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I met with the Chase Financial advisor a few weeks ago to discuss switching my accounts from Fidelity and TD Ameritrade to their group. I told them that I left Bank of America because I was using my account to wire transfer funds to bitcoin exchanges and Bank of America threatened to close my account. So I closed it and opened the Chase account last year. I told them I would consider transfering my accounts if they would not give me a hard time for daily purchases from bitcstamp, coinbase, Gemini, and bitfinex.
He introduced me to the VP of the region. We spoke about investment goals. He was uncomfortable when I told him I mostly invest in bitcoin lately. But the conversation ended well.
Then they called me today and told me I need to move my account within 30 days. I asked if I could just stop wiring money from their account. They said the decision was made. I never commit crimes. I am not a terrorist or money launderer. I run a small biotech company.
This sucks. Two banks have kicked me out due to bitcoin. It is such a pain to deal with so many banks now because of FDIC regulations. I am constantly afraid that my bank will go under and my funds are greater than the FDIC insurance. So I spend way too much time opening new bank accounts to stay under the FDIC insurance rates. I know this is stupid…If the FDIC ran out of money then my bitcoin worth would increase to compensate. But still…I find that I am often nervous about this event.
Anyhow, just thought I would share this. Don't ever talk to your banker about bitcoin. Don't wire money too often to exchanges. And open numerous banks so you can diversify. Yeah…Now we have to diversify with our banks too. Nice.