Websites that handle electronic banking transactions, such as Coinbase and Venmo, typically require verification of bank accounts and provide the resources to verify them on their websites. Buying and selling bitcoin require verification of U.S. bank accounts, according to Coinbase.Continue Reading
Coinbase requires users to link their U.S.-based bank account, log in to the account, and provide the username and password to the account. Coinbase does not retain the login information, only using it for bank account verification, as the website explains.
Venmo verifies bank accounts in much the same way. In an alternative method of account verification, the banking website sends two micro deposits, then withdraws the amounts a few days later, as Venmo details.Learn more about Bank Accounts