Bitcoin Forum

Sorry if this is in the wrong section of the forums, but I need some advice. I had some money left over in my coinbase account after I purchased some coins for my miners. I sold the extra coins on coinbase, and then transferred the money to my bank account on 08/23/17. It shows completed and everything but I still have not found my money? It is not showing up in my bank account and I am beginning to worry because it is $1,300.00. Should I get with my lawyer and start a case against coinbase?  They will not respond to any thing i send them and they have the worst customer support. you'd think with all the money they are making off of exchange fees that they would hire more people. Any advice would be appreciated!

Rather than hiring a lawyer and spending more than what you have lost with coinbase. As coinbase is registered company you can wait for atleast 30 days for response and by that time also make query with your bank.

If you haven't done anything illegal than coinbase doesn't have right to hold your money. But you have to wait few more weeks before taking any action because wire transfer might take few working days to get completed or to reach your bank account.

'

As far as I know they don't wire transfer the deposits back into your account, they do ACH's. I work at the bank that I bank with and we haven't seen anything come in from coinbase. They are good about depositing my money into my coinbase account whenever I wire them the money, but when I had this money leftover they have yet to deposit it even though it says completed. I still have not heard back from them. Plus, the way I see it, if I have a pretty good chance at winning the case then they will have to pay the court costs.

I'm surprised they still operate as a licensed exchange. With so many scam complaints hounding them, I can't understand why the authorities are not giving them the same treatment meted out to btc-e and other rogue exchanges.

This is an exchange perpetrating scams with impunity. They seem to be using that time-proven tactic of reverse-accusing their customers of being the scammers. Being FinCEN compliant, they can profit from small fish like you (yes you, OP) by giving you the silent treatment and disguising their pernicious scams as a legitimate investigation.  

A lawyer might help but it will be an expensive fight. Lawyers want money upfront and only a few will litigate on the strength of a projected positive outcome. Exchanges retain an excellent team of legal professionals to help them stay afloat long enough to sustain their "legit" facade. After all, a legit exchange is one you can entrust with your money. As for your $1300, don't expect to see them resolve this issue soon. Their facebook and twitter pages alone are littered with endless complaints. Their staff take their own sweet time, come to work professionally attired, coffee in hand, holding 9 to 5 jobs like every other degree-holding guy whose parents are oh so proud of... oblivious to all your losses here. They simply do not care.

Join the club. They're the worst exchange I've had to deal with. I've not had a single response to several support requests over two months and I've verified my bank with them successfully twice now but still wont let me withdraw funds. If they had an account on here I'd for sure leave them appropriate feedback because their service is appalling.

So it shows how unprofessional this online web wallets and bitcoin traders are , because seeing your response it means that really coinbase are scammers and still they are surviving. If i am not wrong they are surviving because of giving customer details to the government authorities so  that they can scam the users and coinbase is helping them that is why their site is not getting any hurt from this officials.

Ironically enough I was able to get my money yesterday. They really need to work on a lot of things including their customer support. They seriously need to take a step back and redo their whole banking scheme. They wired me my money back and that is just not efficient enough or quick enough. When I "withdrew" my money to my bank account, I expected them to do what paypal does, which is send an ACH direct deposit back into my bank account. But they didn't. They wired it. Which is why they are being overloaded because each wire has to be worked on individually where as an ACH could be done by a system.

Its pretty sad that I had to go to the lengths that I did to get someone to get me my money. I emailed the CEO, emailed every employee email I could find, messaged every employee on reddit, and even found an ex-executive who was EXTREMELY friendly on linked in and was more than willing to help me out and forward my emails to the right people at Coinbase. If you are missing your money, I would suggest you bombard them like I did. I know, its sad that you have to do this, and I will probably never use coinbase to sell my coins again, only to buy them when I need to quickly.