Hi, I’m concerned about how Alpaca deals with bank accounts.
For the record I’ve never had an issue depositing or withdrawing funds, aside from the 7 business day hold time on deposits (which seems over the top, my bank can clear a check within 2 days).
What happens if I need to change a bank account after a deposit? I don’t have a lot of money here, <$1000; but I would like to increase that balance, slowly increasing it over time; like a proper investment account.
I’m linked with Chime at the moment, which isn’t the most trustworthy of banks. I’m in the process of withdrawing all my funds ($50 lol) to avoid any problems before changing banks; I’ll deposit again from the new, real bank.
I’ve read all kinds of horror stories on this forum and elsewhere about people getting locked out of their funds after attempting a bank change, and the response from alpaca was “Anti-Money Laundering Rules”. I understand alpaca doesn’t want any liability, and they take international customers (I’m from the US); but what is the exact policy here? What laws are you referencing?
Interactive brokers, Robinhood, and Coinbase literally give me a debit card, and there’s none of this nonsense about being forced to withdraw to the same bank account you deposited from. Robinhood and Coinbase will happily let me deposit or withdraw from any debit card; bank account, paypal, crypto, literally anything, and there’s no such “AML” rules in place. These rules seem to come from alpaca, a business policy, not any kind of law requiring it.
If for some reason I need to change my bank account, it was closed, fraud, account #'s changed, etc, whatever reason in the future… What are the steps to do this? I don’t see what the problem is if I own both bank accounts. I’m not trying to deposit / withdraw from any other account that I am not the sole owner of; and God forbid what if I got married and now it’s a joint account with someone else. The service your using should be able to verify all of this and it shouldn’t be a problem.
I’m sure I’m not alone here, but I’m terrified to have any significant amount of funds in alpaca beyond a test bag over this issue. I don’t particularly trust Coinbase, Robinhood, or banks in general either, but I’m supposed to be able to trust my stock broker, you make money off trading fees and data subscriptions; not by balance.
- What is the process for withdrawing funds to a bank account you didn’t originally deposit from?
- What is the turnaround time, how long does it take for support to fix it?
I’ve read all over this forum of people being blackholed by support; which is something Coinbase is famous for. And now the link to your slack 404’s. If you guys shut down the slack, you should remove the link from the dashboard; it’s been weeks since I even noticed. How long could that possibly take? I’m a programmer… not that long.
Your service is great but I can’t risk depositing larger amounts of funds until these questions are answered. I’ve come to realize a lot of my code, pulling candles etc, is far too specific to alpaca, and now I’m forced to rewrite large parts of it and look around at other services to diversify from this lack of trust.
Security measures these days are over the top. I’m not worried about anyone logging into my account and stealing my money; I’m worried I’m going to login one day to “SECURITY ALERT” and then get blackholed by support for a year trying to access my own money, and it’s not just an alpaca problem, it’s a problem everywhere. This is supposed to be why DEFI exists I guess.
As I said though I personally have never had any issues; but I’ve never tried to change bank accounts before. I would just like these questions answered.
Thanks!