Something I noticed when sending USD from Coinbase to my bank account

[Pipdips]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

[AB de Royse777]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

It's their procedure. Like it or not, you have to accept it.

Anyway, I still wonder that Coinbase has customers even after they admitted that they sold their customer data. The crypto was meant to protect ones privacy.

[Artemis3]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

I visited a country where a wire transfer among different local banks can take up to TWO weeks, so no...

In my country, it would normally take about one to two working days, but we can't do any international transfers.

Bitcoin? A mere hour at most, border-less, tax-less.

Fiat and banks we don't need, they get in the way.

[jakelyson]

I think that 3-days is the standard processing time for bank transfers. It could be less but since you are receiving a generic message then it will state 3 days. If it is just local bank transfer, it can be faster like one-day processing.

[Pipdips]

Another thing I noticed is that you really do not know how long it will take until you submit the transfer order.  e.g. SURPRISE! It will take 3 days to get your money!  Where is the money right now?  Nobody knows.  It could be at Coinbase, it could be in a secret wallet, it could be in a secret bank account. Nobody really knows.

It reminds me of how Binance gives clients all these little Surprises.

[squatter]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy.

It's probably for fraud and AML checks. Once the bank transfer settles -- especially wires -- they can't claw the money back. If your account doesn't get flagged for suspicious activity in those few days, then they release the funds.

It's annoying but I've never faced any issues. They've always been upfront about the delay.

[Pipdips]

It's probably for fraud and AML checks. Once the bank transfer settles -- especially wires -- they can't claw the money back. If your account doesn't get flagged for suspicious activity in those few days, then they release the funds.

It's annoying but I've never faced any issues. They've always been upfront about the delay.

Probably is the key word there because Surprise! Nobody knows because Coinbase does not tell it's clients! The money is probably being funneled into real estate or insurance companies or really again, nobody knows for sure but the money is likely not just sitting there doing nothing. Big companies move money constantly like it is water in a stream.

These providers are not "upfront" at all. There is way too much secrecy from them when their main business is providing secrecy (=crypto) for their clients. That is a big reason why adoption with Bitcoin has been so slow. The big providers themselves are up to no good. They cloak all of their activity even for the simpleminded end user it is blatant.

The providers are ass backwards. They are not providing secrecy for their clients. That is the entire point of cyrpto. I'd like to see Coinbase and Binance both replaced by better providers.

[odolvlobo]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

It has nothing to do with Coinbase. That's how long it takes to transfer money between bank accounts in the U.S.

[Pipdips]

Coinbase has customers even after they admitted that they sold their customer data. The crypto was meant to protect ones privacy.

This is a real gem right here. A couple weeks ago I happened upon some news article about this but when I logged in today, the website did not notify me that their company compromised peoples privacy and personal data. It's just like another Surprise! You heard it on the internet by word of mouth by some stranger on a message board, so now you know?

I did not receive any email from Coinbase saying that accounts were compromised. It was just heard through word of mouth. That is awful business. It's worse than Facebook. At least everybody under the sun knows Facebook is up to no good. These providers like Coinbase and Binance are just the same only the veil has not been removed yet.

[Decimation]

It's to prevent fraud a lot of the time if they didn't have that people would abuse the system... Unfortunately, a lot of the inconveniences that come with Bitcoin are because it was abused in the past. One good example I can recently think of was the "one confirmation" rule. Why was that created? - It's because people were abusing it by sending a transaction, receiving the product instantly, and then double-spending to get their money back. It's annoying but it's for their own protection against criminals.

Just to add on to the topic of "privacy", Bitcoin isn't private and never was. People who think that things like Bitcoin which involve a "blockchain" are private are absolutely delusional. If you want privacy, don't use anything online, AKA cash? Anything that involves the internet compromises your privacy, whether you like it or not. Never give any company any data that you wouldn't want a random person to see. If you really want to use crypto still, just use something like Monero which is completely built around being anonymous.

[squatter]

It's probably for fraud and AML checks. Once the bank transfer settles -- especially wires -- they can't claw the money back. If your account doesn't get flagged for suspicious activity in those few days, then they release the funds.

Probably is the key word there because Surprise! Nobody knows because Coinbase does not tell it's clients! The money is probably being funneled into real estate or insurance companies or really again, nobody knows for sure but the money is likely not just sitting there doing nothing. Big companies move money constantly like it is water in a stream.

Honestly, I'm pretty sure it's sitting there doing nothing, which is why it's FDIC-insured. Some of it may be in high yielding accounts that aren't immediately liquid but nothing outside the bounds of their numerous money transmitter licensing requirements. Coinbase occurs to me as a company that is very by the book.

These providers are not "upfront" at all. There is way too much secrecy from them when their main business is providing secrecy (=crypto) for their clients. That is a big reason why adoption with Bitcoin has been so slow. The big providers themselves are up to no good. They cloak all of their activity even for the simpleminded end user it is blatant.

The providers are ass backwards. They are not providing secrecy for their clients. That is the entire point of cyrpto. I'd like to see Coinbase and Binance both replaced by better providers.

There's a big difference between the Coinbase/Gemini tier of exchanges and the Bitfinex/Binance tier. I wouldn't lump them all in the same basket.

[Decimation]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

It has nothing to do with Coinbase. That's how long it takes to transfer money between bank accounts in the U.S.

Exactly, it's all about regulations. I'm sure Coinbase would love to have things done as fast as possible but that's not how the world works. Anyone who thinks any exchange is that much "different" from Coinbase is delusional.

[jseverson]

Probably is the key word there because Surprise! Nobody knows because Coinbase does not tell it's clients! The money is probably being funneled into real estate or insurance companies or really again, nobody knows for sure but the money is likely not just sitting there doing nothing. Big companies move money constantly like it is water in a stream.

I don't know, the info is pretty public:

When using bank transfers, the ACH bank transfer system is used for payments with your bank account. The ACH bank transfer system typically takes 3-5 business days* (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase. The timing will displayed prior to confirming your order.

Some methods are faster than others, according to this page. Here is some information as to why bank transfers (Coinbase or not) take a few days. They could be doing something else behind the scenes, but the delay is well accounted for from what I can see.

[Cryptostocks]

Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.

Of course, if you do not like the way that coinbase works, then the best thing that you can do is to stop using it. I use their services only for wallet purposes, but i am not using them for exchanging or to send money to my bank account, i prefer to keep crypto far away from fiat.

[avikz]

Please read the below link before raising any concern to a public forum,

https://support.coinbase.com/customer/en/portal/articles/1392026-how-long-does-a-sell-or-withdrawal-take-to-complete-

In US or EU, it is written that it takes 1-2 business days for a bank withdrawal! Probably a weekend/holiday comes in between which makes it 3 calendar days! It's nothing shady or unprofessional!

[Pipdips]

Coinbase should pay me for bringing this stuff up. I am serious. Same thing with my Binance comments here and elsewhere. They have company staff reading this stuff posted from normal clients like us and they often implement stuff they hear from us if it seems right.

I mean, I'd post this at the Coinbase user forum at their website, but wait, there is none! So don't be surprised if CBase users come here to talk about things, even if it is stuff you don't like to hear it is going to happen. Another option, I could just email their company my questions, and wait a few days to get a response from one person, but here at this forum I get multiple responses right away from regular people who are speaking my language and they aren't all slanting their responses in Coinbase's favor and being required to be company advocates.

Unless sites like CBase and Binance pay me, I'm done with this stuff. It's pretty simple. When you are getting ready to send money from Cbase over to your bank account, have a pop up box BEFORE submitting the transaction, "Your funds will be sent in X amount of days". That is what any other financial institution does. People everywhere around the entire world just want to know 1) How much will this cost? and 2) How long will this take? It is just that simple.

[Decimation]

Coinbase should pay me for bringing this stuff up. I am serious. Same thing with my Binance comments here and elsewhere. They have company staff reading this stuff posted from normal clients like us and they often implement stuff they hear from us if it seems right.

I mean, I'd post this at the Coinbase user forum at their website, but wait, there is none! So don't be surprised if CBase users come here to talk about things, even if it is stuff you don't like to hear it is going to happen. Another option, I could just email their company my questions, and wait a few days to get a response from one person, but here at this forum I get multiple responses right away from regular people who are speaking my language and they aren't all slanting their responses in Coinbase's favor and being required to be company advocates.

Unless sites like CBase and Binance pay me, I'm done with this stuff. It's pretty simple. When you are getting ready to send money from Cbase over to your bank account, have a pop up box BEFORE submitting the transaction, "Your funds will be sent in X amount of days". That is what any other financial institution does. People everywhere around the entire world just want to know 1) How much will this cost? and 2) How long will this take? It is just that simple.

Okay? You sound like a child who can't wait tell Christmas time to open their presents... You have to wait for things in the real world... Do you actually think that Coinbase gives one fuck about your opinion (that is completely unavoidable btw)? Be done with Coinbase, they won't miss you, and you aren't going to find another exchange that's any better. You should know how banks and investing works before using something like Coinbase... you would already know these things if you did.

[o_e_l_e_o]

Your anger is misdirected. I am hardly one for defending Coinbase, and I think everyone would do well to avoid them at all costs, but this has nothing to do with them. They can't transfer USD any faster than the system allows them to. If you want to be mad at anyone, be mad at the fiat banking system and the automated clearing house network for being so unbelievably slow. Coinbase make it pretty clear in their support pages how long a withdrawal is likely to take. There are some countries whose ACH system will process transaction on the same day - the US is particularly bad in this regard.

I use their services only for wallet purposes

Using third party services to store your coins for you is ill advised. There are simply too many potential ways in which you can lose access to your coins. You would be better served learning how to securely store your coins yourself.

[figmentofmyass]

When you are getting ready to send money from Cbase over to your bank account, have a pop up box BEFORE submitting the transaction, "Your funds will be sent in X amount of days". That is what any other financial institution does.

i'm not sure what the regular coinbase interface looks like, but the coinbase pro/gdax interface says this in the withdrawal prompt:

Bank account transfers are typically completed in 3-5 business days, but may taken up to 7-10 calendar days.

last time, i withdrew on friday and received my money on tuesday. this is in the USA. can't complain with that for a free ACH withdrawal.

[eternalgloom]

Anyway, I still wonder that Coinbase has customers even after they admitted that they sold their customer data. The crypto was meant to protect ones privacy.

Lol, do you know how much users Google's services still have? Their entire business strategy is based on selling people's data and nobody cares.
You'd be wrong to assume that crypto users care more. Everyone is more than willing to send personal information (including IDs) for KYC etc.

Only a very small minority of people actually care about their privacy.