How To Verify Bank Account on Coinbase [Complete Guidance]

Verifying your bank account on Coinbase is a crucial step for anyone looking to buy, sell, or trade cryptocurrencies. This process not only ensures the security of your transactions but also complies with regulatory standards. In this article, we will guide you through the steps to verify your bank account on Coinbase, highlight the importance of this verification, and answer some frequently asked questions.

📚Related: How To Open a Savings Account on Coinbase: A Step-by-Step Guide

Why Verify Your Bank Account?

Verifying your bank account on Coinbase allows you to:

• Facilitate Transactions: It enables you to deposit and withdraw funds seamlessly.
• Enhance Security: Verification helps protect your account from unauthorized access.
• Comply with Regulations: It ensures compliance with KYC (Know Your Customer) regulations, which are vital for preventing fraud and money laundering.

Steps to Verify Your Bank Account on Coinbase

To verify your bank account on Coinbase, follow these detailed steps:

Log Into Your Coinbase Account:

• Open the Coinbase app or website and log in using your credentials.

Navigate to Settings:

• Click on your profile icon in the upper right corner.
• Select “Settings” from the dropdown menu.

Access Payment Methods:

• In the Settings menu, click on the “Payment Methods” tab.

Link a New Account:

• Click on “Link a New Account” and choose “Bank Account“.

Choose Your Verification Method:

• You can verify your bank account using two methods:
  • Plaid Integration: If you select this option, you will be prompted to enter your bank login credentials. This method allows for instant verification.
  • Manual Entry: If your bank is not listed or you prefer to enter details manually, input your bank account number and routing number.

Complete the Verification Process:

• If using manual entry, Coinbase will make two small deposits (usually between $0.01 and $0.99) into your bank account.
• Check your bank statements for these deposits (it may take a few days).
• Return to Coinbase and enter the amounts of these deposits to confirm ownership of the account.

📚Related: Coinbase Wallet Swap Not Working

Important Considerations

• If you experience any delays in seeing the test deposits, check with your bank to ensure they were processed.
• For US customers, using Plaid is often quicker and more efficient as it provides same-day verification.
• Ensure that all personal information provided during this process matches what is on file with your bank for a smooth verification experience.

Confirmation:

• Once you have entered the correct deposit amounts, your bank account will be verified, allowing you to use it for transactions on Coinbase.

For further assistance or if you encounter any issues during this process, please contact us for instant help regarding this situation. Verifying your bank account on Coinbase is essential for secure and efficient cryptocurrency transactions—ensure that you follow these steps carefully!