Going bankless

March 12, 2014

A few weeks ago the bank Clipperz has been using for years informed us that they have unilaterally decided to terminate our bank account. Why? No reason given, at least on paper. Informally we’ve been told that they were troubled by our fraudulent wires story. (click the image below to download the complete letter in PDF)

Termination letter from Banca Etica

Initially we were quite upset because the bank instead of standing on our side and supporting us in unraveling the case, simply preferred to cut any relationship with us. Even more irritating because our bank is Banca Etica, an ethical bank, actually the first and most important in Italy. Here is what they write in their website:

  • maximum transparency of all operations is one of the main conditions of all ethical finance activities;
  • the active involvement of shareholders and savers in the company’s decision making process must be encouraged;
    - from the Banca Etica principles

They clearly weren’t transparent nor discussed with us the decision. So much for the values …
However, instead of looking for a new bank, we saw this as a clear sign to further embrace the Bitcoin economy and therefore decided to avoid bank accounts altogether. It will take some efforts and the active collaboration of our accountants, but it can be done.

For the time being, the only banking instrument we are going to use is a prepaid Mastercard connected to the Paypal account. We are going to use it to pay providers that still do not accept Bitcoins.
This little card also has an International Bank Account Number (IBAN) that allows us to send and receive wire transfers to and from the Single Euro Payments Area (SEPA), that is 34 states.

Donors that prefer the send their donation via bank transfers should now send their wires to the card’s IBAN.
For details visit the donations page.

Now our plan is to gradually switch to new providers that do accept Bitcoin, or convince current ones to change their mind. The toughest call will be the Municipality of Bagnacavallo that is the landlord of Clipperz little office. :)