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A comment on Tell HN: Coinbase will not allow ACH transfers without Plaid.

Re:Tell HN: Coinbase will not allow ACH transfers without Plaid by nostrademons on Thursday January 18, 2024 @02:07PM (#39046154)
This change was announced on November 23 2022 (over a year ago), they sent an e-mail to customers with subject line "Secure Bank Account Linking Through Instant Verification". There was a bunch of discussion on Reddit when it was announced, it looks like it might've been reverted due to customer outrage at one point, but it seems to be back and unavoidable:

https://www.reddit.com/r/CoinBase/comments/100aw7h/forcing_c...

I've got an acquaintance at Plaid, he says they do take security as seriously as they should, but that the company's existence in general is a terrible idea.

I'm glad that I took all my actual cash out of Coinbase right before the policy changed. I treat my remaining crypto there as basically play money to try out new technologies - if at some point it's exchangeable for USD, great, but my working model now is that it's for technology exploration and a hedge against the USD being worthless, and that actually using it will require building an economy that runs on crypto.

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Re:Tell HN: Coinbase will not allow ACH transfers without Plaid by westhanover on Thursday January 18, 2024 @05:17PM (#39048651)
There have been several nonpublic data leaks from Plaid and also massive issues with improper internal access to data.
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Re:Tell HN: Coinbase will not allow ACH transfers without Plaid by mistrial9 on Thursday January 18, 2024 @05:53PM (#39049063)
this comment would be improved with links or other verifiable info
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Re:Tell HN: Coinbase will not allow ACH transfers without Plaid by valrix on Thursday January 18, 2024 @07:34PM (#39050071)
https://www.plaidsettlement.com/
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Re:Tell HN: Coinbase will not allow ACH transfers without Plaid by altairprime on Thursday January 18, 2024 @06:39PM (#39049555)
Plaid supports oauth when banks do, but many banks are still hostile to “account access that doesn’t contain their in-app or on-site advertising upsells”, even when it’s secured safely rather than through credentials sharing.
[ Parent | on HN ]