Comment · Thu, June 8, 2017 · Ceretropic & Nootropics Depot
Nootropics Depot asking for a lot of personal information just to make a purchase...
Original post in this thread
oompa_loompa0 · 44 points
I am trying to make my first purchase with Nootropics Depot. As you get 10% off as a first purchaser I decided I would stock up - to the amount of about $390 USD. I get this email a few days later, about noon'ish:
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Thanks for your order! We have received payment on your order, however, our fraud protection software has flagged the order due to a recent amount of fraud. Because this is your first large order with us, our fraud prevention requires another step of verification. Typically this verification is handled by getting a scan of your identification, credit card used (you may redact all but the last four digits), and a copy of a utility bill that verifies your billing address. Once we have this information, we will then be able to approve this purchase, and we will not need to verify future orders.
If we do not receive a response regarding the verification of your order by the end of the day, we will unfortunately have to cancel your order. Sorry for any inconvenience.
You may use this secure form to send us your proof of identification for this order:
http://nootropicsdepot.com/payment-verification/
Once you have submitted the necessary documents, please let us kn…
What they were answering
Gattermeier · 7 points
Wait what? Banks shut you down for accepting cryptocurrencies? Can you tell us more about this? Which bank and is that actually to be found in writing?
u/MisterYouAreSoDumb · Ceretropic & Nootropics Depot
That's correct, we were shut down for getting ACH transfers in from Coinbase and Bitpay. Not only that, I was personally banned from the bank, and a bank account for another company of mine totally unrelated to nootropics was shut down as well. The regional director of business relations for the bank tried to keep us up, but the risk department at the bank shut him down. He also contacted the risk departments at 5 other major banks, since he felt bad, and they all told him they have the same policy. If your bank is seeing repeated deposits from companies associated with Bitcoin into your business bank account, then they can and will shut your account down. Their argument is that it's too risky for them, since they cannot verify the source of all incoming funds to the account. This is due to the shitty financial regulations the went in place since 2008. They are too vague and overreaching, and banks err on the side of extreme caution.
The banks I know have this policy are BBVA, Chase, Bank of America, Wells Fargo, BMO Harris, Alliance Bank, and a couple other smaller ones. I have just stopped asking, as they are all going to be that way. There was no verbiage in writing in the bank documents for the bank that shut us down. I was only able to get verbal confirmation of the rule. However, I have started to see the verbiage in recent new bank account signups that we have filled out. A bank recently even asked us a series of questions on account signup, and one of them dealt with cryptocurrency. Many bank's risk departments will not give you detailed information, though. It always requires getting a director level person to press them on it.