Hi everyone,
A few weeks ago, I posted that Chase decided to terminate my account, and they never notified me as to why they would do this. However, I believed it to be Bitcoin-related.
Prior to the termination, my business (BuyAHash.com) had signed a deal with Chase PaymenTech for credit card processing, as PayPal was showing some signs of being anti-Bitcoin. Through that process, I asked my contact at Chase if PaymenTech would follow suit and become problematic with us. He advised us that they wouldn't, and that the two companies were separate.
Turns out, that is a lie. We just began processing credit cards on our site a few days ago. Over the weekend, we were "Flagged" because of some large purchases (ASICMiner cubes for fiat). We went through their fraud resolution process, and today, I got a notice from them stating that our account would be terminated on 12/30.
Furious, I called up both the analyst at Chase that was doing the investigation, as well as the contact that brokered the agreement (because part of this "Termination process" involves Chase holding $20,000 of sales back in case of chargebacks, as part of their reserve process).
A few minutes ago, I had the analyst call me back, and (for the first time ever), gave me a very clear statement, which is as follows:
Chase is banning any and all activities that involve Bitcoin. Period. This includes anything relating to the buying and selling of Bitcoins, as well as anything related to mining hardware that would produce Bitcoins.
This was the direct statement from the analyst. Anything that you may have that is involved with Chase that has ever involved Bitcoins is not safe. PaymenTech processes 60% of all US credit card transactions (or so they say), so if you sell anything related to BTC/BTC products, you will need to move your accounts immediately or face termination. The analyst stated that this decision was very, very recent, but is official. He said he's never dealt with this kind of termination. People may be able to fly under the radar if they haven't got flagged for anything, but I am certain that as soon as they review your account, they will terminate it as soon as its convenient for them.
TL;DR: Chase is destroying every account that gets flagged and sees anything involving Bitcoin, as well as their subsidiaries. Do not do any business with Chase whatsoever, or you'll get hit too.
Submitted December 16, 2013 at 07:15PM by mrstickball
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