As you know, Coinbase is a trustable space for buying, trading, transferring cryptocurrencies, and also you could get wallets to store it securely. The mission is to smoothen selling and trading easier by creating an open financial system. All of the processes are secured with the advanced system and also, and the interface can be understood by any user.
Here, we are going to discuss how much time will Coinbase takes to verify your bank account. There is a delay in the verification of the bank account, from 2 to 5 working days mostly. Did you think why it is happening? That’s happening due to the deposit verifications. We can go through it in detail throughout this article. So read on!
Coinbase Takes Only a Few Minutes to Verify a Bank Account
According to the usual verification process, Coinbase takes only fewer seconds or minutes for bank account verification. But, the situation of deposit verification takes time from 2 – 5 days. That is actually happening mainly through the time that you are applying for the verification process. And, sometimes it takes according to the working days. But mostly it will get on processed by the next working day itself.
If you are not getting any updates within 5 days, you can chat with the customer care support of Coinbase and check the progress. So, customer care can help you solve the delay.
Why Won’t My Bank Account Verify on Coinbase?
There will be some major reasons for the verification process from the side of the bank and as we mentioned, you can contact customer care. Multiple reasons can be there for this delay. So, let us check the possible reasons for taking more time for verification.
- Errors or incomplete application process: in the complete application procedure, you have to take care that the complete details that you are giving are correct. And the incomplete application cannot be verified by the bank.
- If the verification process of the bank still needs time: the verification takes time according to the banks and there will be a delay as per the bank guidelines. Also, Coinbase is updating the banks as well as cards.
- Bank account or bank issues: there could be chances of bank issues and some banks are not accessible or agreeing to these transfers. So, you have to make sure that your bank is fine with crypto investments.
- Blocked account or debit card: if you are not following the guidelines of the bank or if you have done any conspicuous thing, your account and cards can be blocked. It can be also a major reason for the pause in verification.
How Do I Verify My Bank Account on Coinbase?
You can do the verification process through a single or multiple processes. All you need to do correctly is fill the process with the correct account details and check that you are not making an error. Coinbase could check all the information that you gave and the account verification be done within minutes. If you want to have double verification, you need to do the account verification with Coinbase and the bank to avoid the interference of fraudulent activities. It can be done through an app or website.
In the Coinbase app, you can see settings and payment methods there, and there you can see the accounts. If it is not verified, you can see the exclamation mark with the account details. To complete the verification, you can click on verify button once you click and open the exclamation mark. Then you can enter two amounts of deposit and the verification can be completed.
Coinbase’s Security Systems Prevent Unauthorized Access to Your Account
You prevent account misuse through multiple security procedures and if you can avoid the verification within seconds, it will be good. There are 3 levels of security and all of them are given below,
Level 1- you need to do the verification through photo and ID cards and you can do weekly payments for digital currencies and trades. But, it could have limitations.
Level 2- there is a need for proof of your address and all other details and this security level can promote unlimited investments in crypto and enable wire transfers.
Level 3- you need to have a Government ID for account verification and you can send cryptocurrencies through blockchains.
Check All the Details and Complete the Coinbase Account Verification Process
You have to check the details while you are doing the verification process and there are simple steps to do it faster. And also, you need to use one window at a time for the whole process. Please make sure that you are having a verified and compatible bank account for the procedures and meanwhile there will be guidelines for security and all purposes.
Anna Smith is a blockchain expert and crypto enthusiast with over 5 years of experience in the industry. She is the author of the best-selling book "Cryptocurrency for Beginners" and a regular contributor to leading industry publications. In her free time, Anna enjoys staying up-to-date with the latest developments in the crypto world and participating in online forums and communities. She is also an avid supporter of cryptocurrency adoption and believes in the power of decentralization to shape the future of finance.