Consumer complaint received 2018-01-04 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Coinbase, Inc.
State: NJ

Complaint narrative:
Cases opened in Coinbase: Case #XXXX  , #XXXX 

XX/XX/XXXX : Transaction made to Coinbase, purchase of Etherum of an amount of $XXXX ,through XXXX XXXX,  a week later the transactions made to my Coinbase account after that I could make purchases. But on XX/XX/XXXX I received an email that my bank XXXX XXXX has reversed my deposit. (Email attached below).

XX/XX/XXXX: Deposited $XXXX, $XXXX, $ XXXX, $XXXX to my USD Wallet in Coinbase account, The funds credited from my bank account on XX/XX/XXXX but after 9 days later on XX/XX/XXXX Coinbase send an email that the funds will be refunded.

XX/XX/XXXX :Purchase of $XXXX was made through Coinbase account of XXXX Etherum. Since the hold was not removed of all pending transactions or any other transactions  in my bank XXXX XXXX as I lost my credit.debit cards in transit.

Reason : Unaware why Coinbase did that and made me loose my buying power to trade in Coinbase

XX/XX/XXXX: Coinbase  freezed my Coinbase account and deleted all my bank accounts and blocked my account.

I had lost my purse in transit and I had called my bank and told to hold /Stop all pending transactions and which Coinbase was one of them. Due to security reasons XXXX and XXXX XXXX XXXX stopped all pending accounts or any transactions coming to my account due to lost of my belongings. Coinbase was also reversed and this was without my knowledge.

I contacted XXXX, XXXX and made calls to Coinbase phone number listed but yet no action taken or any email received.

Coinbase sent an email with link to pay the amount $XXXX , I paid using my credit card, when I saw my online statement I did not see the transaction happening they said Coinbase did not initiate the payment and they freezed all my buying and selling power. 

Attached are all documents and the payment shows XXXX when entering my Coinbase account.

I am contacting each day about the fees paid and to unfreeze my account but they say escalation team consisting of specialist will send an email but they never do or I receive any updates from them. this is creating lot of frustration in keeping my account blocked from last 3 weeks.


Below are the emails received -


From: Coinbase 
Date: Tue, XX/XX/XXXX at XXXX XXXX 
Subject: Your order for XXXX ETH was reversed.
To: XXXX
Hi XXXX  XXXX,
Your transfer on XX/XX/XXXX for $XXXX USD was reversed by your payment method.
Unfortunately it looks like your bank (XXXX XXXX - XXXX XXXX... XXXX) has reversed your deposit with the following message: Customer Advises Not Authorized (XXXX). You can visit your account to review your payment methods and see further details.

It will be necessary to contact your bank to determine exactly why this occurred. If you have already received your purchase, it may be necessary to chose an alternative payment method to reconcile your account. If you had not yet received your purchase, this purchase has been cancelled at this time.
If you have any questions in this matter, resources are available in our support portal. 

Thank you for understanding.

Kind regards, 
The Coinbase Team






From: Coinbase 
Date: Tue, XX/XX/XXXX at XXXX  XXXX
Subject: Your order for XXXX ETH was reversed.
To: XXXX

 Coinbase                           
Hi XXXX XXXX,
Your transfer on XX/XX/XXXX for $XXXX USD was reversed by your payment method.
Unfortunately it looks like your bank (XXXX XXXX XXXX - XXXX... XXXX) has reversed your deposit with the following message: Payment Stopped (XXXX). You can visit your account to review your payment methods and see further details.

It will be necessary to contact your bank to determine exactly why this occurred. If you have already received your purchase, it may be necessary to chose an alternative payment method to reconcile your account. If you had not yet received your purchase, this purchase has been cancelled at this time.
If you have any questions in this matter, resources are available in our support portal. 

Thank you for understanding.

Kind regards, 
The Coinbase Team

Company response to consumer: Closed with explanation