Coinbase Add Bank Account Verification?

[jerry0]

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?

[joniboini]

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.

[Vaskiy]

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.

[Obito]

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.

[Tytanowy Janusz]

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?

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).

Does that work?

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

[DaveF]

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

[dansus021]

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

[Leviathan.007]

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.

[fiulpro]

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.

[suzanne5223]

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?

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?

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? 

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.

[bL4nkcode]

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.

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.

[hd49728]

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.

[jerry0]

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.

[PrimeNumber7]

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

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.

[jerry0]

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...

[PrimeNumber7]

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’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.

[jerry0]

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.

[DaveF]

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

[jerry0]

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?

[jerry0]

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?