Topic: Coinbase withdrawal delays thread [Please add ACH delay reports to this thread] (Read 8399 times)

Yup.  That would make Bitcoin either collapse or force the infrastructure into an increasingly small pool of operators thus changing completely the reason why some of us consider it to have strength.  So, I agree that 'the future of bitcoin' does depend on this.

I normally qualify my statements of this nature as some form of a conjecture on my part, but since I am commenting on a statement which lacked this qualification I'll defer as well.

Back On-T, I've since Sept made over 20 sales through Coinbase with an average of over 5 figures each and none that I recall have exceeded the expected timings.  Most beat the expectations.

Back Off-T, one of the risk factors that influence my draw-down planning is indeed the threat of mass adoption.  Mass adoption or appearance of it will probably do great things for the price of BTC.  At least for a while.  But I am quite confident that it will change the nature of the solution to one which has limited appeal to me.

Appears wires are coming in on time for me.

My conclusions from this thread:  I am glad theBritt got his money.  It took 18 days but that is faster than Mt.Gox.  Coinbase should have a more open policy, perhaps a special concierge service for orders over $10,000.  The USA should have a bitcoin exchange but given the regulatory environment that seems unlikely to happen soon.  However as more retailers accept bitcoin the USA's lack of an exchange starts to become an issue of financial security for US domestic trade.  In this instance theBritt may have overestimated his/her tolerance for risk.  Given the volatile nature of bitcoin we should all consider how much we can afford to risk losing.  Furthermore the future of bitcoin does not depend on miners or traders but on the mass adoption of bitcoin by mainstream retailers worldwide.

Due monday, arrived today instead.

Hit my account right around midnight (Wednesday to Thursday).  Hard to be any more on time than that!

You can use it when you contact CB support. As far as a "tracking number" is concerned, you can't use it to track your transaction anywhere on their website.

I made a sale last week and expected an ACH deposit to complete this Monday.  It didn't complete until Tuesday.

During the time the deposit was pending, there was a "tracking number" available to me - does anyone know where and how to use this?

Would like to report I did get my funds. Finally.

Timeline:

November 13th - 39btc sold
November 15th - coinbase advised arrival date

Loooooooong wait

December 1st - coinbase from last decade arrives

18 days.

I have one due tomorrow, will report.

EDIT: It is actually due Thursday.

No issues on my end, a bunch of transactions from 11/29 & 11/30 all hit my account this morning as expected.

Funds are arriving on time or a day earlier.

Got a 10 BTC sale made Thur night deposited and transferred (out of my dedicated landing account) by Tue morning.

Just made another 10 BTC sale and the estimate shown on the pop-up was deposit by Friday.  I'll update if I think of it and can find this thread.

Received 2 withdrawals, 1 day late from the estimate as usual. BoAs usually pretty fast with my ACHs so I see how other people are getting them 2 days late.

I just received my funds from my withdrawal last Monday.  2 business days late, but better late than never.  It appears crazy rabbit is right.  They're just experiencing massive growth and having trouble keeping up. 

A holiday followed by a weekend. Followed by what apparently was an enormous explosion of new years on coinbase. Apparently they are swamped. :-/

Customer support never answered the emails.
I sold at nov 25th , 8 days ago, still waiting and my bank account overdrawn because of them.

I will absolutely keep everyone updated. Including if coinbase does (finally) do the right thing and correct this.

I have multiple emails were they have admitted culpability anyway. It's just a question of whether this is a contracts case or if punitive damages are warranted. I've been unable to make any trades in three weeks now.

We shall see.

Good. Make sure you get that compensation. It is hard for non bitcoin people to understand but if you give them examples like stock exchange sales and stuff like that they will start to understand how it works. Yea, ACH deposits take a couple of days. We are all aware that US banking system is the worst in the world, but I don't think these delays are related to the banking system. It has something to do with Coinbase. They literally are playing with all our money and seem to think they are immune to any consequences on what happens. Keep us informed.

Sounds like a class action in the making. media will have a field day.

Coinbase still owes me money from a sale I made on November 18th. No cash in sight

Nah, just ask camolist, he knows it all. Apparently wanting your money is a 'witch hunt'. Maybe he should back off when he isn't the one with thousands being held by conbase.

Anyway, here we are over two weeks later and still no money. I've retained a lawyer with btc knowledge, and given them until Wednesday to give me my money and appropriate compensation for the thousands they have cost me.

I'm having very long delays waiting for a couple of deposits. This has been happening with Coinbase for the last month at least with no explanations and every support response is a basic canned response not helpful at all. The real big problem with them is they are fully aware of all these problems and keep operating, just adding fuel to the fire. They should at least CEASE operations, get their shit together then open back up. Operating under faulty conditions and leaving all their customer's just guessing what the issues are is a bad practice. It would take them just minutes to suspend operations temporarily and/or put up a notice for everyone to see.

I've come to the conclusion that almost every bitcoin company is selectively scamming people and I'm over it... i havent been able to buy bitcoins for over a month because coinbase has become a complete and utter scam.  Fuck it.

Yesterday was a holiday.

When I did my bank account verification, within 24 hours. Estimated date of today no money. All my ach go through within 1 business day if they were actually completed. Why allow withdrawals if you don't have the money which its obvious you don't. What another scam exchange

Have another deposit scheduled for monday, will report then.

very significant sale here last week. was delayed a day

been buying and selling with them since november last year i think it's the first delay

and it happened when their exchange (bitstamp) was having banking trouble. you all need to put your witch hunt effort into something worthwhile like one of the thefts or recent "hacks"

Why after going through all the trouble of being licensed in the USA they are using bitstamp?  USA seems to be ok with bitcoin isn't it time to have an actual exchange instead of going to Eastern Europe?

THREE people, sir. THREE completely different accounts.

I could care less what assertions you wish to make about my completely legitimate mining operations.

Yes, but when someone has such severe problems and other people don't seem to, a lot of times it makes me wonder if something tripped a flag for said user.  I get every sense that Coinbase is attempting to integrate fully with the mainstream banking system and financial regulatory authorities as a function of their business model.  That happens to be A-OK with me for the business I do with them.

Datapoint .... two weeks exactly and STILL nothing. Four transactions, three people, three different accounts totalling $70,000.

Datapoint ... today the transactions would be worth about $200,000.

Suspicious much?

Datapoint:

Made two 10 BTC sales over the weekend (or perhaps one on Friday...to lazy to look.)  The estimate date of deposit was Friday.  I noticed that one of them went in today (Wed.)  So this one beat the estimate by several days.

I got the same message on a ticket I had out for a while.  I appreciated that they were monitoring the queue length and trying to do at least something with the resources they currently have available.

I dunno who here has actually worked in a start-up, but even if one obtains the resource to staff up and has a distinct need to do so, it's not something which can be done overnight.  This is especially true if one is trying to hire for people who will have access to customer financial information which is especially sensitive.

My ticket outlining my request sits in their queue.  I can refer to it efficiently by number if any problems arise and I need to do so.

I received my first withdrawal 1 business day late.  That cost me a little bit, but not terrible.  My second withdrawal is supposed to hit my account on Friday.  I placed it on Monday.  I'll post back letting everyone know whether that time is met or not. 

All of mine showed up. Couple days late but fine, still cost me $$. This month, the delays have been horrible and when the price is so volatile that it jumps 10-20% per day the losses are not cool.

I'm sure this is just growing pains and such, but still they need to get their act together. It was awesome a couple of months ago. I'm sure they are swamped. But they also need to provide the service they say they will, on the dates they commit to and to respond to support emails within a reasonable period of time. Having to rant, PM, or hunt someone down on IRC to get answers is not exactly something that's ready for the public or even the average bitcoiner.

That said, they are still light years better than mtgox.

I've had it with these Goddamned thieves. Two weeks tomorrow and not a damned thing from them ... apart from the above email.

"Haha, we have your 70 thousand, but we can't be bothered to reply..."

We will see how they like being dragged through court.

Got this in the mail today

Coinbase has been having problems since the end of october. I have yet another transaction MIA.

Wonder if they know that by putting a time definite date on transactions and then missing that date that they fall under contract tort and securities laws? It opens them up for consequential damages and breach of contract as well as mail fraud and a whole slew of things.

They are playing with fire and I'm considering pouring some legal gasoline on them.

my withdraws have always been on time or early.

All of my transactions up until 11/22/2013 have been on time.   Sometimes the ACH deposits were ~1 business day off, however I am still very satisfied.

I will update on my next withdrawl which is due in 1-2 weeks.

V/R,

GreaterNinja

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.

Unless they decide to bail with everyone's bitcoins! But I don't see that happening Fingers crossed.

What's really going to piss you off is when you put in an order to buy some coins, they place hold on funds in your account, then cancel it due to "high risk." This usually happens when prices are increasing quickly. But don't take my word... just read the many posts about this. They've done it to me many of times.

Ironically this makes me feel a little better that i am not the only one. It makes me cringe to think about it now, but I have bought and sold over 800btc over the past few month on Coinbase and only ran into trouble once. This last transaction is a lot of money for me - support is unresponsive and no phone number! Grrrr.

Sounds like I'll get it ... eventually.

Amen! Which is why I refuse to use them any longer. My last withdrawal, which was only 20 BTC, took over a week! I'm sure it was to gain from the price spike.. but when I've withdrawn 30+ before and it took considerably less time... well, one starts to wonder.

I smell Bait and Switch tactics or something terribly wrong somewhere.

I have an ACH withdrawal from last Wednesday still showing pending (while at the same time telling me on the website it would be in my account last friday ... still). I am not happy, it was 39btc for $15,000(ish). Of course the bitterly ironic thing is btc skiyrocketing, so it isn't like they lost any money if they waited on selling the damned things.

We need a reliable and transparent alternative.

Happened again today. ACH withdrawals scheduled for today are still showing pending.

Okay ACH withdrawals are working, a day late though.

Support turn around has improved, but is still a few days waiting in the queue is required. All their issues get sorted within a few days, generally.

Looks like coinbase ACH withdrawals are getting delayed. I have a few transactions set for today from BTC sales last week, which have not arrived to be bank acct. Waiting for one more day before contacting support.