Consumer complaint received 2017-09-11
Company: Coinbase, Inc.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
On XXXX XXXX XXXX, I set up my XXXX wallet on Coinbase.com. They require you to make a wire transfer from your bank, which in this case is XXXX, to them, to verify your account information. 

I was fine with this, as it confirmed that the account was linked, as the initial deposit was received by Coinbase from my bank on that same day. Once that process was complete, I then initiated a transfer from Coinbase to the same bank account, with the funds that I wished to withdraw. That amount should have been ( before Coinbase ' fee ) {$950.00}. They listed this transfer being completed on XXXX XXXX at XXXX. 

I waited patiently for a few days, and the money never arrived in my bank account. I called XXXX, and they confirmed that I had no incoming wire transfers at all, so I reached out to Coinbase. What I found was that Coinbase has basically no way to reach them, aside from an online contact form, but I did also try and reach out to them via their Twitter account to see if I could get some assistance. I received none. 

My first contact with them was on the morning of XXXX XXXX. I received the following response via an apparently automated system. 

Coinbase Support XXXX XXXX, XXXX XXXX Hello, and thanks for reaching out! 


It appears you XXXX be writing us regarding a bank wire. 


Wire deposits are available to all customers who have completed sufficient account verifications to obtain a XXXX wallet. 


Bank wires often arrive the same business day if sent before the cut off time for your bank, otherwise they will arrive the following business day. The timing may vary. 


Bank wires will be automatically credited to your account when received. 


Please keep in mind that the personal name on the bank account that you are sending funds from must match the legal name on your Coinbase account. Also, the unique reference number provided for your account must be included with your wire so that funds can be automatically credited to your account If youre a XXXX XXXX XXXX customer, please remember to not send a push ACH to our wire details, only an actual bank wire can be received at our wire details. When this occurs, these funds will need to be manually reversed. If it was actually a wire transfer, BoA should be able to provide a Federal Reference number to trace it. If you notice Next-Day ACH or Overnight mentioned in the transaction details, we will block the wire, and the funds will be returned and should arrive back to your account within several business days. 


Again, I apologize for the difficulties. 


If you still have an outstanding issue regarding a bank wire, please let us know the amount, date sent, name of sending bank, and personal name on the account that funds were sent from. Well be glad to look into it. 

That was the only response that I received from their company. I subsequently tried contacting them via the same system on : XXXX XXXX as a reply to their message XXXX XXXX via their XXXX account XXXX XXXX as a second attempt XXXX XXXX as a third attempt I have not heard anything from their company since that first automated message. I feel as though this is not a small matter, as my money is basically non existent for the time being. I also feel that I have given their company more than enough time to contact me in some form, in regards to this matter.

Company response to consumer: Closed with explanation