COINBASE - Serious Issue - Reversing Bank Deposits, erroneous withdrawals, etc..

[crazy_rabbit]

First off, I'm a long time bitcoiner, been with coinbase since the very, very, begining. (Back when they were giving free 0.1 BTC for sign up). I'm verified, and verified at all the exchanges. I've been a speaker at the Bitcoin Conference, used to be big in terracoin, most people should kinda know me, and nothing to hide, etc....

So the week before thanksgiving I sold a number of bitcoin, less then 5, using coinbase. Transaction went fine, was a bit delayed, but the money for the sold bitcoin was deposited in my bank account.

Today however I see that they have DEBITED my bank account for the exact same amount they previously deposited. No coins have been returned on my coinbase account however, and my bank account is now overdrawn by a could hundred dollars.



I'm traveling at the moment and you can imagine my surprise when I tried to pay my airport taxi this morning and the charge was refused. I've received no email or information from Coinbase whatsoever to explain what has happened here. I have written support, but not heard back as of yet.

Yes I have my bank account linked- as I THOUGHT Coinbase was a trustworthy company as they are a leader in the field. I am furious at the idea they will reverse bitcoin sales buy force debiting your account without notifying you. It was all I could do to find a way to pay for my taxi at JFK and now of course I'm on the hook for overdraft fee's at my bank.

Has anyone else experienced a problem link this? I am absolutely dumbfounded.

EDIT: I changed the subject line to sound less dramatic and inflamatory. Obviously I'm calming down a bit, but still stocked and very much upset.

[BitcoinWalker]

It looks like it's a very weird situation. Make sure everything is fine on your end before contacting Coinbase. Good luck!

[sangaman]

This is one of the sketchiest issues yet. I hope they explain what happened and why it happened as well as reimburse you for any NSF fees you incurred. They can't just go sapping money out of your bank accounts without any reason or notice.

[goxed]

Someone had BTC10 stolen from coin base account today
https://bitcointalk.org/index.php?topic=355045.0

[crazy_rabbit]

Someone had BTC10 stolen from coin base account today
https://bitcointalk.org/index.php?topic=355045.0

Besides the obvious (the money being taken from my bank account), I haven't had anything stolen as far as I know. I have 2FA, so I feel like that is reasonably secure.

Still no word from coinbase though as to whats up. :-(

[Phinnaeus Gage]

Something ain't right!

http://coinowl.com/coinbase-adds-65000-users-in-the-last-week/

Coinbase has added a record 65,000 users in the past seven days, a ~15% increase in just one week.

This comes on the heels of their Black Friday Special wherein they waived all fees on 11/29/2013.

[Phinnaeus Gage]

Good news! https://coinbase.com/security

Coinbase employees must pass a criminal background check as part of the hiring process.

Whatever happened, it probably wasn't by an employee.

[mustkillidiots]

A background check doesn't mean as much as you think.....It might just mean they haven't had the opportunity to steal an amount that is great enough to overcome their 'morality'.  So they have passed background checks...doesn't meant that ethically, and for enough reward vs risk, they wouldn't take the risk for the reward. 

[italeffect]

There was something on reddit last week about a bunch of folks who sold on a certain day and had double deposits made to their checking accounts. Someone from CB was saying they were going to reverse the extra deposits this week. I didn't bother to search for it now but perhaps you can find something on the topic, and perhaps it is related to your issue. Still sketchy without any notification of course. I had a buch of bitcoin go missing from my account 2 weeks ago. It took several days to hear from support but after some quick back and forth they admitted to some sort of software bug and restored the BTC back into my account.

[technomancer]

I sold my coins at nov 25th, still waiting my money. Customer support not answering emails.

[crazy_rabbit]

There was something on reddit last week about a bunch of folks who sold on a certain day and had double deposits made to their checking accounts. Someone from CB was saying they were going to reverse the extra deposits this week. I didn't bother to search for it now but perhaps you can find something on the topic, and perhaps it is related to your issue. Still sketchy without any notification of course. I had a buch of bitcoin go missing from my account 2 weeks ago. It took several days to hear from support but after some quick back and forth they admitted to some sort of software bug and restored the BTC back into my account.

Interesting, I'll check this to see if it's true in my case. Like most people, I'm not going over my balances with a fine tooth comb, and just accept my available balance as my real balance.

Reversing transactions though with no notice is not cool though.

EDIT: I haven't found anything on reddit yet. But I was checking the "issue tracker/operational status" thing on coinbase's page and they list no problems as having occurred. I'm still pretty upset with them. In terms of priorities, if they did double deposit people, top of their list needed to have been to inform users immediately of the situation.

[crazy_rabbit]

Coinbase got back to me saying indeed they were double depositing people and so a few days latter were debiting people back for the same amount.

They "thanked me" for bringing it to their attention, however of course they already knew about it if they were debiting people back for the same amount.

I've asked them to refund any overdraft charges I may have to pay as a result, so I'll let you know what they say. Of course I should have noticed the double deposit, but I'm on the road at the moment, and like most people when you're in and out of airports: if there is money on the card, you assume you have money on the card.

If they refund the overdraft charges I'll be satisfied, so here goes the litmus test.

[crazy_rabbit]

Well unfortunately things are not settled as of yet. Still no response to my request that the overdraft fee's be compensated by coinbase.

More disturbingly however: I got an email saying a 1 BTC purchase from my coinbase account on the 20th of Nov. was cancelled because I didn't have enough funds in my account. (Oh the irony). The real problem however is I didn't try to make any bitcoin purchases (I never have bought bitcoin with coinbase).

So what the heck is going on? I wrote support again, but still no response.

  12/02/2013     Fee   RETURNED ITEM FEE FOR AN UNPAID $586.72 ITEM - DETAILS: COINBASE.COM/BTC *********** WEB ID: *******   $34.00     

So basically I'm getting charged even AGAIN for a purchase I didn't make. It's such a mess, I wish support would step up and address whats going on.

EDIT: My coinbase transaction history clearly shows I never made any attempt to purchase bitcoin through coinbase.

[crazy_rabbit]

Update: Still no response from Coinbase. I've written them again. Not very nice customer service (no customer service) from what should be the market leader.

[nahtnam]

Coinbase recently "stole" 0.08 from me and I just PM'ed Olaf from coinbase. If they dont respond in a few days I will be giving them a call.

[fcmatt]

Any update? How they handle your problems will mean a lot to me and if i use their services.

[nahtnam]

Any update? How they handle your problems will mean a lot to me and if i use their services.

For me? I still haven't gotten a reply from Coinbase.

[fcmatt]

Any update? How they handle your problems will mean a lot to me and if i use their services.

For me? I still haven't gotten a reply from Coinbase.

I meant the OP but your answer does not help my faith in them.

[nahtnam]

Any update? How they handle your problems will mean a lot to me and if i use their services.

For me? I still haven't gotten a reply from Coinbase.

I meant the OP but your answer does not help my faith in them.

Essentially you probably won't have any issues but if something happens then you probably won't get it solved for about a month.

[ajw7989]

PM olaf from coinbase on these forums he usually responds back quick and with good results. Recently the few support issues I have had have been responded to pretty quickly too now though that more support has been hired.