do you get a US Dollar tab in your coinbase account?
Brian Joseph (5 months ago)
Shit like this is ridiculous. How the fuck can you be "ok with that?" That's the problem, people are just ok with shit like this. Cowards like you are the reason this world is ran by fucking puppet, tyrants. Grow a pair of fucking balls.
ICU (5 months ago)
The Autism is strong in this one.
Laisha Vega (5 months ago)
Fuck banks there thieves and I hate them
George W (5 months ago)
Banks closing bitcoin trading accounts with no legal reason is an antitrust violation.
Ibrahima Fall (5 months ago)
Hugo Viegas (5 months ago)
you do classes??? looo0l classes of dumb
Kable tha Kiid (5 months ago)
More Bucks (5 months ago)
World According To Mark (5 months ago)
Was this a Business or a Personal Account?
Taylor Mallory (5 months ago)
Buy more crypto with their fiat and inflate their shit to boost yours lol. Basically close Chases account.
Hugo Booo (5 months ago)
Who creates those bit coins and why they are taking paper currency the one who has no value but the one which the banks dictates for exchange for cyber money tha no body knows who is behind it ?
Crypto & Chill (5 months ago)
it took me 5 minutes to open a coinbase account
Daniel Bennett (5 months ago)
This reminds me of some banks closing accounts of gun retailers online just because.
this beginning of the end of the people controlling world banking system
Yodaandhislightsabre (5 months ago)
This is now common. Try making a donation to Wikileaks through PayPal or BofA.
quinn drago (5 months ago)
Do they think you're posturing keeping all deposits under 10,000? So as to avoid taxes?
C White (5 months ago)
Remember, the money in the bank is theirs not yours. Also, those transactions to Coinbase go to offshore locations. That doesn't help. Coinbase needs to ensure that all their credit card processing centers are INSIDE the US.
Beer Me (5 months ago)
Dropped outta crypto months ago...is probably crying in a corner right now.
Coop Jack (5 months ago)
Not the first time hearing this happen to somebody
cas adaps (5 months ago)
They don't care, they were Fine BEFORE YOU and they WILL BE FINE AFTER YOU.
Numinous (5 months ago)
You obviously don't understand the big picture. Used to be we were told that we'd always have to carry cash. Then credit cards were released - major game changer. Now we're told we have to keep our funds in banks and be subject to the activities of the Fed and the fees of banks. Now crypto exist - another game changer that's of at least as significant degree as CC's were. Remember what happened to Blockbuster? Things like Hulu and Netflix came out. Banks are about to be outmoded completely, and they don't like it. But it's inexorable.
Darren Munsell (5 months ago)
warning - don't use Coinbase!
Faith (5 months ago)
why exactly? I know they were forced to hand over 14k records of account holders' but I thought they tried to fight the intial demand for all of their account holders' records.. please expound
mrorganic88 (5 months ago)
Looks like Chase Bank is making them selves obsolete. Maybe soon many of us will have no use for these debt institutions, the banks of today are not real banks at all. All there currency today is created out debit entries and nothing more. What a bank is supposed to be is a place to store money, they have no money at all any more. Even there currency (the FRNs) is evidence of debt. I guess everyone knows that the FRNs are not redeemable for any thing, they are just debt.
Hubub Armour (5 months ago)
Hey Jerry, Bitstamp closed my account last month, had it since 2013, because I used my Bitstamp wallet to send bitcoins to fund my Bitconnect account. There Terms of Serce should have included a statement that says we will monitor all of your crypto transaction endpoint destinations, and if we do not like any one of them, we have the right to terminate your account. Do you still have any bitcoin friendly bank accounts open, or do you have to keep everything btc related concealed? I would be interested in any bank who is bitcoin friendly. Thank you.
Cindi Henderson (5 months ago)
What did you think is a better Bank to use?
Frank Rodgers (5 months ago)
The advice you are giving about changing the amounts of deposits is actually a violation of Federal Law. I think it is bullshit, but it is very serious. I enjoy videos like this, but you really need to be careful about talking about how to structure deposits, etc. is a violation of the Federal Structuring Laws. You should take this video down before you get your balls in a vise.
Frank Rodgers (5 months ago)
You need to be careful with what you are doing. You may be running afoul of Federal Law. Wall of Coins could potentially be identified as a money laundering site. Also, with all the transactions you are running through, you may be at risk or a Federal charge of structuring. You need to read the laws on this. I had a friend who was charged and convicted of Structuring for using his own money in a legit business venture. Penalties: 5 years in prison. $1 million fine. This is serious crap, be careful.
Daniel Kren (5 months ago)
10% fee to get your money? Ouch
Elmosdream78 (5 months ago)
Chse dont want you banking outide their system, they are the frauds, not you and the free market of doing business one to one with eachother, we dont needs banks who print money from nothing.
Gary Hudson (5 months ago)
Chase flagged your account as laundering money.
Robert Mould (5 months ago)
it this a rap, they want you in but make it hard to go out.
Tony Lee (5 months ago)
How does this experience make you feel about XRP and its growing popularity?
Ted BURKE (5 months ago)
Get a clue dumbass cryptocurrencies are a direct assault on the banking system there the frauds
Cj James (5 months ago)
believe it or not Chase did disclosed that information to you when you opened the business account i notice that when i open my account a few years ago I'm sure if you used your personal account that wouldn't happen its because of the business structure
Russell K. Bonney (5 months ago)
Watch the ten grand mark over an again. The IRS can freeze your account.
nji nu kau sini (5 months ago)
Lots of spooky sheep in the comments. LOL
TheHotcrumbs (5 months ago)
Cookie Monster (5 months ago)
Bitcoin is legal currency in Japan and is worth more than the currency of many countries. Ill be avoiding Chase
nicegoodspeed1 (5 months ago)
Good thing I never decided to open a Chase account. Screw them.
Ahmed Hasan (5 months ago)
And yet a lot of ppl selling bitcoin in ebay Funny how they want to control ppl
Earth Not A Globe (5 months ago)
Tashia Payne (4 months ago)
Vincent Rodriguez do it without some strange internet currency. or at least be safe. Because a 50% drop in stock is a huge loss. Do some research before investing.
Wally Jniyah (5 months ago)
dude that calls money laundering! Coinbase report every transaction you do to the IRS, that why you should buy and sell through them. look forward to getting audited this year for damn sure!
Rusty Debier (5 months ago)
No they don't. If that was true then the IRS would not have taken them to court to release customer names.
Snow Bird (5 months ago)
Chase just closed my account too, because of buying bitcoin.
melvin melendez (5 months ago)
fool!!! because the rothschild and the banking system already started the war against cripstocurrency.The communist investor of china gave up and the bitcoin like other drowned like the argentinian submarine did.Too much greedy people outside ,the fast and fury movies have washed the brains of this generation.
GameN'Guitar (6 months ago)
You should not have done that you should have put it in your personal account. Besides after what these big banks did in 2008 with the “bailout” you should have used a Credit Union instead of the thieving banks.
metal garurumon (6 months ago)
You use third party. 3rd party can do anything that they want
B. Harris (6 months ago)
gscgold (6 months ago)
Ceo of Chase hates Bitcoin from what I hear.
Patrick Quinsay (6 months ago)
Will it help for example, you call your bank and tell them the situation that your about to sell bitcoin and about to receive, lets say hypothetically speaking more than $10k receiving in your account in multiple transactions?
The art of competition (6 months ago)
this happened to me also and now i cant get a damn bank account. im stuffing money in my fucking mattress so to speak. anybody know how to get another bank account?
plexed1000 (6 months ago)
Jamie Diamond CEO wants nothing to do with people like you and bitcoin. Dont give up the fight.
Fran Pertcy (6 months ago)
if it was a congressman just a 10% kack back would have solved the whole problem...I'm sure. thanks for the vid...I'll drop my account with them ...as I'm a small fry..also having problems with coinbase and chase....same thing buy and sell...and i'm talking about just putting in 1k...and pulling profit 2 weeks later...a whole 200 bucks
MOIZ AHMED (6 months ago)
hi I am from uk will your course help me I am interested in 101% to 111%
Carl (6 months ago)
Investing in bitcoin indicates an individual is wreckless with money as it is a complete gamble of an investment. Bitcoin will eventually collapse to nothing, the effect of the coming bitcoin collapse will vary between bitcoin investors but the bank may have taken a decision to discontinue dealing with anyone who has bought in to the bitcoin scam to minimise their own risks. Bitcoin is obviously a Ponzi scheme (albeit decentralised) and if you think its a good investment that's OK, but the banks likely view you as a bit of a financial retard.
jason Helms (6 months ago)
did you ever get your account back up?
connectwithstef (6 months ago)
Are you still using Wall of Coins? I placed an order with them 3 days ago and still haven't received my bitcoin.
YouTubeWatcher (6 months ago)
Chase sucks anyway. They put my credit card to the default rate for no reason, after hours on the phone they told me I was " at risk" even tho I never missed a payment. I paid it off and closed the account, haven't given them any money since.
chaba72 (6 months ago)
lot of "unusual activity" in a short period of time, bitcoin are not baked up,or supported by banks, so its possible to think money laundering, like Brent was commenting it.
Hugo Sabato (6 months ago)
US government will tell their banker buddies not to transfer any funds to Bitcoin related accounts.  Typical shit, hence Bitcoin!
u mudder pucker (6 months ago)
bitcoin was made by us government to audit everyone and also let people buying illegal goods incriminate themselves. IT is not decentralized. Its hilarious all the donks going into it. Amazing how smart the government is to make a one world currency right under peoples noses without them realizing it. When i tried to cash in my bitcoin fincen sar audit me up the ass. Its unreal. Will never touch it again with 10 foot pole. They have all your history on exchanges of what your buying and when you try convert to cash get ready to give them all your irs information and answer several personal questions about yourself. If they don't like what they hear your bitcoin will be taken away.
Than Chau (6 months ago)
Hi Jerry. I am A newbie learning. I do have question, lot of questions but don't know what to ask yet. Probably down the road. After seen many of your videos on YouTube, you are my truly inspiration. In the meantime I will keep watching your videos lessons. I'm looking forward to meeting you in the near future or talk to you. God bless you and yours.
Jiany Star Massa vich (7 months ago)
Jerry what's your take on the million of tethers pumped. How can this- influence bitcoin?
Akoben Renaissance (7 months ago)
David Chaney (7 months ago)
Banks have always been bad to do business with. Brokerages may be a better option. The investment world likes bitcoin. Banks don't. Banks are nasty institutions and disconnecting from them and their credit will leave you better off in the long run.
Michael Clark (7 months ago)
Don't use Chase, they have a long history of "mistakes" that cost their customers millions.

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