Consumer complaint received 2018-03-23
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I erroneously initiated a deposit into XXXX for {$14000.00} and had my bank place a stop payment on the deposit. I informed XXXXCoinbase of this so they could cancel the deposit on their end and they froze my account. I have over {$30000.00} in USD and {$8000.00} worth of digital assets on their platform and I am unable to withdraw my funds or view my trade history.

Case ID : XXXX   Updated : XX/XX/XXXX XXXX PDT Created : XX/XX/XXXXXXXX PDT XX/XX/XXXX XXXX  Please cancel the deposit request I send in over the weekend. XXXX XXXX XX/XX/XXXXXXXX Hi there, Im very sorry for any trouble with this.

Im afraid transactions can not be cancelled once the bank transfer process has started as this is an external process. For future reference, for some payment methods there is a 5 minute window that exists after you initiate the transfer during which you can cancel it. You can do so by clicking on the transaction from your history page here : https : //www.coinbase.com/transfers Once your transfer completes, you could immediately initiate a withdrawal to have your funds returned to your bank account. Your funds would arrive back in your account within 3-5 business days.

Please note that the expected arrival date of your funds is given on the Confirmation dialog prior to initiating the transfer. You would also have received an email confirming this information when you confirmed the transfer.

Again, I apologize for the trouble. Thank you for using Coinbase.

Kind regards, Coinbase Support XX/XX/XXXXXXXX I initiated a deposit and then wanted to cancel it. I informed by bank of this and they put a stop payment on it. This should explain the issues you all are seeing. So can we consider the deposit cancelled, and then allow me access to my account?

XX/XX/XXXXXXXX My bank cancelled the deposit from their end for me using a stop payment, and now you all have locked my account. Can we call the deposit cancelled and allow me access to my account again? Or what is the deal with this?

XXXX XXXX   XXXX  XX/XX/XXXX XXXX Hi, XXXX .

Thank you for contacting Coinbase support.

Ive taken a look at your account and it appears that you are not currently eligible to create a purchase order. This restriction may have been applied in error.

Ive just escalated your case to our subject experts who will be completing a review of your purchasing eligibility shortly.

You will receive a notification email if were able to restore your purchasing ability. Please note that while these reviews are typically completed within 4-5 business days, it can sometimes take longer depending on our current case volume.

For security reasons, Coinbase can not guarantee eligibility for every account. If your account has experienced chargebacks in the past this, as an example, can impact your eligibility.

Thank you for your patience and understanding as we complete this review.

Should you have any other questions/concern, please feel free to contact us.

Thank you for choosing Coinbase.

Regards, XXXXXX/XX/XXXX XXXX I'm unable to login to XXXX as well, which is where all my funds are stored. I would like access to ETH withdrawals. I don't have a pressing need to purchase more.

XXXX XX/XX/XXXX XXXX  Hello there, Thanks for reaching out to Coinbase support. I apologize for the inconvenience this has caused you.

Ive just checked your account and can confirm that your request has been properly escalated.

For fastest response, please do not create multiple tickets about your issue.

Once your request is cleared, well be sure to follow up.

Thanks so much for your patience and for working with us on this.

For more information or question please visit our support website : https : //support.coinbase.com to find the best answer real quick. Thank you for using Coinbase.

Regards, XXXX  Coinbase Customer Service Representative Case ID : XXXX  Updated : XX/XX/XXXXXXXX PDT Created : XX/XX/XXXX XXXX  PDT XXXX XXXX XX/XX/XXXXXXXX Hello, and thanks for reaching out.

Ive taken a look at your account and it appears that you are not currently eligible to create a purchase order. This restriction may have been applied in error.

Ive just escalated your case to our subject experts who will be completing a review of your purchasing eligibility shortly.

You will receive a notification email if were able to restore your purchasing ability. Please note that while these reviews are typically completed within 4-5 business days, it can sometimes take longer depending on our current case volume.

For security reasons, Coinbase can not guarantee eligibility for every account. If your account has experienced chargebacks in the past this, as an example, can impact your eligibility.

Thank you for your patience and understanding as we complete this review.

XX/XX/XXXXXXXX I'm not able to WITHDRAW any of my USD or ETH in XXXX  , I'm also unable to view my trading records, so how am I supposed to do my taxes. Can you transfer my XXXX balances to my coinbase account? I need access to my money.

Company response to consumer: Closed with explanation