Quote:
Originally Posted by Malsua
Coinbase is the world's largest crypto currency exchange. If they were stealing bank accounts, they'd be sued out of business by now.
That said, I am not worried about Coinbase stealing my banking info. I am worried about providing it and someone else stealing my info from Coinbase.
This is why I created an account at ALLY bank. It's online, free and takes very little time. It's a real FDIC insured bank based in UTAH. I put money in there from my main bank account. I gave that information to Coinbase. If it gets compromised, I'm out a few hundred max until the FDIC insurance kicks in. It doesn't interrupt all the regular deposits and bill payments and such. I.e. it's a buffer. ALLY is also crypto friendly, so sending money to Coinbase won't get blocked, like my regular bank did to me some years ago.
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@Malsua I think your solution is a good one, and everything that I've heard & read about Ally Bank has been positive. It just sucks that we've got to jump thru these extra hoops.
Emotionally I'm not comfortable giving 3rd parties my primary bank log-in information, for exactly the reasons you stated, though it truth it's probably very safe.
Oddly, when I created my Coinbase account, I'm 99% positive I was not required to share my bank account # and log-in with them. However, I opened an account at Gemini recently, and there are only two options for linking my bank account with Gemini in order to send money to Gemini--either give Gemini (actually a 4th party--"Plaid") my bank log-in info (user name & password) or have my bank send money to Gemini via old fashion wire transfer (which will probably cost me $25).
Presumably after the first wire transfer I'll be able to send future transfers from my bank to Gemini via free ACH transfers, but man, what a costly PITA!