Would my bank get suspicious from the all the new bitcoin bank transfers?

About to start vending, I have BoA and there's been a few times where if you just spend a lot or buy a bunch of stuff from different places in a short span of time, they'll lock your account. Not many people in my city use bitcoin so there aren't much people doing cash trade meet ups, so my only choice looks like bank transfer.


Comments


[8 Points] justmyanonaccount:

So you're asking for advice on how to launder your money, essentially? I'd suggest opening a legitimate business that accepts bitcoin as payment to avoid suspicion. Perhaps you daytrade Bitcoin? Don't forget to declare your income and pay your taxes. Also, doesn't LBC have a thing where other people deposit cash directly into your account in exchange for BTC?

Or you know, use your newfound bitcoin as the digital currency it was meant to be by purchasing goods and services legitimately without converting to cash as a medium of exchange??


[8 Points] Halfawake:

Yes absolutely they will, and you will get caught.

The limit for a SAR is officially 10k in a transaction, but actually the rule is "whenever you are suspicious, you HAVE to file a SAR". Things to induce suspicion include any unexplained deposits, any poorly explained deposits, explained deposits that total 10 and aren't from official sources like ADP, single deposits of ~2k, any error or oddity with your identity information, any activity on a new account, and any change in the pattern of activity on an existing account, plus more.

I just read this sub as a hobby and don't know this from experience on your end, so there may be something I'm missing, but it sounds like you are ignoring a huge part of your operation.

https://en.wikipedia.org/wiki/Suspicious_activity_report


[7 Points] Vendor_BBMC:

I cash out a small amount of my profits. I pay people to buy chemicals for me in bitcoin. Pay for precursors in bitcoin. There are websites which sell any type of gift card or voucher in exchange for bitcoin, so half of mine pay for the vouchers I use to buy groceries in my local supermarket.

Most of the answers here seem to be from non-vendors guessing. Too many bitcoins is a nice problem to have. I hope you suffer from it.


[4 Points] Vendor_BBMC:

What everyone has failed to mention is the discrepancy between the number of bitcoins you buy, and the number you sell. Because vendors never buy bitcoin.

Set up a number of fake localbitcoin accounts, and send your bitcoin to them. Then, with your real account, "buy" the bitcoin from them, cheap, for "cash" using LBC's escrow.

Localbitcoins tumbles the bitcoin and gives you somebody else's already-tumbled bitcoin when you buy from yourself. You're essentially using the world's safest tumbler, AND looking like a bitcoin trader (because the number of bitcoin you sell = the number you buy), all for only 1% fee.

That's a tip from your uncle RedBook of BBMC. Don't tell anyone else, right?


[2 Points] uuhuhuhuhuuhuhu33:

Cash deposits, bank transfers, all things you'll want to stay away from when cashing out. Either setup a front company or get your cash another way.


[2 Points] mushroomlab:

You can sell and buy BTC with cash in mail on LocalBitcoins, just saying. Just do a lot of research. You can also try to buy giftcards with BTC and sell for cash.


[1 Points] NavajoHills:

I need to know these things to cover all my bases, this isn't something you go into without knowing the proper ways to do everything.


[1 Points] Geant:

EDIT: Sorry, I'm high & wasn't paying attention.


[1 Points] None:

Don't use anything that leads back to your identity


[1 Points] 180K:

either spend the bitcoin or convert to cash, but certainly not through your coinbase or boa bank. sell at a decent rate on localbitcoins, will go easy.


[1 Points] DocTomoe:

Sell bitcoin for cash on Mycelium.


[1 Points] auto587643:

BoA is kind of shit for doing business involving bitcoin nowadays. In all honesty, suspicion for bitcoin transactions really depends on the bank you're using and the age of the account. Most of the smaller, more local banks out there are more chill about stuff like this IMO.


[0 Points] Hank_Vendor:

they don't know its from bitcoin.

plua you'll start slow. banks are all about history.

if you drop 3 10k transfers tomorrow they'll be suspicious as fuck. but if you drop a grand then another grand next week. the week after you can put 3, the 5 a couple weeks after that. of course trigger amounts in a day or week will get a suspicious activity report or equivalent filled out. But thats not too serious anyway because it wont be cash deposits.

I can't believe whe I hear people talking about cash deposit trades to cash out earnings. That is absolute fire. Numerous, cash regular payments from different people who probably look shifty as fuck.

so yeah you'll he fine if build it up. you want to make money and you need to get it out this way.


[0 Points] None:

You can tumble your coins and sell small amounts, also people offer services where you pay $110 BTC and they send you a $100 bill