Coinbase withdrawal delays thread [Please add ACH delay reports to this thread]

[goxed]

Looks like coinbase ACH withdrawals are getting delayed. I have a few transactions set for today from BTC sales last week, which have not arrived to be bank acct. Waiting for one more day before contacting support.

[deadweasel]

Looks like coinbase ACH withdrawals are getting delayed. I have a few transactions set for today from BTC sales last week, which have not arrived to be bank acct. Waiting for one more day before contacting support.

Support turn around has improved, but is still a few days waiting in the queue is required. All their issues get sorted within a few days, generally.

[goxed]

Okay ACH withdrawals are working, a day late though.

[goxed]

Happened again today. ACH withdrawals scheduled for today are still showing pending.

[thebrit]

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

[goxed]

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

I smell Bait and Switch tactics or something terribly wrong somewhere.

[Lucky Cris]

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

Amen! Which is why I refuse to use them any longer. My last withdrawal, which was only 20 BTC, took over a week! I'm sure it was to gain from the price spike.. but when I've withdrawn 30+ before and it took considerably less time... well, one starts to wonder.

[thebrit]

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

Amen! Which is why I refuse to use them any longer. My last withdrawal, which was only 20 BTC, took over a week! I'm sure it was to gain from the price spike.. but when I've withdrawn 30+ before and it took considerably less time... well, one starts to wonder.

Ironically this makes me feel a little better that i am not the only one. It makes me cringe to think about it now, but I have bought and sold over 800btc over the past few month on Coinbase and only ran into trouble once. This last transaction is a lot of money for me - support is unresponsive and no phone number! Grrrr.

Sounds like I'll get it ... eventually.

[Lucky Cris]

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

Amen! Which is why I refuse to use them any longer. My last withdrawal, which was only 20 BTC, took over a week! I'm sure it was to gain from the price spike.. but when I've withdrawn 30+ before and it took considerably less time... well, one starts to wonder.

Ironically this makes me feel a little better that i am not the only one. It makes me cringe to think about it now, but I have bought and sold over 800btc over the past few month on Coinbase and only ran into trouble once. This last transaction is a lot of money for me - support is unresponsive and no phone number! Grrrr.

Sounds like I'll get it ... eventually.

Unless they decide to bail with everyone's bitcoins! But I don't see that happening Fingers crossed.

What's really going to piss you off is when you put in an order to buy some coins, they place hold on funds in your account, then cancel it due to "high risk." This usually happens when prices are increasing quickly. But don't take my word... just read the many posts about this. They've done it to me many of times.

[goxed]

btw I PM'ed Olaf today, no response about the situation yet.

[kcminer]

I have deposits from the 13th that have yet to hit my bank account. I don't mind the wait, but I do mind having to come to bitcointalk to figure out what is going on.

Coinbase: Most people here are technical... we realize issues come up. As soon as you know of an issue that impacts users you should let everyone know. Its not like we don't notice!

[thebrit]

I have deposits from the 13th that have yet to hit my bank account. I don't mind the wait, but I do mind having to come to bitcointalk to figure out what is going on.

Coinbase: Most people here are technical... we realize issues come up. As soon as you know of an issue that impacts users you should let everyone know. Its not like we don't notice!

Rep this - I HATE there is no number to call and they ignore support tickets for a week. It's no way to run a business at all. If I don't get my money by Friday I will fly there and kick their damned door down. I'm a rational and sane person but this level of incompetence borders on criminal. If they are keeping my cash and leveraging against btc rise it is criminal.

Ignorant, ignorant ignorant. /rant

thanks all.

[goxed]

I have deposits from the 13th that have yet to hit my bank account. I don't mind the wait, but I do mind having to come to bitcointalk to figure out what is going on.

Coinbase: Most people here are technical... we realize issues come up. As soon as you know of an issue that impacts users you should let everyone know. Its not like we don't notice!

Wow, this is completely unacceptable.

[mrhelpful]

Thanks for informative insights with coinbase.

I have decided not to join lol.

[goxed]

https://bitcointalk.org/index.php?topic=341633.0

[thebrit]

Haha apparently I'm the idiot. Coinbase replied to my ticket.

A) I'm an idiot and don't understand ACH takes 'a few days'

B) I'm a double idiot as the funds are apparently already in my account! Doh, I know how easy it is to miss 15k.

#speechless

[goxed]

Haha apparently I'm the idiot. Coinbase replied to my ticket.

A) I'm an idiot and don't understand ACH takes 'a few days'

B) I'm a double idiot as the funds are apparently already in my account! Doh, I know how easy it is to miss 15k.

#speechless

conbase assumes you have >1e6 and 15k is just pocket change and you missed it at the first glance

[Olaf (Coinbase)]

Olaf from Coinbase here. You all are correct - our ACH withdrawals were delayed by a couple days. I apologize for the trouble - the funds are likely en route to your bank accounts now!

[thebrit]

Olaf from Coinbase here. You all are correct - our ACH withdrawals were delayed by a couple days. I apologize for the trouble - the funds are likely en route to your bank accounts now!

Olaf, bullshit. Absolute utter bullshit. No funds in my account yet still, and you are all liars. My friends and I have 79k tied up in your shoddy outfit. I think I'll have my lawyer draft a letter to you, fincen and whoever the hell else will listen. Ah yes, my senator too. Sounds good.

I expect a pm today with a live telephone number to speak to you people. I am sending this to your 'support' too.

[oblongmeteor]

Olaf, bullshit. Absolute utter bullshit. No funds in my account yet still, and you are all liars. My friends and I have 79k tied up in your shoddy outfit. I think I'll have my lawyer draft a letter to you, fincen and whoever the hell else will listen. Ah yes, my senator too. Sounds good.

I expect a pm today with a live telephone number to speak to you people. I am sending this to your 'support' too.

The most likely reason is that they (Coinbase) have liquidated your Bitcoins on Bitstamp at the point of sale. Bitstamp however, have encountered banking software issues which has led to delays in deposits and withdrawals (src: https://www.bitstamp.net/article/banking-software-issues/). Given that it takes ~2-5 days for an international wire from Europe to America to clear through the SWIFT network, Coinbase were probably illiquid for some small period while they waited for Bitstamp to correct the issue, submit the funds to the banking network and those funds to then settle into their US account.

While Coinbase probably do match counter-parties for some trades internally within their service, the volatility of Bitcoin makes this risky if they haven't got a BUY order on their service from someone (like yourself) who issues a SELL at or around the same time. So, to reduce this exposure when you SELL on their platform they SELL on Bitstamp (not likely Gox because of it's banking problems or BTC-E because...well, it's Russian legit). Any other scenario would be highly risky (See BTC/USD XR rate charts for 17-11-2013 to 19-11-2013 inclusive).

The negative effects of Bitstamps technical meltdown affect every ancillary service that depends on them. It's no different then the dependency a broker that trades on behalf of clients on the NASDAQ or LSE has on technical and consistent performance of these platforms. Butterfly flaps it's wings, somewhere there is a Tsunami.

Morale; Be patient - your money will almost certainly turn up.