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.
TD BANK DOESN’T LIKE BITCOIN THAT MUCH
It is never good to see banks call up customers and ask them why they want to buy Bitcoin. In some cases, 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. This is yet another story in the growing list of banks meddling with people’s cryptocurrency affairs.
Interestingly enough, the user in question reports that his TD Bank checking account hasn’t yet been blocked. Said account is linked to Coinbase and can still be used for Bitcoin purchases without any issues. This may only be a matter of time, though, as it seems the bank is actively cracking down on cryptocurrency activity right now. This is not a positive development, but there is very little that can be done about it, unfortunately.
When the individual called the TD Bank card services hotline, the person responding to the call confirmed the institution does not support Bitcoin, nor does it “deal with the kind of business”. That’s a rather harsh stance against Bitcoin and cryptocurrencies, although it is nothing we haven’t seen before. In such instances, there is very little reason to argue with bank staff, as they will not undo their decisions just because you may have some valid arguments.
PNC Bank has recently started taking some identical measures. It also prevents users from buying Bitcoin through a bank account, which is anything but a smart business decision. This also highlights how people never control their money when it is stored in a bank account. Instead, they are at the mercy of financial institutions that will determine how one can spend the money they are holding on one’s behalf. It is evident this legacy system needs to be replaced sooner rather than later.
Despite banks’ attempts to prevent Bitcoin and cryptocurrencies from taking off right now, their efforts will all be in vain in the end. Blocking people’s payment cards and bank accounts due to Bitcoin activity is a last-ditch effort. With the growing popularity of peer-to-peer marketplaces, there is no real need for bank accounts or payment cards to buy or sell Bitcoin these days. A lot of people still rely on centralized platforms, though, which makes these decisions by banks all the more troublesome.
Thankfully, there are some ways to circumvent these issues related to payment cards. Buying a prepaid Visa, for example, will solve these problems. Using LocalBitcoins is also a valid option in this regard. Even relying on Bitcoin ATMs is better than using a bank card or account to purchase cryptocurrency. It is time cryptocurrency users cut their ties with banks to a bare minimum, as only one of the two financial models will exist in a few years from now.