Consumer complaint received 2017-11-02
Company: Coinbase, Inc.
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
Hi there, I hope you will be able to help. My issue is that Coinbase is not processing my Successful SEPA transfer sent since theXX/XX/XXXXfrom my XXXX account to their account. 

My escalation support ID is : Case ID : XXXX In total I have sent 4 transfers. The first one was aimed at obtaining the validation of my account. Which did not happen without apparent reason. Here my XXXX was sent but their service is for no apparent not validating my account but still enjoying keeping my fund in their bank account. 

Then I sent three additional transfer as per below : 1 ) Validation of account : Date : Sent on the XX/XX/XXXX Amount XXXX GBP/EUR XXXX Received the XXXX/XXXX/XXXX on their side. REF : XXXX 2 ) Date Sent XXXX Amount : XXXX EUR/ XXXX GBP Ref : XXXX 3 ) Date Sent XXXX Amount : XXXX EUR/ XXXX Ref : XXXX Please Note that the above ref was wrong. It should have been XXXX As a result I asked Coinbase to  match this transfer with my account ASAP. Indeed their FAQ explained that in the event a customer send a XXXX  fund to their bank account with a wrong or missing ref. They will match it to the user by correlating the IBAN number of the user. 

4 ) Date Sent XXXX Amount : XXXX EUR// XXXX GBP Ref : XXXX The money I have sent was successful received by them. As per confirmation of my bank. However the total of EUR XXXX has still not been loaded to MY EURO wallet under my customer reference. This is an issue as my fund can not be utilised to buy BITcoin. 
This led to a loss in investment value of more than USD 1000 I have raised multiple support ticket and called their support line but they are not helping nor giving honest response. They are saying they have not received anything ... 

For example they said that my XXXX where not received because They have not validated my account prior to that. 

This is absurd and a LIE as XXXX have validated that my transfer was succesfully received by their bank. 

Futhermore the validation is irrelevant. Indeed my colleague XXXX XXXX XXXX have sent a tranfer of XXXX by XXXX to their same account and they have put the money to his account. Here his account had never been validated prior the XXXX being sent, yet was still received and loaded to his EURO wallet successfully. 

Weirdly when the some is Eur XXXX things miraculously disappear ... 


In any vent they have admitted that they failed to action my sepa but are not providing any resolution and are still keeping a Total of EUR XXXX held in their account. 


Every time I attempted to call them. I had to wait an average of 50min on the line, very often you ca n't get through to anyone and when you do. The call will drop. 

They will escalate the call to a specialist which can not and is not allowed to answer any meaningful question about whether or not they did they receive my Transfers where are them, when will the be loaded so that I can finalise my BTC transaction.. 

I have research multiple forum and it seems that a lot of users are complaining that their fund are being held hostage when large amount are being sent.. 

After days of calling I seems I am getting nowhere. 

Please help. 

Kindest Regards, XXXX

Company response to consumer: Closed with explanation