Consumer complaint received 2020-12-14
Company: Coinbase, Inc.
State: WA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
I opened an account on Coinbase.com on XXXX, XXXX, 2020. Deposited via ACH 6 different amounts over 3 days, XX/XX/XXXX - XXXX, 2020 into Coinbase Pro Account https : //pro.coinbase.com. The first 5 transferred & was given an advanced on each transfer Totaling {$55000.00}. {$32000.00} have successfully transferred out of my XXXX checking account. The last one had not as a large check had not cleared & I was unaware. 

On XX/XX/XXXX, I had placed a trade limit on XXXX ( XXXX ) at below market price, {$450.00} for {$55000.00}. 

On XX/XX/XXXX I had logged in the evening close to XXXX to see a message that my limit order had been canceled by Coinbase & a prompt that said they were going to sell my XXXX XXXX if I didn't pay {$23000.00} within 5 days. I was able to select a tab that took me to another page that said something similar. I don't own any XXXX XXXX & didn't correlate that the {$23000.00} didn't go through. I freaked out & called their 888 number only to get one option to select that my account had been compromised. I then submitted a on their contact page 2 separate messages & told them I was freaked out, didn't understand what was going on and to have someone call me. They do not have any customer service support to talk to and only communication is by email as I found out. I got a couple of automated messages saying that someone would be in contact. 

I submitted another ticket on their site that I accidentally locked my account. I received an email to of the steps I'd need to take make sure all my devices were secure & phone number was mine, etc. I wrote back & told them this was all completed, re-explained what happened. They locked me out of being able to re-verify on their site and submit ID & XXXX  photo until XX/XX/XXXX. 


I submitted multiple messages over the next couple of days stating what happened, that as soon as I could get in I'd be able to make the {$23000.00} advancement on Monday morning. They did not respond until evening XXXX ; XXXX XXXX, over 2 days later after sending XXXX emails and a couple more ticket submissions on their website for help. 

" Hello XXXX, We received your inquiry, and because you've previously written in about this same issue, we're consolidating your cases into this email thread. We've passed all new information on to an account specialist who is reviewing your case they'll reach out to you here ( review generally takes 4-5 business days ). 

All future questions about this issue should be directed to this email thread so that our account specialist can better support you. 

Thanks, Coinbase Support ref : XXXX : ref '' I was appalled at the customer service and wrote them & told them to take back their advancement, let me have access to the {$32000.00} which had successfully transferred from my XXXX account into Coinbase so I could take my business elsewhere. No response. I was able to finally submit ID & webcam photo on the morning of XX/XX/XXXX. I wasn't able to log into my account until the XXXX. But still didn't have access to the {$32000.00}. I received an email not the XXXX stating that they had recovered their funds of {$23000.00}. 

Once I was able to get into my account, I saw that the account balance said {$55000.00}, but {$0.00} able to withdraw. I figured maybe their system hadn't updated that it should say {$32000.00}. I thought they were going take back the advancement. On the XXXX, I went into my XXXX Branch to wire {$23000.00} into a different Exchange called XXXX. To my surprise, their had been an ACH transfer initiated on XX/XX/XXXX, verified on XX/XX/XXXX. I did not authorize this ACH transfer. 

I've written them over 20 emails asking them to give me access to the {$55000.00} verified from my XXXX account. 

I received this message on XX/XX/XXXX at XXXX XXXX. 



" Hello XXXX, Thanks for reaching Coinbase Support. 

We've documented the information you have provided and have escalated this case to a specialist. We will follow-up with you as soon as we have an update. 

Please note, these reviews are typically completed within 5-7 business days but may take longer. 

We appreciate your patience with this. 

Best regards, Coinbase Support ref : XXXX : ref '' I was appalled that they are going to take 5-7 more business days when the {$55000.00} is mine & I'm not able to make a trade or withdraw it. I submitted another support ticket telling them the urgency & this is rightfully my money 100 % verified. I then received another message XX/XX/XXXX at XXXX XXXX stating : " Hello XXXX, We received your inquiry, and because you've previously written in about this same issue, we're consolidating your cases into this email thread. We've passed all new information on to an account specialist who is reviewing your case they'll reach out to you here ( review generally takes 4-5 business days ). 

All future questions about this issue should be directed to this email thread so that our account specialist can better support you. 

Thanks, Coinbase Support ref : XXXX : ref '' To this day, XX/XX/2020 I still have NOT received any email from an account specialist. I have ZERO access to the {$55000.00} which is mine, rightfully so. I have XXXX indication as to when I will have access to my money. This could be HUGE financial losses due to not being able to make a trade at the right moment. 

The companies on XXXX  website about Coinbase are appalling and I wish I had read them before going with this company. I don't have weeks and months to wait, nor should I have to. This is not reasonable not having access to my money after it has 100 % been verified.

Company response to consumer: Closed with explanation