Buying from Coinbase with $0 in bank account?

melisande

sr. member

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Quote from: Enjorlas on July 12, 2015, 07:58:13 AM

So the banks are closed today on Sunday and my bank account is empty. Is it possible to buy today and deposit some money on Monday morning?

Yes you can, coinbase often gives their customers 1 day or 2 before they charged money from their account provided that you have verified your bank account with them also due to phone verifications and computer authorization system, your chances of getting it is very high.
But you might not be able to withdraw the bitcoin bought through this method.

MF Doom

hero member

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every time I've ordered from coinbase there is a 1-2 day delay on when the funds actually leave your bank account. If you deposit cash the next day you may be all set.

mkc

hero member

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ACH means batch processing. According to bank agent I talked to, bank will add all deposits, and then subtract all withdraws (including ACH out) at night of every business day.
So the correct answer is if your deposit arrives earlier than next processing time (typically, end of business day). You will be fine.

Scamc0p

full member

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Bank will charge you overdraft fee for trying to do something like this. Which could cost you alot of money, so I would say it is not worth it and just wait to do this during banking hours.

ultimo_dragon

newbie

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Try it and let us know how it turns out.

Quickseller

copper member

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Quote from: Enjorlas on July 12, 2015, 04:37:04 PM

Thanks for the reply.. So no, I am depositing physical cash. So if I deposit this Monday morning and buy from Coinbase 30 minutes later there shouldn't be a problem?

I don't want to give you bad information and it then end up costing you a lot of money in various bank fees as explained above. I don't think it will be a problem. However my recommendation is to speak to one of the bank employees, tell them that you are expecting an ACH withdrawal to be initiated in the near future and you want to confirm that funds will be available to cover the withdrawal. They might ask about pending checks that have not been presented yet and other pending withdrawals.

I don't see any reason however why it would be a problem.

Enjorlas

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Thanks for the reply.. So no, I am depositing physical cash. So if I deposit this Monday morning and buy from Coinbase 30 minutes later there shouldn't be a problem?

Quickseller

copper member

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Quote from: Enjorlas on July 12, 2015, 07:58:13 AM

So the banks are closed today on Sunday and my bank account is empty. Is it possible to buy today and deposit some money on Monday morning?

Sure it is possible, however it would probably be a bad idea. I believe that coinbase uses the ACH system to withdraw/deposit funds out of/into your bank account. The ACH system is generally very quick and depending on if your bank gives you immediate credit for your deposit (they might not if you deposit a check), then the ACH withdrawal attempt could arrive prior to your deposit being available. This could result in a NSF fee being assessed by your bank and your credit card being charged by coinbase (along with what is likely a ~3% fee attached to it) for the amount of the purchase.

Amph

legendary

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without money how can you buy? do you mean that you have money on the exchange ready to be used? if that the case you can do a buy order and then a wire transfer or sepa to your bank account, if the exchange is fast enough you will recieve them tomorrow in the evening

Enjorlas

hero member

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So the banks are closed today on Sunday and my bank account is empty. Is it possible to buy today and deposit some money on Monday morning?

Topic: Buying from Coinbase with $0 in bank account? (Read 1420 times)