CryptoCurrency : Capital One 360 blocked my crypto wire transfer
Long time reader, first time poster. Anyways thought I’d throw out a data point for folks, especially because this sub is generally pro Capital One 360. Based off my experience today Capital One banking may be cracking down on crypto buys the same way their cards department did.
Today my wire transfer to Kraken was reversed because “the only acceptable use for wire transfers besides funding another bank account that you own is sending to a title company to close on a home purchase.” Obviously funding my Kraken account is not that.
I’ve transferred mid 4 figures USD from my 360 checking to Kraken six-ish times in the last year and this is the first one that it got reversed. When I asked the agent why the others were let through he said “I’m not sure and I don’t think you want us to investigate past transactions because that could end badly.”
Needless to say I immediately closed all my accounts (checking, saving, a couple credit cards, and an investing account; all of which have been open for 5+ years) to move entirely to Ally – which has been my secondary bank for awhile.
I get that Capital One wants to ensure its assets are protected, but blocking a wire transfer to an investment platform that is non-FDIC insured because they want to regulate the way my money is spent is absurd.
**EDIT:** to clarify from a couple questions I’ve gotten via PM, this was a *wire transfer* totaling about 10% of the current funds I had in the account. This was not ACH, credit, debit, or any other type of transaction that Capital One would be on the hook for financially after I authorized the transaction online and other the phone. For folks asking why don’t I use ACH via Coinbase or something? I like Kraken more and wire is their preferred method of payment. Never had an issue before, hopefully will never have an issue again with Ally!
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Author: lettsfreethree
Score: 24
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