Topic: Coinbase uses PLAID to connect my bank account? (Read 64 times)
Why don't you try binance P2P?. Just like in my country, there are many crypto users buy and sell p2p using binance ae a bridge and the payment depends on the seller. If you don't want to use coinbase as you don't like providing your password to plaid then binance p2p might be your choice to buy some eth. You may have to pay a fee when you transfer your eth from binance to other wallet.
I posted the below in a similar thread.
Tl;dr Plead is a service that specializes in allowing financial type apps the ability to access bank account information without the app having access to the underlying bank credentials. If Coinbase has a data breach, your bank account credentials will be safe (balances as of the breach may be compromised). Obviously if Plead suffers a data breach, your credentials would potentially be compromised.
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.
Tl;dr Plead is a service that specializes in allowing financial type apps the ability to access bank account information without the app having access to the underlying bank credentials. If Coinbase has a data breach, your bank account credentials will be safe (balances as of the breach may be compromised). Obviously if Plead suffers a data breach, your credentials would potentially be compromised.
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
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.
The only options I get are using a card or doing a direct bank transfer? Maybe you should check if there's an option for using a bank transfer where you are?
Ya know, if you simple do a search for 'PLAID' you find that it is a banking ACH verification application and is used by MANY large organizations. Banks, insurance companies and other companies that deal with ACH payments use it.
Coinbase fees apparently aren't visible until the final stages of a transaction.
Still, research indicates that the fees are less when using a bank account,
as opposed to using Paypal or a credit card.
Trying to add / connect my bank account, so that I can buy some ETH.
Coinbase goes thru something called PLAID.
I've never heard of PLAID and I Do Not want to give to PLAID the password to my bank account.
What other inexpensive options are there?
Thanks, people.
Mark228
p.s. Coinbase "contact" and "message us" are both worthless. Unavailable.
Still, research indicates that the fees are less when using a bank account,
as opposed to using Paypal or a credit card.
Trying to add / connect my bank account, so that I can buy some ETH.
Coinbase goes thru something called PLAID.
I've never heard of PLAID and I Do Not want to give to PLAID the password to my bank account.
What other inexpensive options are there?
Thanks, people.
Mark228
p.s. Coinbase "contact" and "message us" are both worthless. Unavailable.
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