Topic: Coinbase withdrawal delays thread [Please add ACH delay reports to this thread] - page 3. (Read 8383 times)

I'm guessing since they missed their target day of yesterday for funding my bank account, it will be atleast Monday until the $ is there?

I wish they would have made a more public statement that they were having liquidity problems. 

Also, I never did get a reply to the email I sent support.

Not too thrilled with my first transaction with coinbase.  I hope they fix these problems, because they certainly make buying and selling coins convenient for US users. 

 

New oddity.

I sold some bitcoins the other day but now the sell transaction is gone, and the coins are back in my account.

No email or other notification.

In place of where the sale used to be in my history, it says "You sent bitcoin to Coinbase" 11/19 and then today "You purchased bitcoins" (I didn't) on 11/22 for the same amount.

I guess I shouldn't really complain because the price is higher than when I sold, but this kind of weird stuff happening in my account does not inspire confidence in their service.

What's going on?

Thanks for the update. It would be nice if you guys kindly please keep us in the loop. Most of use here understand logical explanations.

I have had three deposits from them from earlier this week. Total $1300.  Still nothing on the $15k from past week though and no email response since their 'you are an idiot' reply.

I got a small ACH yesterday that had been delayed a couple of days. I was thinking about doing a larger one with them but I think I'll wait until this is cleared up.

Deposit was delayed 1 day from their estimate. No big deal.

I don't disagree with your position. Honesty is always the best policy - people will generally understand. For some reason though there seems to be this feeling that actually admitting to your customers that you have problems is a sign of weakness, so you keep them guessing until the underlying fault either resolves itself (Bitstamp Banking issues->DDoS attacks) or you collapse entirely (BitInstant).

Shame really.

I sold 5 BTC to coinbase on Wednesday.  My transactions log says: "Pending - will complete on Friday Nov, 22 2013 at 11:49AM"

Obviously that time has come and gone.  I just emailed support about an hour ago, so I can't complain they aren't responding to me.  I just wanted to see if anyone had any idea, based on their own recent experiences, when I could expect this $ to hit my bank account. 

Thanks.

Oblong, thank you for this explanation. If this is the case AND coinbase respected its customers enough to stop treating them like they don't know what an ACH transaction is then would I even be posting in this thread?

Well maybe a little bit to tbh, but I would certainly understand a lot more and appreciate the honest and timely information provided by the company.

I want to call my senator actually, nothing gets things down more than a politician with a cause. I can't to that to btc though in restrospect, I don't want negative situations attached to btc. Or I'd call the press haha! 'Reputable bitcoin company holds tens of thousands of dollars'.

Appreciate the comments once again.

The most likely reason is that they (Coinbase) have liquidated your Bitcoins on Bitstamp at the point of sale. Bitstamp however, have encountered banking software issues which has led to delays in deposits and withdrawals (src: https://www.bitstamp.net/article/banking-software-issues/). Given that it takes ~2-5 days for an international wire from Europe to America to clear through the SWIFT network, Coinbase were probably illiquid for some small period while they waited for Bitstamp to correct the issue, submit the funds to the banking network and those funds to then settle into their US account.

While Coinbase probably do match counter-parties for some trades internally within their service, the volatility of Bitcoin makes this risky if they haven't got a BUY order on their service from someone (like yourself) who issues a SELL at or around the same time. So, to reduce this exposure when you SELL on their platform they SELL on Bitstamp (not likely Gox because of it's banking problems or BTC-E because...well, it's Russian legit). Any other scenario would be highly risky (See BTC/USD XR rate charts for 17-11-2013 to 19-11-2013 inclusive).

The negative effects of Bitstamps technical meltdown affect every ancillary service that depends on them. It's no different then the dependency a broker that trades on behalf of clients on the NASDAQ or LSE has on technical and consistent performance of these platforms. Butterfly flaps it's wings, somewhere there is a Tsunami.

Morale; Be patient - your money will almost certainly turn up.

Olaf, bullshit. Absolute utter bullshit. No funds in my account yet still, and you are all liars. My friends and I have 79k tied up in your shoddy outfit. I think I'll have my lawyer draft a letter to you, fincen and whoever the hell else will listen. Ah yes, my senator too. Sounds good.

I expect a pm today with a live telephone number to speak to you people. I am sending this to your 'support' too.

Olaf from Coinbase here. You all are correct - our ACH withdrawals were delayed by a couple days. I apologize for the trouble - the funds are likely en route to your bank accounts now!

conbase assumes you have >1e6 and 15k is just pocket change and you missed it at the first glance

Haha apparently I'm the idiot. Coinbase replied to my ticket.

A) I'm an idiot and don't understand ACH takes 'a few days'

B) I'm a double idiot as the funds are apparently already in my account! Doh, I know how easy it is to miss 15k.

#speechless

https://bitcointalksearch.org/topic/coinbase-serious-issues-341633

Thanks for informative insights with coinbase.

I have decided not to join lol.

Wow, this is completely unacceptable.

Rep this - I HATE there is no number to call and they ignore support tickets for a week. It's no way to run a business at all. If I don't get my money by Friday I will fly there and kick their damned door down. I'm a rational and sane person but this level of incompetence borders on criminal. If they are keeping my cash and leveraging against btc rise it is criminal.

Ignorant, ignorant ignorant. /rant

thanks all.

I have deposits from the 13th that have yet to hit my bank account. I don't mind the wait, but I do mind having to come to bitcointalk to figure out what is going on.

Coinbase: Most people here are technical... we realize issues come up. As soon as you know of an issue that impacts users you should let everyone know. Its not like we don't notice!

btw I PM'ed Olaf today, no response about the situation yet.