Show Notes
#Coinbase No Longer Supporting Payroll Deposits Starting November 25th?
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:00] Out of cycle update.
[00:00:03] Glad I stopped using them so long ago. Cryptotalk FM my name is Leister, I'm your host. Providing an update is a public service announcement because again, I know some listeners duck email. You run from email, you hate email until you probably missed the email that came from Coinbase claiming that if you're one of those who allows your paycheck to be direct deposited via, you know, to add crypto automatically, and I hope you didn't do that, but if you're one that did that, they sent out an email saying that that service needs to be stopped. You're not allowed to do that any further. Effective November 25, any sort of paycheck auto direct deposit that happens that comes their way is going to be rejected. We don't want to see you lose that hard earned money from that McD's job that you've been working. So I'm simply sharing this because again, you duck an email, you didn't see it. I want to make sure you're aware you can check with coinbase.com to see if it's legit. I'm pretty sure it is based on the email that I saw. You still can do auto deposits of cryptocurrency as you choose. The only thing that's changing is the payroll deposit. Well, what does that mean? It means that if you want to do a direct deposit into the Coinbase thing, you're going to need to do it as a pull transaction, not a push transaction. That's what it means. The payroll is a push transaction to them. The poll, they say, yeah, you can do a poll all you care to, which is on their side. You would need to plug in your bank account information and let them either automatically or manually pull money out of your account. Now I'm one who doesn't like these services pulling money out of the account for any reason. There may still be a wire option. I'm not sure if they kept the wire option they used to have it. I haven't used them in years and I'm not going to check their crap. But they may still have a wire option. Understand the wire is likely charging you from your bank as well as coinbase for the deposit. So I only recommend that if you have no other option to do it. If you're trying to do an urgent trade, the wire is going to be the fastest way to do it because I'm pretty sure that Coinbase does, not least last I checked, support all the crap like the Venmo and whatnot. It's pretty much going to be. You have to let them pull it from your account. And remember, last time I checked, and I'm pretty sure they didn't change this part, if you let them pull from the account, they put a hold on those funds. You can trade. They alleged you can trade, but they still put a hold on the funds. So you're not going to cash out. So let's say you do a trade to something, they're going to be able to put some hold on it to prevent you from cashing out if you win it big. So that's the biggest change, is when not being able to do a push means you're not going to have immediate access to those funds. It may not bother you, but it's something you should be aware of if you are a Coinbase customer.
