Quote:
Originally Posted by DaddyD
@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!
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When I created my coinbase account back in 2015, I was not required to give them the log in credentials to my bank account.
When I went to actually buy some BTC in 2020, it required the banking credentials which prompted me to get the ALLY account. Even though I already could trade and hold crypto. Clearly the Feds updated identification requirements.