Bitcoin Forum

Opened an account at coinbase years ago. Submitted my verification years ago. I remembered linking my BoA checking account and sending in my US passport to get verified. I have never ever deposited any funds from my BoA to coinbase nor have I ever withdraw anything from coinbase. I never even done a trade on coinbase ever.


However, not long ago, I sent some btc from my wallet to coinbase to keep it there. Thus just have some btc there on coinbase.



When I check my coinbase account now, when I click on Buy/Sell, it says



You're almost ready to buy. Please complete your account. To make an investment, please add a payment method



So I click on Bank account right? I see other options are paypal, debit card and wire transfers. But when I click on bank account, it wants to use Plaid to connect to my bank account? When I click on BoA, I am suppose to enter my BoA online banking information? If so, is that safe? But after doing this, then my bank account is added? I'm confused here because many years ago when I got verified, I remember verifying the same bank of america account years ago. So is this new and everyone need to do it?  I do see the option of adding bank account manually where they make two deposits and you verify it but that takes up to 5 days.  Does that work?

Have you tried to ask their support directly? Maybe their database was updated so your previous linked account was removed. I don't have a Coinbase account but I think inputting data is definitely necessary. As long as you don't input sensitive data (I doubt they require that anyway) it should be safe. Things like name, account number etc is standard info anyway.

Btw, I saw you created two threads about the same topic, I guess you should mix it into one instead.

This is the addition of new feature. Now with ease coinbase users can withdraw/buy bitcoin with their respective bank accounts connected to the account. The process thats been mentioned is same as that of the verification process involved while verifying a PayPal account. As coinbase is one among the licensed exchange, there is nothing to worry on adding the bank account to the coinbase exchange account.

Pretty useful and convenient in my opinion although it removes the anonymity and privacy to some degree, it's not that worrisome. I'm looking forward to this kind of thing in my country too although I feel like it's going to take a really long time before anything like that can happen, maybe Binance will add this verification too in the near future.

Its popular. Binance wants you to connect your bank account too by prooving that you are an owner of it. Is it safe? Well you are 100% KYC now, its not safe, but if you ask about safety of your founds on your bank account ... as long as they dont ask you about your login/password to your bank account or whole data from your credit card and its legit coinbase website, they are not able to steal your money using IBAN only. And as i remeber it correctly thats all they need (together with 1 cent deposit to prove that you are an owner of this bank account).


Yes. In the end of the day it speed up withdrawals.

The flip side is also a lot of banks want certain things to happen before they allow money in and out of your account. So although there are no set rules many non bank business follow the same pattern. I have had to do a ton of bank verification for my brokerage account and some other things before transfers were allowed.

Keep in mind with the brokerage they had all my information and the initial deposit was with a check from the same bank they wanted me go though 4 steps to verify.

-Dave

confirm withe customer service first but maybe you account labeled by coinbase as inactivated account, because some exchange or other crypto platfrom do ike that. and if you think you already filled the kyc pass 5 year ago maybe bank verification is like the second auth to your account

Since Coinbase is a real licensed company and cares about the regulation they are maybe asking to link the bank account to identify the bank accounts who are using bitcoin and crypto services so they can provide this information to the government for tax or any other thing as next step, however, since coinbase is one of the most trusted exchanges in the world I see no reason to worry about sharing and connecting your bank account into their website, but still you better ask their support team directly and make sure how exactly they want to link the bank account.

Well I had to do the same things ages ago not exactly on the Coinbase but on the Zebpay. The hard part was realizing that the government is actually going to have a full idea of what and how my funds are coming from since my bank account and the Zebpay account both were connected to my tax payer id and also at the same time the national identification number as well. Therefore if I can't I can usually generate my tax statement on my wallet. I do think it might be useful for some people for sure, who do not care about privacy, it's easy to buy/sell for sure and instant as well, but at the same time all this tracking makes me feel uncomfortable. It's not decentralized anymore, plus the tax is ridiculously high for most countries as well. It's just rules and regulations which you cannot avoid.

I always tell people that if you're someone that values your privacy and don't want to be bothered by different type of account verification, coinbase is not for you but in your situation about securing your boa account.
i will advise you to first log in to your account using the Boa site link before doing coinbase account verification. However, are used sure you're using the real coinbase website?

Coinbase is one of the worse CEX, I stop using it ever since they increase their account verification and I don't have a clue about their account verification now.

Well, in the very first place, anonymity and privacy always the risk exchange when using a regulated exchange/platform.

Also the deposit/withdrawal feature with a connected bank is not a new thing, besides the local exchange I'm currently using have it years already.

Coinbase have to follow laws and regulations and they are good at it. They don't want to be brought to the court in any case so binding themselves with current available laws and regulations are so good strategy.

Nothing is strange and not only with Coinbase if you see a big crypto exchange suddenly announce KYC requirement as mandatory thing to use their exchange. Government never give free space for crypto exchanges to operate out of their control. If it is a centralized exchange, I am sure they will have to obey rules from local government.

Well what I wanted to know is... is it fine manually linking my bank account to coinbase where they deposit two small amounts... compared to the plaid method where you need to enter your bank online details?


I would like to use coinbase so i know about KYC.  Again i was verified years ago but wanted to know if manual linking to it... where i just need to confirm two bank small deposits is just the same as the plaid.

My understanding is that Plaid is a service that financial related apps will use in order to allow the end user to connect their bank information to the app. This allows a random person to create an app that accesses bank information that users can use without having to trust the random person with sensitive bank username and passwords.

I believe Coinbase uses Plaid to access bank balance information. They want to know if a bank account has available funds prior to attempting to debit the bank account. This prevents losses by Coinbase when they lock in the price when someone uses funds in their bank account to buy bitcoin.

Well what I want to know is... could i manually verify my bank account with the two deposit verification and that is just the same as the plaid verification?


I asked this in my question and nobody answered this part...


Again im verifying it with my bank account but i do not want to connect it via plaid...

I’m not sure.

If this is an option, I would assume it is at least somewhat obvious as to how to verify your account this way. Coinbase may want to know your ongoing bank balance before they allow you to buy bitcoin with your bank balance that they don’t have immediate access to.

Well has anyone here confirmed their bank account via manually with the two deposits and it worked?  This was what I did years ago to manually link my bank account.


So if this is able to be done, then i will choose this metho.

Yes I have done it and it works.
Keep in mind the name on the account has to 100% match the name on your Coinbase account.

jerry0 is not the same as Jerry0 which is not the same as jerry 0

It will work to start but when they do the matchup later they will unlink your account. Gemini is the same way. They have to do that to deal with certain banking regulations.

-Dave

So I went to manually add my bank account by putting my routing number and bank account number and clicked next.


But it then shows a message that this bank account is already linked.  Only thing i can do is click dismiss?


So why is this issue happening?  Again many years ago I did this manual verification with my bank account with two deposits a long time ago.  This bank account is already linked so how come im having these issues?

How many levels of verification are there on coinbase?  When i check my account, i see three levels and i have check mark in all three of them. Thus im verified already.


Yet when click on buy/sell... it ask me


You're almost ready to buy.  Please complete your account.  To make an investment, please add a payment method.  Why are they asking me to add a payment method when I added my old bank account years ago already to my account and I even see it as a payment method in one of the tabs?

How do I check if I already have a bank account linked to my coinbase account?  I had a bank account added to it years ago for verification.  I still use that same bank right now.  Where in coinbase can I check this?

Upper right had corner of the web page click on your profile and then settings and then payment methods.
This link *may* take you to the page: https://www.coinbase.com/settings/linked-accounts

In the android app go to the hamburger in the upper left then profile and settings and you should have any active payment methods listed.

Keep in mind they have gotten really strict.

DaveF is not the same as Davef which is not the same as davef when it comes to the name that your bank has on your account.

-Dave

This is the confusing part here.  I clearly see a bank account linked to my coinbase account.  You see it under payments.  Only option is to remove it.


How do I make an ach purchase then?  Because it doesn't seem to allow me to buy with my bank account?

Starting with Coinbase support sucks and Banks are annoying....
The issue is you cannot find out why an account cannot fund OR why it was removed.

As of the middle of December I had *3* bank accounts linked to my Coinbase accoint.

One just disappeared. Was there one day and gone the next time I looked.
Another all of a sudden became unverified.
The 3rd is (as of now) fine.

Tried to add the 1st one back and it will not let me. CB says the bank is at fault, the banks attitude is, so long as they send to the correct routing number and account number we don't care. If they have or need other verification like name / address we give them a yes or no as to if it matches your account. Don't care beyond that.

The other one that because unverified took about 4 days to fix as CB did the 2 test deposits and withdraws. But it all seems fine now, I have not checked.

So my advice is open up an account in a different bank.

Talking to others that seems to be a common issue. And has been my advice to a lot of people go to a local credit union and open up an account JUST to move cash to CB and Gemini and whatever other crypto exchanges you use. They seem to be a lot less concerned with where the $ comes and goes from vs a regular bank.

-Dave

Thanks for that information.  But my bank account still shows there though.  That is what makes zero sense.  If my already linked bank account from years ago was unlinked... well then I would try to link it again.


The thing is why does it show up there then if you cannot use it?  Also when you go to the payments method on coinbase or banking on coinbase pro... can you even click on the bank account?  Or is the only thing you can do click remove and that's it?  That is what i'm curious about here.  Can you actually click on that bank account while looking at it on coinbase pro for example?


How did one bank account go to unverified?  It shows the bank account but next to it shows the word unverified?


The thing is I do not want to use the plaid method and want manual deposit.  I have another bank account that I tried to add to coinbase using the manual method.  It tells me I cannot add this bank account to it.  So what do I do now then? 



So my options seem to be... remove this linked bank account... then try to add it back again manually?  Is that what you suggest first?  But if I remove the bank account, is there a chance my account goes to unverified?  The thing is I do have crypto there so I don't want my account frozen in case this happens.  Should i just move my crypto off coinbase first before I do this?



Then if the manual deposit of the same bank account doesn't work... what do I do then?  Again the other bank account I tried to add earlier manually does not work.  So that means my only option would be plaid then with the same bank account or the other bank account?


Do you know if doing a wire transfer would allow me to verify my account to use ach/wire in the future though?  I know gemini does because I had to do a wire from my bank account and now I have ach/wire activated.

If the question still remains if it's safe, it is if you're not so scared of giving out your information and passing your KYC verification. Other than that, the process to me is legit. Everyone needs an easy way of moving his/her money without stress, just that when it becomes very hug, the government starts tracing your personal information and also using the bank/exchange as a big source of information. This is one of a major reason why processing  KYC is not really the best.
That aside binance exchange was bringing forth such an idea which would have been accepted by it's users, but the government of my country placed a ban on it.
These are new features that are added to Coinbase. When I first started using Coinbase, it was just a wallet for receiving and storing of coins, and at then the coins where even limited as compared to now. So, lots of new things has been added to facilitate users experience.