Coinbase Canceled My Order: Price jumped $28 - $48 (SOLVED: COINBASE HONORABLE)

slacker

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To be a Bitcoin exchanger is a very risky business because they are target for criminals who steal money from bank accounts. According to rumors, the main reason to shut down the Bitcon-24.com is that someone is stealing money from bank accounts and launder them with this Bitcoin exchanger.

Therefore, the Bitcoin exchangers have many anti-fraud filters and sometimes they have false positives.

Also many banks don't want to provide bank account for exchangers - see Bitfloor.com:

Quote from: Bitfloor

The bank has issued us a check for the remaining account balance. Once this check is received, we will be working to establish a way to return the remaining USD funds.

The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.

Also Mt. Gox have problems to open bank accounts and complain about this on their Facebook page:

Quote from: Mt. Gox (at Facebook)

Hello Mt. Gox customers. We get many questions re: "SEPA withdrawals", so we'd like to clarify a bit:

1) We would love to process every withdrawal immediately, but our bank has daily limits imposed on us
2) We have succeeded in raising this limit already, but high BTC prices make this more of a challenge
3) As a solution we are always seeking higher limits, but also exploring other options for SEPA withdrawals to expedite the process
4) HOWEVER, if you are in a rush the best option is to cancel the SEPA and ask for an "international wire" from Japan.

Thank you for your patience, and please rest assured that we are working hard to alleviate the delays.

Quote from: David Olofsson (at Facebook)

Why not open a few more corporate accounts in other banks? I'm sure your current bank gets more reasonable as soon as you have other options...

Quote from: Mt. Gox (at Facebook)

If only it were that easy!

dmoneyy

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Quote from: na0339 on April 22, 2013, 05:02:04 PM

Sorry for bumping an old thread, but has anyone else had this happen to them? I recently bought quite a few BTC when the price bottomed out a few days ago and right when I was expecting to get my coins deposited, I received the same email the OP got. I've sent their customer service an email letting them know about their mistake and that there's no risk (given what BTC are currently going for, it'd be crazy of me to want to reverse the transaction), but no response yet. How long does it normally take for the Coinbase people to respond to emails, and is there any chance my order actually will go through at the original price?

Thanks!

Yes! This just happened to me a few days ago, which was pretty upsetting considering i thought i had bought it in the $60s. I sent them an email through the contact form on their website yesterday, and just heard back today that they were going to push the transaction through-- and at the price I had bought the BTC for.

Considering the story above about being reimbursed for an overdraft fee, I think they are pretty committed to keeping everyone happy, but they use some automated process that denies a lot of the purchases-- maybe to cover their asses, maybe because it's a small operation, or some combination of both.

Just send them a support request through their website and they will probably have it straightened out within a few days.

WGates

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Quote from: na0339 on April 22, 2013, 05:02:04 PM

Sorry for bumping an old thread, but has anyone else had this happen to them? I recently bought quite a few BTC when the price bottomed out a few days ago and right when I was expecting to get my coins deposited, I received the same email the OP got. I've sent their customer service an email letting them know about their mistake and that there's no risk (given what BTC are currently going for, it'd be crazy of me to want to reverse the transaction), but no response yet. How long does it normally take for the Coinbase people to respond to emails, and is there any chance my order actually will go through at the original price?

Thanks!

Placed an order for 2 BTC April 19th with deliver expected today. Did not get an email. Logged in to check on status and find

"You purchased 2.00 BTC show Canceled Apr 19, 2013"

Cancelled!? Why? Because price went up? I emailed them and waiting to here back. Geez

na0339

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Sorry for bumping an old thread, but has anyone else had this happen to them? I recently bought quite a few BTC when the price bottomed out a few days ago and right when I was expecting to get my coins deposited, I received the same email the OP got. I've sent their customer service an email letting them know about their mistake and that there's no risk (given what BTC are currently going for, it'd be crazy of me to want to reverse the transaction), but no response yet. How long does it normally take for the Coinbase people to respond to emails, and is there any chance my order actually will go through at the original price?

Thanks!

DeathAndTaxes

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Gerald Davis

Quote from: screamingservers on March 17, 2013, 02:10:44 PM

Quote from: BitcoinTate on March 13, 2013, 12:40:44 AM

LOL! It was an ACH.

Ok that makes more sense, I do not think you can fraud a wire transfer because its a push not a pull, but ACH you can. HOWEVER there is a simple procedure: They should run the ACH, and keep the money in suspense for a week.

The signatory of a personal (but not business) bank account can dispute an ACH transaction as fraudulent up to 60 days from the statement in which the fraudulent transaction was reported. Keeping funds a week would do little good against "friendly fraud".

DrewStearns

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Interesting! Thanks for the update.

screamingservers

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Quote from: BitcoinTate on March 13, 2013, 12:40:44 AM

LOL! It was an ACH.

Ok that makes more sense, I do not think you can fraud a wire transfer because its a push not a pull, but ACH you can. HOWEVER there is a simple procedure: They should run the ACH, and keep the money in suspense for a week.

BitcoinTate

full member

Activity: 224

Merit: 100

DigiByte Founder

Without any indication or heads up the transaction went through and I ended up over drafting my secondary account by $40 and incurring a $35 Wells Fargo overdraft fee on March 12th. After talking to multiple people Wells Fargo refused to reverse the overdraft even after I corrected the overdraft within two hours on the same business day.

I wrote Coinbase and explained the situation stating it was not fair to provide no information of a transaction either through email or within my Coinbase account. Given that I had no idea when or even if a transaction was going to occur I was unable to accurately move funds around between my accounts in advance.

Coinbase in response sent me $35 in BTC to cover the overdraft fee. They went above and beyond when they did not have to. I highly recommend them. I understand they are an up and coming company that currently consists of a two man team. Yes they have some issues, but what new up and coming company doesn't? They have honor and integrity, that goes a long way in my book.

BitcoinTate

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DigiByte Founder

LOL! It was an ACH.

screamingservers

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Great, now you are whitelisted time to start fraudin!

JK
Seriously though, was this a wire transfer or an ACH?

Quote from: BitcoinTate on March 01, 2013, 04:33:32 AM

I just received a reply from Coinbase:

"Hi,

Sorry about that! After manually reviewing your account I've whitelisted it so you shouldn't experience any additional issues going forward. I've also pushed through the transaction that was canceled previously (at the original exchange rate you locked in), so you should have those coins by the end of tomorrow. In addition, we recently wrote a blog post about this you might find interesting: http://blog.coinbase.com/post/44046687068/high-risk-transactions

Hope it helps and sorry again for the trouble!"

I will post if and when I receive the coins. I know they are a new and upcoming company so after their prompt & courteous reply I will cut them some slack. However I have noticed on other Topics that you have to raise some hell to get the cancellation reversed. Like the old saying goes "squeaky wheel gets the grease."

BitcoinTate

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DigiByte Founder

I RECEIVED MY BTC! All is well, Coinbase was true to their word.!

BitcoinTate

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DigiByte Founder

So the original funds I had in my spare checking account (wont let anyone have direct access to my primary) to purchase BTC I moved a week ago to buy BTC elsewhere. I also sent them an email 7 days ago asking them what was going on that that there was no indication of transaction occurring in my coinbase account. Thinking it had been canceled as there was no response from their support or any indication of a transaction I only had a $240 balance in my account today. So guess what... blammo it was debited today with no warning, indication or email from Coinbase in the last two weeks. And hello $35 Wells Fargo overdraft fee... and no the bank wouldn't reverse it even after moving funds from another account an hour later. They said it was "pre-authorized" and they could not reverse it.

So moral of the story, Coinbase can, will and does debit transaction upwards of a month after the initial order with no warning or indication after they told you they cancelled your order and provided no proof of a reversal. Whats next? Double debits? Even right now there is no indication of a transaction in my Coinbase account. Still no BTC either.

BitcoinTate

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DigiByte Founder

Still no BTC. After being told multiple times my cancellation will be reversed I have yet to receive any BTC or proof in my account that I am about to. The last time they replied to my messages on March 5th:

"Hi Jared - taking a look at the original thread now. Sorry for the delay, but rest assured we will make it right.

Regards,
Fred"

I do not trust Coinbase and will not be using them in the future.

shkiser

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not reliable. I keep seeing others recommending them. I wouldnt trust them honestly

juls2322

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Yup, they did the same thing to me! The price of BTC jumped the day after I ordered and all of a sudden my trans was cancelled. They said my email wasn't from a trusted source??

BitcoinTate

full member

Activity: 224

Merit: 100

DigiByte Founder

This is driving me nuts, I have $300 in my account that I can't move around because I have no idea if or when it will be debited. I want to move it to my Dwolla account, but after their reply:

"Hi,

Sorry about that! After manually reviewing your account I've whitelisted it so you shouldn't experience any additional issues going forward. I've also pushed through the transaction that was canceled previously (at the original exchange rate you locked in), so you should have those coins by the end of tomorrow. In addition, we recently wrote a blog post about this you might find interesting: http://blog.coinbase.com/post/44046687068/high-risk-transactions

Hope it helps and sorry again for the trouble!"

It was supposed to go through 2-3 days ago. Still no response from their customer service after an email this morning and yesterday morning Sad

shkiser

sr. member

Activity: 350

Merit: 250

It seems pretty obvious why theyre canceling these orders. Btc has jumped a considerable amount since you placed your orders, and they dont want to take a loss.. If btc would have dropped to say $28 im sure you would have all received your btc.

ngocbktp1

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No problem. Good luck to you.

BitcoinTate

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DigiByte Founder

I still have not received my BTC as promised. There is no evidence of a transaction in either my bank account or my Coinbase account. I have sent a couple emails to support but I doubt they work weekends. Will post if they actually reverse the cancellation as promised. So this day #9 since my initial order. Glad BTC is still going up. lol!

BitcoinTate

full member

Activity: 224

Merit: 100

DigiByte Founder

I just received a reply from Coinbase:

"Hi,

Sorry about that! After manually reviewing your account I've whitelisted it so you shouldn't experience any additional issues going forward. I've also pushed through the transaction that was canceled previously (at the original exchange rate you locked in), so you should have those coins by the end of tomorrow. In addition, we recently wrote a blog post about this you might find interesting: http://blog.coinbase.com/post/44046687068/high-risk-transactions

Hope it helps and sorry again for the trouble!"

I will post if and when I receive the coins. I know they are a new and upcoming company so after their prompt & courteous reply I will cut them some slack. However I have noticed on other Topics that you have to raise some hell to get the cancellation reversed. Like the old saying goes "squeaky wheel gets the grease."

Topic: Coinbase Canceled My Order: Price jumped $28 - $48 (SOLVED: COINBASE HONORABLE) (Read 6184 times)