BY EMAIL FROM COINBASE
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Hi Ferdinand J,
As part of our continued effort to ensure the safety and security of our customers, we’re updating the payment method linking system for all banks that support instant verification system (Plaid). Any customer bank accounts that support Plaid will no longer be allowed to use the older, test deposit method.
For those customers whose bank accounts have already been unlinked from their Coinbase account, we understand this may have caused some confusion. Your bank account will need to be relinked using our instant verification system to ensure your payment method utilizes the safest, most reliable service.
If your current bank account is supported by Plaid, but your bank was originally linked via test deposit, please be aware that your account may be unlinked in the near future to support instant verification.
For relinking a Plaid supported bank account, you can verify your account by entering your online banking credentials with the instant verification process – you may either complete this during a Buy or Deposit, or by navigating to your Settings > Payment Methods in your Coinbase account.
For more information on payment methods, please see our help center article here.
Your banking credentials are never sent to Coinbase, and are shared with an integrated, encrypted, trusted third-party called Plaid Technologies Inc. More info about how your bank account information is secured can be found here.
The Coinbase Team
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And why should I trust “PLAID”?