Coinbase drains users Bank Accounts


It is being reported by CNBC and the Verge that Coinbase is erratically overcharging some users and emptying their bank accounts.

 

 

Complaints against Coinbase are mounting as Bitcoin trading increase and one user on Reddit posted that they purchased Bitcoin, Ether, and Litecoin for a total of $300 on February 9th.

 

 

The transactions repeated five times a few days later for a total of $1,500, even though the user had not made any more purchases. That was enough to clear out this user’s bank account, they said, resulting in fees.

 

 

“My bank account went from very comfortable to negatives balance, not to mention extra $5 charges, and overdraft fees,” the user wrote. “As a result, my rent check bounced, and my bank went further into negative for an NSF charge for $25. My landlord is not a nice person and is on my CASE and I have nothing to offer him. I am FREAKING OUT.”

 

Similar complaints have popped up on forums and Twitter.

 

Full story: – Coinbase Cryptocurrency, Bitcoin, and Ether unauthorized charges

 

Now Coinbase is promising refunds:

 

Coinbase said on their Reddit page at 6:00pm PST that the extra charges were a result of Visa reversing and recharging transactions due to the MCC code change. They added that  Coinbase is working with Visa and other major credit card network to create a new MCC for crypto purchases and that they “hope that this will not have additional ‘cash advance’ fees” for customers.

 

“Over the last few days, some Coinbase customers may have experienced additional charges and/or refunds when purchasing digital currency with a credit or debit card. We know this experience is frustrating. We are actively working with the card networks and processors to investigate these issues.

Coinbase will ensure that each affected customer will be refunded in full for any erroneous charge. Our processor confirmed that any erroneous charges will be refunded over the next few days; however, if you believe you were affected by this issue or believe you experienced additional, unreimbursed fees or charges, please contact Coinbase’s support team at support.coinbase.com so we can address your issue.”

 

The full Reddit update can be read here: –  Update on Multiple Charges 

 

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