New Money

You Can Now Buy Bitcoin With Cash at Any Chase or Wells Fargo

exchblogo You Can Now Buy Bitcoin With Cash at Any Chase or Wells FargoThe Redwood City-headquartered ExchB, founded in May 2011, just started accepting cash and check payments via brick-and-mortar banks to speed up the sometimes-lengthy process of crediting an account with USD in order to buy BTC. “ExchB customers can walk up to any of over 15,000 locations nationwide and make a cash deposit at any Chase or Wells Fargo branch,” president David Sterry wrote last week. “Simply walk up to the teller, deposit your cash or check, and e-mail us an image of your receipt. Cash clears when we verify your e-mail and check deposits typically clear overnight.”

Right now, it’s tough to buy Bitcoin with cash unless you’re meeting someone face-to-face. But in the wake of the most recent Bitcoin crash, a few high-profile incidents that drove the price down to $5 or so from around $13, it’s tough for any exchange, even a U.S.-based one with a phone number that goes to voicemail, to convince users of its trustworthines.

Although trust in Bitcoin is gaining again. MyBitcoin users report receiving the 49 percent refund they were promised after the popular service shut down, claiming it was hacked. The price of the e-currency has rebounded to $11 or so this morning.

ExchB, which bills itself as the first U.S.-based Bitcoin exchange, also announced a few new deposit methods and no fees on check withdrawals.

Follow Adrianne Jeffries on Twitter or via RSS. ajeffries@observer.com

Comments

  1. Kurt Padilla says:

    0.49 percent or 49 percent?

  2. It’s a bit confusing, but here’s what I think the article is saying: the person who wants btc creates a free account at ExchB. Then the person goes to wf or chase with cash and deposits it into ExchB’s account there (they obviously have accounts at both institutions). Once ExchB verifies the deposit, the buyer’s account with ExchB shows the money there. After that point, btc can be purchased.

    Assuming ExchB is trustworthy, and I have no basis to believe one way or the other, this is a very good idea and makes it very easy for people to get into btc.

    1. Anonymous says:

      That’s my understanding, yes.

    2. Kurt Padilla says:

      Seems like this model might not jive too well with the banks’ TOS’s. Anyone familiar with them?

  3. Anonymous says:

    Its funny how low-tech this is and needs no cooperation with the bank itself. It could be setup with any bank that takes cash deposits. Emailing a photo of the receipt is is simply a hurdle for the depositors to keep exchb from getting phoney deposit requests. Seems like they could continuously monitor their own account for deposits and credit the depositor right away if they could identify the depositor. The only reason you have to walk into a branch is you cant put money into someone else’s account at an ATM (that I know of). Also cash deposits cant be reversed/are pretty-much-guaranteed to go through so its safe to credit the depositor right away. Its interesting that they have stopped taking dwolla deposits because of ‘reversals’. I’d like to hear more about that.

  4. Casey says:

    Now that ExchB is no longer accepting funds, there is an alternative with BuyBitcoin.com