Simply acquired an e mail from Coinbase that they’ve apparently unlinked all of their customers financial institution accounts they usually’re forcing everybody to solely use Plaid to relink accounts. The identical firm that simply confronted a category motion lawsuit.
I am mainly out on Coinbase, and what a dumb transfer to unlink all of your clients financial institution accounts. I used to be fortunately DCA’ing each month, however now I am closing my account and transferring to a different trade.
Options? I am undecided what different individuals are utilizing however open to recommendations for somebody who needs to routinely arrange a month-to-month purchase. I am curious why Coinbase would even do that — all I can consider is that they acquired some huge cash from Plaid to pressure customers to go there so Plaid can harvest much more knowledge from again accounts.
Actually a reasonably shitty apply by Coinbase.
There may be an option to link your bank manually. Gemini uses plaid, but also allows for manual linking. It requires sending a bank wire which cost 25-30 bucks usually. But after that, ach deposits in one click.
Not sure about anything automatic on there.
Guess I’m gonna find out if I have the same problem on Friday (payday)
I can confirm that Coinbase is making me use plaid too. Kinda sus
Over my empty Coinbase wallet
I have not received that notification from Coinbase.
Are you sure that it is legitimate?
Sounds a bit scammy.
Suggest to do some more research before clicking anything in that email.
Here’s the email.
As part of our continued effort to ensure the safety and security of our customers, we’re updating the payment method linking system for all banks that support instant verification system (Plaid). Any customer bank accounts that support Plaid will no longer be allowed to use the older, test deposit method.
For those customers whose bank accounts have already been unlinked from their Coinbase account, we understand this may have caused some confusion. Your bank account will need to be relinked using our instant verification system to ensure your payment method utilizes the safest, most reliable service.
If your current bank account is supported by Plaid, but your bank was originally linked via test deposit, please be aware that your account may be unlinked in the near future to support instant verification.
For relinking a Plaid supported bank account, you can verify your account by entering your online banking credentials with the instant verification process – you may either complete this during a Buy or Deposit, or by navigating to your Settings > Payment Methods in your Coinbase account.
For more information on payment methods, please see our help center article here.
Your banking credentials are never sent to Coinbase, and are shared with an integrated, encrypted, trusted third-party called Plaid Technologies Inc. More info about how your bank account information is secured can be found here.
The Coinbase Team
ACH is still the easiest way. no need to PLAID it up.
Go through your Coinbase acount NOT emails. It could be a fake email. I get fake Coinbase emails almost everyday
You can buy straight on defi ramps but you’re gonna be paying higher prices
Well, since plaid is used in literally everything else, I really dont mind if coinbase also uses it ;(
How to use customers with this one simply trick
They’ve gone plaid! -Spaceballs
Same. Coinbase forced me to switch a year ago, for ACH transfers not even the instant shit, venmo did recently to just use their normal services as well. All these companies letting a third party have all the financial info seems like a terrible idea.
I have no so such email from Coinbase, but I swore plaid was what I was always using to link bank accounts. The money gets credited immediately, but I have to wait a few days to withdraw the crypto I spent it on. Same with BinanceUS, and they are 10 business days for withdrawal.
Just checked and yep my bank not connected anymore. Plaid doesn’t work with my bank. This sucks as I had just set up several repeating monthly purchases
Yeah, I logged in this afternoon to load some USDC on my card to find my bank deposit method missing.
I purposely linked my account by test deposit, because fuck that.
Can confirm from my end. I bought some today and was surprised that my bank account was unlinked and I had to sign up to plaid.
I didn’t know that Plaid did that about our data.
Yep they switched me over a long time ago. I hate it, and I go to my linked bank, reset my password, then link via plaid, make a transfer, then change my bank password, every time.
I hate it because plaid stores way too much information and is doing stuff in the background, seemingly constantly. Within a day or two, it tells me my account became unlinked (because my password changed) and makes me do it again. So the only way for it to know this is that Plaid stores the bank username and password, and re-attempts verification, repeatedly.
I don’t even store my own bank password. Why would I trust plaid to do that?
I don’t trust Plaid.
Here is a portion of their privacy policy:
As explained in greater detail below, depending on which of Plaid’s service you or the developer uses, Plaid may collect the following:
* Identifiers (for example, name, email address, phone number, and username);
* Location information (for example, timezone setting and device location);
* Financial information (for example, financial account name and number, balance, and transaction history);
* Commercial information (for example, data relating to which of our services you use through developer apps and the dates and times of your use);
* Electronic network activity information (for example, your device hardware model and operating system, and browser data);
* Professional information (for example, information about your employer and payroll information); and
* Inferences that we have derived from the information we’ve collected (for example, we may derive location from IP address or your annual income from your pay stubs).
**Information we collect from your financial accounts.** The information we receive from the financial product and service providers that maintain your financial accounts varies depending on a number of factors, including what and how information is made available by those providers and the specific Plaid services developers use, or in cases where we offer services directly to you, the Plaid services you use. Depending on these factors, the information we collect may include identifiers, commercial information, financial information, and professional information from your financial product and service providers. More specifically, this may include the following types of information:
* Account information, including financial institution name, account name, account type, account ownership, branch number, IBAN, BIC, account number, routing number, and sort code;
* Information about an account balance, including current and available balance;
* Information about credit accounts, including due dates, balances owed, payment amounts and dates, transaction history, credit limit, repayment status, and interest rate;
* Information about loan accounts, including due dates, repayment status, balances, payment amounts and dates, interest rate, guarantor, loan type, payment plan, and terms;
* Information about investment accounts, including transaction information, type of asset, identifying details about the asset, quantity, price, fees, and cost basis;
* Identifiers and information about the account owner(s), including name, email address, phone number, date of birth, and address information;
* Information about account transactions, including amount, date, payee, type, quantity, price, location, involved securities, and a description of the transaction; and
* Professional information, including information about your employer, in limited cases where you’ve connected your payroll accounts or provided us with your pay stub information.
Depending on the Plaid service a developer uses and the manner that the data is made available, the data collected from your financial accounts may include information from all accounts (e.g., checking, savings, and credit card) accessible through a single set of account credentials.
Coinbase won’t let me move the tiny amount I’ve kept there on pupose,, to sue THEM for their fuqry! I’ve kept 100 in a meme coin for strategy,to be able to look inside and test restrictions etc…
And tonight I am unable to move DOGE off to a defi wallet. I’ve attempted to move it to 2 seperate defi wallets and it says the adress is wrong. Now CdC isn’t doing this, those addresses are VALID to CdC.
I’d say CB is locking up due to liquididty issues.
Why am I growing more and more frisky as I catch up to the markets tonight?
Edit-typo
Coinbase is turning into a pretty shitty product..
Plaid is aids
Hmmm ???????? Coinbase better explain themselves
Is this US only? I’m not using Coinbase, but I’d be surprised if they wouldn’t allow direct SEPA in Europe. Might even be against regulations not to offer it, but even if not it would be really stupid…
I switched to Kraken after Coinbase did this. Never looked back!
I don’t have any idea about who and what this plaid is, then how I can blindly believe and link my financial account with them. I think I have to move on to another exchange platform rn.
Bye bye Coinbase! Kraken is getting 100% of my usage now
So long Coinbase, and thanks for all the fish.
Sounds like kraken is about to get a fuck ton of new customers.
Every time I see an exchange asking me to use plaid I just back out. No third party will ever have my banking log in credentials…. Ever. It’s absolutely insane any company expects me to.
Just got the email. Holy shit, this is insane.
“A trusted third party”
Now do I need to set up a new bank account someone where just for crypto?
American business and their stupid practices. Im glad i didnt use this shit. Coinbase can go to bankruptcy now. Why use this shit hole when u have bianance kucoin or bybit.
Huge Scam
I just got money from the class action lawsuit against Plaid. Eh.
Coinbase has the best liquidity. They know this and don’t care about your feelings because of it.
I’m a logger, I like plaids
Don’t like the idea of handing over login credentials to to your bank.
They are only making users switch to Plaid if their bank supports Plaid in the first place.
My bank doesn’t support Plaid and so far I haven’t had to make a switch.
Yeah I’m looking for alternatives too. Can anyone shed light on if they’re actually storing our passwords? Hard to believe they store in plain text.
NOPE.
Get a in between bank account. U get a free checking account and then u transfer money to that account from your bank. Then link that account to plaid. That way you personal bank cant be stolen
I opened up a bank account at a separate bank just for coinbase transactions. They can’t steal money if there is nothing in there. Deposit money, straight to coinbase. Cash out of coinbase, physically take money out when available and go to regular bank.
Bye Coinbase – def don’t trust plaid
Well…plaid doesn’t work with my credit union last I checked so I might be screwed.
I have never had a problem with Crypto.com. Used it for 3 years.
Binance.US and Gemini don’t require Plaid. Kraken is also good but they don’t have ACH. Coinbase forcing Plaid is really odd, especially now.
I thought using plaid was the norm.
Honestly…this is not bad news at all. It’s probably for compliance as a publicly traded company has less of chance at screwing people over than a private one.