Sunday, October 15, 2017

PNC Bank Threatens to Close Customer’s Account for Buying Bitcoin


PNC Bank Threatens to Close Customer's Account for Buying Bitcoin
The PNC bank recently threatened one of their customers for purchasing bitcoin. The bank wanted to shut down the customer's account. This has been a story floating around the internet the last few days. The victim was Elitoohey. He elaborated on the situation in a Reddit post, saying the bank started by asking him questions about recent bitcoin purchases. 

"For What Purpose are You Buying Bitcoin?"
The banker wanted to know why he was purchasing bitcoin. The bank PNC Bank Threatens to Close Customer's Account for Buying Bitcoinseemed to be concerned about him buying and owning the digital currency. They goaded him about his purchase and pried into his business.

Toohey said, "He asked me to confirm a couple transactions then asked, 'For what purpose are you buying Bitcoin?' (he saw Coinbase and Xapo transactions). I told him I wouldn't answer, he then asked 'What are you going to do with the Bitcoin?' I again told him I wouldn't answer."

The conversation escalated to the level of threats.

"Exit the Relationship"
The banker went on to tell Toohey that their security team would "exit the relationship" with him if he did not provide them with information. Under their threats and pressure, Toohey relented. He provided them with information, because he appears to not want to close his account and change banks.

I relented and told him "for investment purposes" hoping to avoid needing to switch banks. He said he thinks that might satisfy them but that PNC Bank wants nothing to do with Bitcoin.
The Story Emerges as Influential Bankers Voice Concerns
This story crops up as more news emerges of bankers and well known investorsPNC Bank Threatens to Close Customer's Account for Buying Bitcoin voice concerns about bitcoin and cryptocurrency. They are usually calling it a fraud as with the case of Jamie Dimon, or talking about how it is a bubble ready to pop in the case of Ray Dalio.

However, since some people in the cryptocurrency ecosystem believe bitcoin will undermine banks, it seems logical that bankers are pushing back against the technology.

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