Something I noticed when sending USD from Coinbase to my bank account - page 3.

Decimation

member

Activity: 244

Merit: 43

Quote from: odolvlobo on July 17, 2019, 01:35:55 PM

Quote from: Pipdips on July 17, 2019, 10:14:38 AM

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.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: Pipdips on July 17, 2019, 01:32:19 PM

Quote from: squatter on July 17, 2019, 01:26:59 PM

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.

Quote from: Pipdips on July 17, 2019, 01:32:19 PM

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

member

Activity: 244

Merit: 43

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.

Pipdips

member

Activity: 210

Merit: 13

Quote from: AB de Royse777 on July 17, 2019, 10:23:26 AM

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.

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: Pipdips on July 17, 2019, 10:14:38 AM

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

member

Activity: 210

Merit: 13

Quote from: squatter on July 17, 2019, 01:26:59 PM

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.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: Pipdips on July 17, 2019, 10:14:38 AM

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

member

Activity: 210

Merit: 13

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.

jakelyson

legendary

Activity: 2240

Merit: 1069

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.

Artemis3

legendary

Activity: 2030

Merit: 1573

CLEAN non GPL infringing code made in Rust lang

Quote from: Pipdips on July 17, 2019, 10:14:38 AM

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.

AB de Royse777

legendary

Activity: 2464

Merit: 3878

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Pipdips on July 17, 2019, 10:14:38 AM

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.

Pipdips

member

Activity: 210

Merit: 13

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.

Topic: Something I noticed when sending USD from Coinbase to my bank account - page 3. (Read 3084 times)