Part 2 – Funding my Kraken Account
I put funding my Kraken account on pause for a while because it seemed so confusing to my traditional bank. MVB Bank is an intermediary that the wire transfer flows through and Kraken does not provide that great of an explanation or provide customer service to help you with your banks ridiculous process.
Your bank sends a wire to MVB Bank. MVB Bank passes it to Kraken.
Eventually, after Doge went up 400% in a week ending April 16, 2021, I decided it was time to GSD or Get Shit Done!
I reviewed Kraken’s website explanation on funding my account, read MVB Bank’s details on the wire transfer requirements and called my bank and had to schedule an in office visit. I printed out the details from Kraken. I logged into my account, clicked on the tab fund your account, then under Fiat Currencies clicked on deposit tab across from US Dollars, that brought up a deposit method drop down tab stating select, click it, chose MVB Bank (Wire) and the following details populated: Then, I went to my bank, spent a half hour getting a wire transfer completed. I needed my driver’s license and bank debit card for processing the wire. I have an account that wire transfers are free so it didn’t cost me a fee to make the wire transfer.
MVB Bank did not charge me for the flow through. Kraken did not charge me for the deposit.
Wire Transfer Deposit • MVB Bank (Wire)
Deposit to your account using the information below. You’ll need to contact your bank for specific instructions.
- Be sure to include the “Reference” code given below – this code identifies the deposit with your account.
- Don’t exceed your daily or monthly funding limits. If you exceed the limits, your account will be frozen until you get verified for higher limits, or until the funds are returned to you.
- Fees listed are what our bank charge us. Other banks used during the transfer may charge additional fees and are out of our control.
- Multiple deposits of the same amounts within a few days of each other may be delayed. If you must make multiple deposits, consider sending different amounts.
- Important: The name on the bank account you are depositing from must match the name entered for verification on the Kraken account you are depositing into.
- Important: This account cannot receive ACH transfers.
Account name
Payward Ventures, INC.
Address
237 Kearny street, #102, San Francisco, CA 94108
Routing number
(This will be filled in)
Account number
(This will be filled in)
Bank name
MVB Bank INC.
Bank/Branch address
MVB Bank INC, 301 Virginia Avenue, Fairmont, WV 26554
Reference
(This will be filled in)
IMPORTANT: This code identifies your deposit with your account. Include this code including “kraken.com” when submitting the wire transfer.
Minimum
(This will be filled in)
Maximum
(This will be filled in)
Meanwhile, 5 days later and my antiquated stodgy bank still hasn’t sent my wire transfer.
I had to call them twice for a status update.
Their response was they will check and get back to me. They finally responded telling me that due to the nature of the wire “to purchase crypto currency” it is taking longer as this is new to them…
After several more calls and discussions about how the wire department is reviewing the transaction details due to requirements, the money showed up late that day. 5 days later, the market opportunity passed so my money has been sitting there as I wait to invest.
A few days later, a customer support person called me to discuss the bank’s debacle…
I’m looking forward to the day that we can simply bypass banks and go with an easier, faster, more nimble and agile monetary system!
A week later, I make another wire transfer through my traditional bank. I call my bank, schedule a meeting to be physically present with driver’s license and bank card. This time, it took less than an hour for my money to show up in my Kraken account.
Finally, making progress. I am ready to purchase crypto.
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Jerry Lang
