Consumer complaint received 2018-01-08
Company: Coinbase, Inc.
State: KY
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
I wire transferred {$40000.00} to Coinbase , Inc. ( associated XXXX account ) on XXXX/XXXX/XXXX from my XXXX account. Those funds have neither been credited to my Coinbase/XXXX account, nor returned to the originating XXXX account. 

I previously successfully wire transferred funds to my XXXX account, so I assumed a wire transfer would again process smoothly. However, that initial wire was transferred from a different originating bank and account. I subsequently learned that Coinbase/ XXXX requires the name on the originating account to exactly match the Coinbase/ XXXX account holders name. The XXXX account from which this current wire was transferred was a joint account, thus not exactly matching the Coinbase/ XXXX account. Additionally, a code is required by Coinbase on the wire recipient instructions. XXXX XXXX Bank in New York serves as the intermediary bank for Coinbase. 

Realizing the potential discrepancy in the wire information, I contacted XXXX within 24 hours of the wire disbursement to request a reversal. That request was immediately submitted by XXXX to XXXX XXXX Bank on XXXX/XXXX/XXXX. XXXX was informed that the reversal would require a review and authorization, possibly taking greater than 10 business days. I contacted XXXX XXXX Bank on XXXX/XXXX/XXXX, and they confirmed that the funds were received by them and sent to Coinbase on XXXX/XXXX/XXXX. XXXX XXXX Bank stated that they could only reverse the wired funds if Coinbase returned the funds to them, and that I would have to pursue that through Coinbase. 

I followed all XXXX and Coinbase instructions on how to properly inquire about the problem through their customer support system, which includes submitting a service request on their website. I only subsequently received generic automated responses. Their initial email response stated that I would be updated in a few days, but I never received an update. I also attempted to call them on 2 occasions, but both times I was placed on hold for over 45 minutes, with no response, and they do not even accept any phone calls regarding funds transfer problems, only potential account compromises/ hacking. 

Included as attachments are the XXXX Bank Wire Confirmation document and email correspondences with XXXX/ Coinbase. 

My primary concern : If an incoming wire is not formatted to Coinbase/ XXXX specifications, then why does XXXX XXXX Bank accept and process it? The wire should be rejected/ returned if it does not include all of the required information. If the funds are then received by Coinbase/ XXXX, then it seems mandatory that they have established systems to remedy any discrepancies in a timely fashion, with a human customer support representative. It has been 12 business days and 3 weeks since Coinbase received the funds, and I have not received any substantive assistance. 

An acceptable resolution for this matter would be either immediate full funding ( {$40000.00} ) of my XXXX account or immediate wire transfer reversal of the full amount to the originating XXXX account. 

I respectfully ask that you please assist with this matter, and I appreciate the service that you provide to consumers.

Company response to consumer: Closed with explanation