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Discussion => Security => Topic started by: Psychswag123 on February 21, 2012, 11:28 pm

Title: Do I need an ID to bank deposit $$$ to get-bitcoin?
Post by: Psychswag123 on February 21, 2012, 11:28 pm
Just wondering if I need an id to do a $$$ deposit through bank of america to get-bitcoin.
Title: Re: Do I need an ID to bank deposit $$$ to get-bitcoin?
Post by: jackstraw on February 21, 2012, 11:31 pm
No.....You will need to ask for an out of state deposit slip that they keep behind the counter.  Ask for a few of them so you have some for next time.   
Title: Re: Do I need an ID to bank deposit $$$ to get-bitcoin?
Post by: klaaat21 on February 22, 2012, 03:56 am
Its an easy process
You will need to keep your deposit receipt and take a picture of it and send it to the company. 
I have a mac so after I took the picture I did a screen grab of the picture so there would not be any data attached to the photograph.
Title: Re: Do I need an ID to bank deposit $$$ to get-bitcoin?
Post by: Derpasaurus on February 22, 2012, 03:59 am
Sometimes they don't ask for any ID, even if they did doesn't matter. You're just buying bitcoins. They won't know where it goes after that if you move it around enough, or use the site bitcoinfog or similar laundering site.

Title: Re: Do I need an ID to bank deposit $$$ to get-bitcoin?
Post by: g1e7 on February 22, 2012, 04:24 am
Assuming you're using a service like bitinstant, you DO NOT need to bring an ID to deposit. I don't know what people were talking about with out of state deposit slips....

Here's what you do:
1) Print the "deposit slip" they give you. Ignore the instructions to hand that printout to the teller.

2) Copy the: a) Account Number, b) Routing number (rarely needed... but just in case), c) Account Holder name, d) Account Holder Address, e) Account Holder Phone, Total Deposit Amount.

3) Bring EXACTLY (to the cent) the amount of cash it says to deposit. If you require change, the bank will likely ask you for ID and a signature to confirm the deposit. Avoid doing this at all costs.

3)Go to the bank and pick up a deposit slip. Just your run of the mill deposit slip.

4) Fill out the appropriate details on the slip (leave the checking or savings boxes blank... if asked by the teller... say checking).

5) Go with the money in an envelope (including coins) and take out the money and coins, the deposit slip and hand them to the teller.

6) Once that's done, check the receipt to make sure the deposit information is correct. Keep the receipt until you've verified funds are deposited. Although bitinstant promises money within an hour, banks in iffy neighborhoods can take longer because they check the bills more thoroughly.

Some Notes For Using These Services:
1) Avoid deposits of over $400 per visit even if your service permits them... they can sometimes seem suspicious depending on the bank branch you're in.

2) Try and get the amounts to be an even dollar amount. $400 seems less sketchy than $401.63 (and handing the teller $1.63 in coins...). You can do this by calculating the fees charged... usually something like 6%+$1.25 (but this depends on the provider you use).

3) Don't deposit more than $400 per destination exchange (aka mtgox) account per branch. Aka don't go deposit $400 in a Bank of America at 9am, then another $400 in the same or another bank but have all of that going to the same mtgox account. I guarantee this is an easy way to get flagged (especially if you're using the same type of bank each time). I suggest rotating destination accounts and bank branches. This way you can deposit tens of thousands of dollars in the course of a day if you're willing to drive around the city a bit.

4) DO NOT use Tor when accessing services like bitinstant. Your money can get flagged and then you're screwed. Instead, hide your mac address and connect using public wifi services away from your home.