TD Bank Prevents Customers From Buying Bitcoin and Other Cryptocurrencies

[Canada EH]

https://themerkle.com/td-bank-prevents-customers-from-buying-bitcoin-and-other-cryptocurrencies/

 

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Various banks around the world are not too happy about people buying Bitcoin. We have seen multiple banks close customer accounts because of this activity. This is not a positive development by any means. It now seems TD Bank is actually trying to block Bitcoin purchases as well, although the company is mainly performing routine checks by the looks of things.

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users will buy Bitcoin and suddenly see their preferred payment method declined. One user claims that his TD Bank credit card was “blocked” while buying Bitcoin and the bank had no intention of allowing him to do exactly that

Its so easy to get around this its not even funny, the easiest is a prepaid credit card with no monthly fee's.

The banks feel threatened by cryptocurrency that is why they are cracking down.

They feel their profits are in danger.

 

[Hiitchy]

This is why I bank with RBC. Lol.

[AshleyAshes]

6 minutes ago, Canada EH said:

https://themerkle.com/td-bank-prevents-customers-from-buying-bitcoin-and-other-cryptocurrencies/

 

Its so easy to get around this its not even funny, the easiest is a prepaid credit card with no monthly fee's.

The banks feel threatened by cryptocurrency that is why they are cracking down.

I don't think you adequately comprehend this article.  Notice how they're only blocking the usage with credit cards?  That's because bitcoin is a very risky investment and if it blows up in the investor's face, it's frequently the credit company that winds up holding the bag if the account holder runs off and doesn't pay, declares bankruptcy, or tries to argue that the purchase was fraudulent and they 'totally never bought that bitcoin, someone musta stole my card.  Woopsie doodle'.

 

You only think that this is a bank trying to interfer with bitcoin because you have very poor financial literacy.  This is why the article says the chequeing account is fine, because what you buy with your chequing account isn't DEBT, it's your cash that you set on fire if you screw up.  You think you are clever suggesting a 'prepaid credit card' to 'get around it' but NO SHIT, because a prepaid credit card is PRE-PAID, it's not DEBT, if you lose everything buying bitcoin on a prepaid card, then you already paid the bank what it's owed.

 

"TD Bank halts allowing customers to use credit cards to buy cryptocurrency"

http://www.cbc.ca/news/business/td-banks-bitcoin-1.4549697

 

"Major Banks Ban Buying Bitcoin With Your Credit Card"

http://fortune.com/2018/02/04/banks-ban-buying-bitcoin-credit-card/

 

"Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil"

https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

 

Before you go on, you should keep in mind that in the United States, most banks won't let you make ANY investments with money from a credit card, you have to use your OWN MONEY instead of the BANKS.

 

Can you please refrain from making paranoid statements based purely on your own financial illiteracy and ignorance?

[rawrdaysgoby]

I am sure you misunderstood that they won't let you use their money aka credit/loans to buy bitcoins for your investment, but you can still use your own money cash/debit in your account. 

[SuperCookie78]

25 minutes ago, AshleyAshes said:

I don't think you adequately comprehend this article.  Notice how they're only blocking the usage with credit cards?  That's because bitcoin is a very risky investment and if it blows up in the investor's face, it's frequently the credit company that winds up holding the bag if the account holder runs off and doesn't pay, declares bankruptcy, or tries to argue that the purchase was fraudulent and they 'totally never bought that bitcoin, someone musta stole my card.  Woopsie doodle'.

 

You only think that this is a bank trying to interfer with bitcoin because you have very poor financial literacy.  This is why the article says the chequeing account is fine, because what you buy with your chequing account isn't DEBT, it's your cash that you set on fire if you screw up.  You think you are clever suggesting a 'prepaid credit card' to 'get around it' but NO SHIT, because a prepaid credit card is PRE-PAID, it's not DEBT, if you lose everything buying bitcoin on a prepaid card, then you already paid the bank what it's owed.

 

"TD Bank halts allowing customers to use credit cards to buy cryptocurrency"

http://www.cbc.ca/news/business/td-banks-bitcoin-1.4549697

 

"Major Banks Ban Buying Bitcoin With Your Credit Card"

http://fortune.com/2018/02/04/banks-ban-buying-bitcoin-credit-card/

 

"Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil"

https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

 

Before you go on, you should keep in mind that in the United States, most banks won't let you make ANY investments with money from a credit card, you have to use your OWN MONEY instead of the BANKS.

 

Can you please refrain from making paranoid statements based purely on your own financial illiteracy and ignorance?

this is a smart move because otherwise people are basicly buying on margin. And i don't want another market crash

[mr moose]

I can't believe people actually write articles like that.  It is so obviously one sided and written by someone with no financial nous whatsoever. It's no wonder we have so many misinformed comments regarding crypto currencies and the economy.

 

Also OP,  the bank do not feel "threatened" at all.  This is common practice around the world and has been much longer than crypto has been around, if you want to borrow money for an investment (which bitcoin is) then you have to go through the appropriate stages of applying for an investment/business loan. 

[Apepa]

10 hours ago, Canada EH said:

https://themerkle.com/td-bank-prevents-customers-from-buying-bitcoin-and-other-cryptocurrencies/

 

Its so easy to get around this its not even funny, the easiest is a prepaid credit card with no monthly fee's.

The banks feel threatened by cryptocurrency that is why they are cracking down.

They feel their profits are in danger.

 

So, if I refused to lend money to someone so they can buy bitcoin, that means I'm threatened by Cryptocurrency and feel that my profits are in danger? It's not just because I'm worried they will lose their investment and not be able to pay me back?

[Brooksie359]

13 hours ago, Canada EH said:

https://themerkle.com/td-bank-prevents-customers-from-buying-bitcoin-and-other-cryptocurrencies/

 

Its so easy to get around this its not even funny, the easiest is a prepaid credit card with no monthly fee's.

The banks feel threatened by cryptocurrency that is why they are cracking down.

They feel their profits are in danger.

 

You sir don't understand how buying a voilitile stock like bitcoin with the banks money is not very good for the bank as there is a good chance they will lose that money. Alot of banks have been doing this and allowing people to use their debit card instead as it's their own money rather than the banks.

[Morgan Everett]

Bank declines credit line for volatile investment in finance shocker.

[TetraSky]

14 hours ago, Canada EH said:

 

The banks feel threatened by cryptocurrency that is why they are cracking down.

They feel their profits are in danger.

Is that really why?

I would think it's because of all the idiots who invest in it, then the cryptocurrency's value plummet, followed by them issuing a "charge back" with their bank because they didn't want to lose their money. Or just flat out use credit cards only to never be able to pay it back, resulting the in bank losing money.

 

Banks have often/always declined highly volatile investments(the very definition of cryptocurrency) in the past exactly to prevent this kind of situation.

[dalekphalm]

Yeah I'm okay with this. I wouldn't buy BTC using my credit card anyway, on the off chance that BTC took a huge dive right after the purchase goes through.

[DildorTheDecent]

On 04/03/2018 at 10:54 PM, Canada EH said:

Its so easy to get around this its not even funny, the easiest is a prepaid credit card with no monthly fee's.

The banks feel threatened by cryptocurrency that is why they are cracking down.

They feel their profits are in danger.

 

Maybe they don't want ill informed customers getting destroyed by the crypto meme?

 

Sorry I forgot, banks are evil right?

[Canada EH]

No different then getting a loan from TD, or cash advance on credit card. Buy away.

Besides that they allow you to buy unregulated ETF's, rent to own schemes for houses.

Banks cant make fee's off their customers. They'd rather you invest with them so they can gouge you on the investment fee's where they make huge profits.

 

[dalekphalm]

Just now, Canada EH said:

No different then getting a loan from TD.

Yeah except that if you got a loan from TD, and the reason was "To buy BTC", you'd probably get immediately denied, unless you have like a 800+ credit score, or a ridiculous amount of on-hand assets (money in the bank to cover the loan in full, etc). In which case, you should just use that money to buy BTC instead of paying interest on a loan.

[AshleyAshes]

49 minutes ago, Canada EH said:

No different then getting a loan from TD

Incorrect; Loans require collateral.  Collaterial which can be collected upon should you default on your loan.  Th

 

49 minutes ago, Canada EH said:

cash advance on credit card.

If you were just going to by crypto in cash you wouldn't be concerned about using your credit card as the method of payment, would you?

 

49 minutes ago, Canada EH said:

Besides that they allow you to buy unregulated ETF's, rent to own schemes for houses.

Yes, banks will generally let you set your own money on fire, not THEIR money.

 

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Banks cant make fee's off their customers. They'd rather you invest with them so they can gouge you on the investment fee's where they make huge profits.

Except they still entirely let you use your own cash, via your bank account, to buy bitcoin.  So that doesn't make sense.  If anything, they'd make MORE money off the credit card since those have percentage based merchant fees instead of a fixed per-transsaction merchant fee.  Their problem is the risk, if your bitcoin is on credit card, you don't really lose your hat, you lose the banks hat that they lent you.

 

Literally ever single response in this thread has pointed out to you that this is all about banks getting screwed if the customer tries to 'bet big' on bitcoin all with borrowed money.  Pointing out that there are ways to weasel around those limitations does not nullify the rational for them.  It's kinda neat, I've never seen this forum be so entirely onsided.  There isn't even a single crack pot to say 'YEAH THE BANKS ARE TRYING TO KILL BITCOIN!'.  Because, again, while you keep ignoring this, they still let you buy bitcoin with your own money, they just don't let you use unsecured debt.

[Canada EH]

Unsecured loans

Overdraft is yet another one.

The easiest one is cash advance though, thats what I'd do if I couldnt get a different credit card.

 

[dalekphalm]

1 minute ago, Canada EH said:

Overdraft is yet another one.

The easiest one is cash advance though, thats what I'd do.

You do know that Cash Advances on a credit card work a bit differently compared to a normal credit card purchase, right?

 

On Cash Advances, you are charged daily interest, from the moment you make the withdraw at an ATM. There is no interest-free grace period. You don't even get until the bill is generated.

 

If you take a cash advance out at the beginning of your billing cycle, and pay it back a week later, weeks before the bill is due, you will be charged daily interest for one week.

 

Not to mention some (though not all) credit cards use a different - higher - interest rate for cash advances.

[Canada EH]

3 minutes ago, dalekphalm said:

-

Low interest credit cards like swapping balances over, yeah no good for cash advance though.

Best to get a NON TD Credit Card then.

 

Course if your credit sucks then you are shit outta luck. If you need to invest, and dont want to go to Money Mart not a good idea.

 

[AshleyAshes]

3 minutes ago, Canada EH said:

Unsecured loans

Overdraft is yet another one.

The easiest one is cash advance though, thats what I'd do.

1) Overdrafts in Canada can be no larger than $5000, which is a small ammount compared to how large a credit limit can be.  Basically the risk is limited.  Also it's not exactly easy to get a large overdraft limit like that, most over drafts.

 

2) Again, if you you are just going to use cash to buy bitcoin, why do you care about credit cards?  How would you use cash on an online exchange?  You're going to have to put that cash in an actual electronic account somewhere.

[AshleyAshes]

Oh, ALSO, the maximum cash advance on a standard Visa in Canada is only $500/day.  $5000 with the infinate cards.  You're going to be doing some serious leg work if you want to, for some insane reason, bleed out a credit card to invest in anything.  Not to mention just how utterly stupid it is to do investing on debt anyway.

[Canada EH]

I say invest in and mine Cryptocurrency all you want.

 

You are 110% right, do not invest with debt!

 

 

 

[SpaceGhostC2C]

18 hours ago, mr moose said:

I can't believe people actually write articles like that.  It is so obviously one sided and written by someone with no financial nous whatsoever. It's no wonder we have so many misinformed comments regarding crypto currencies and the economy.

Elementary, my dear Watson. Elementary school level of writing is what I mean  

 

But then you read the "about the author" piece:

Spoiler

About The Author

Jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

which is the long version of "walking vested-interest crypto Mastershill" 

Sadly, "passion" is no substitute for "understanding".

[AshleyAshes]

1 minute ago, SpaceGhostC2C said:

But then you read the "about the author" piece:

which is the long version of "walking vested-interest crypto Mastershill" 

Sadly, "passion" is no substitute for "understanding".

Yup.  The article is spun to sucker in people like the OP who have poor critical thinking skills.  It only mentions credit cards but specifically avoids making it clear 'You can still TOTALLY buy bitcoin with your bank, just with your OWN money' because it doesn't suit them and they are looking to rile up the dumbasses.

Thankfully, literally EVERYONE ELSE IN THIS THREAD saw through this.

[killertek78]

Good.