2012-10-30 Coinbase: Buy And Sell Bitcoin By Connecting Any U.S. Bank Account

[BitcoinRate.com]

You Can Now Buy And Sell Bitcoin By Connecting Any U.S. Bank Account at Coinbase.

You can now connect any U.S. bank account to buy or sell bitcoins on Coinbase!  The process is fast and simple, and we’d love to have you try it out.

What are the fees?

Coinbase charges 1%, plus there is a $0.15 flat fee which goes to the bank.  The fees are the same whether you are buying or selling bitcoin.

How long does it take?

You will receive your bitcoin once the bank transfer completes.  Usually this is within 2 business days (note, not calendar days).  We’ll send you an email when your bitcoins arrive.

Full article:
http://blog.coinbase.com/post/34357253898/you-can-now-buy-and-sell-bitcoin-by-connecting-any-u-s

[kiba]

Coinbase is not a media source.

[BitcoinRate.com]

Coinbase is not a media source.

Ok, thought it would be interesting. If needed mod can delete it.

[salfter]

Is it just me, or does their instant account verification sound like a very bad idea?  Give them your online-banking username and password so they can log in on your behalf?  What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

[TheButterZone]

Is it just me, or does their instant account verification sound like a very bad idea?  Give them your online-banking username and password so they can log in on your behalf?  What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Yep, especially since some online banking accounts have the ability to transfer money out of them, like Chase (QuickPay), or PopMoney, etc...

[BitcoinCoffee.com]

Taking 4-7 days is not generally preferred..

Sure is a lot of waiting with only $100 daily limits

[FreeMoney]

Is it just me, or does their instant account verification sound like a very bad idea?  Give them your online-banking username and password so they can log in on your behalf?  What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

[k]

Is it just me, or does their instant account verification sound like a very bad idea?  Give them your online-banking username and password so they can log in on your behalf?  What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

previous discussion here:
https://bitcointalk.org/index.php?topic=120720.0

Some people said they have completed the verification process.

[FreeMoney]

Is it just me, or does their instant account verification sound like a very bad idea?  Give them your online-banking username and password so they can log in on your behalf?  What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

previous discussion here:
https://bitcointalk.org/index.php?topic=120720.0

Some people said they have completed the verification process.

Thanks k.

Looks like they don't even record credentials so they won't know if you change them right after. Seems fairly safe.

[mrb]

Good news. But wake me up when Coinbase allows transfers of at least $1000/day.

[ryangetzlaf]

Is coinbase legit or what?

[BitcoinCoffee.com]

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

[FreeMoney]

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

That's no good, I wonder if they'll get it faster.

[k]

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

That's no good, I wonder if they'll get it faster.

Perhaps its a way of protecting themselves from scammers and fraud? I'd guess that if there were instant withdrawals of bitcoin allowed some people would figure out how to scam the system somehow. 

[DeathAndTaxes]

So much misinformation.  Coinbase (and PayPal, and Dwolla for example) use ACH.  ACH takes 3-5 business days.  The banks keep it slow on purpose.  Note that is business days (excluding weekends and banking holidays).  I doubt coinbase is any slower than funding Dwolla account or PayPal account from a bank account.

[Yankee (BitInstant)]

The banks keep it slow on purpose. 

So true.

The banking system is running on an archaic system, and no one wants to change it because its a big source of income for a bank. $2.50 ACH's, $40 wires, ect..

So much misinformation.

This misfortune will go away soon 

-Charlie