USAA and Coinbase connection? Banks getting cozy with crypto?
So today was my first payout, which is was great!!! But i wanna talk about this USAA and Coinbase connection. First things first i wanna give thanks my dude @chiefmappster! Who, through his easy to follow bitshares/blocktrades tutorial-
https://steemit.com/utopian-io/@chiefmappster/how-to-sell-your-sbd-with-bitshares-or-blocktrades-method
helped make my first payout very easy and successful.
Now lets get into this USAA and Coinbase connection. USAA was( well to my knowledge )just an insurance company for people serving in the military and their families, i thought, but it's also a bank. I've never seen a USAA bank physically but i know they do online banking for sure. So I've had car insurance with them for years now, since my dad was in the military.
( Really great insurance btw ) So the other day i decided to sent up an online banking account with them and i was shocked when they had an option to add a Coinbase wallet. So basically this is a way to connect you Coinbase wallet directly to your bank account. Now I've never had an online bank account before, but i'm pretty sure this isn't an option at other banks, as the average person doesn't know about cryptocurrency's.
So why did i decide to spend my time on typing about this. Well, the fact that when i look at my bank account, right below it shows my Coinbase wallet tells me that the times are turning in favor towards cryptocurrency's. With USAA being a military based banking company and all.
In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996. ... USAA investment products as well as deposit-only banking services are available to non-members.-https://en.wikipedia.org/wiki/USAA
So this huge insurance and banking company with military ties is giving their customer's the option to link their Coinbase cryptocurrency wallet directly with their checking or savings account to me is HUGE and shows me that cryto's are here to stay and will take over! Please let me know what you think about this connection below.
Hey kenentertainment, this is indeed an interesting development and one that seems to go against the general flow in the market. I am not in the US, nor do I use coinabase so my experiences can not be a direct comparison (but I think that in the current climate it is interesting to have an understanding of how things are developing in different parts of the world as ultimately I think there will be a more homogenised standpoint from different national authorities). Currently I live in Tonga but the services I used are based in Australia and Hong Kong. I, and everyone else who uses the on-ramp exchange that I use in Australia recently received a communication instructing us NOT to put any message in the transaction record box that related to, bitcoin / cryptocurrency / or even the name of the exchange (it is a reputable exchange that has only provided an excellent service). The reason that they sent out this instruction was that they had been made aware that some banks had been putting a stop on any transactions that had such information contained in the message box. About a week or so prior to this the POLI service (a direct fiat transfer service operated by the Australian Postal Service, that many of the Australian exchanges use), stoped its service to these exchanges. I envy you being in a position to have such a progressive thinking bank.....a bank that allows you to do what you want to do with YOUR money. The sooner friction is reduced with regards to new people getting into the crypto space the better. I think that we are going to see (at least I hope we see) a great improvement in this kind of thing once the likes of Robinhood are up and running properly. Anyway thanks for the post Cheers J
Wow, that's crazy what's going on over there. I hope they lighten up on the crypto's down there. Good luck to you friend and thanks for stopping by, i truly appreciate it! It's scary knowing how scared some banks and people are of cryptocurrency. We all know a scared group of people can become a dangerous group of people.
I was blown away when I saw I could add cryptocurrency to my USAA.com account.
They're pretty forward thinking. They were ahead of the whole idea of depositing a check with a smart phone.
USAA is a company that was founded in 1922 by a group of U.S. Army officers https://usaa.pissedconsumer.com/customer-service.html . USAA is an abbreviation for United Services Automobile Association. At the present time the company is based in San Antonio, Texas. USAA specializes in property and casualty insurance, life insurance, financial planning products, banking, and investments. Company's revenue totals to $13,5 billion. It employs more than 21,800 people. USAA is on the lists of Fortune 200. The company focuses on the customers who are military members and their families. USAA was one of the first companies that started to sell its products and services directly.