Coinbase Customers Overcharged For Credit And Debit Purchase of Crypto
Coinbase Customers Overcharged For Credit And Debit Purchase of Crypto
Over the past few days Coinbase customers where erroneously overcharged for credit and debit purchases of crypto. Users were reporting empty cryptocurrency accounts as a result, Some reported losing tens of thousands. It was creating panic and calls for legal action among Coinbase customers.
The cryptocurrency exchange has promised to "ensure that each affected customer will be refunded in full for any erroneous charge.
The company said it had conducted an internal investigation, it was determined that the problem was due to the fact that Visa had canceled and reloaded the transactions.
Coinbase says it expects refunds to happen for customers automatically through their respective banks. It also advised affected users to contact Coinbase’s support line at support@coinbase.com. “We will be reviewing all card transactions from the last few weeks to ensure all affected customer are notified. We will post on Twitter and our blog with further updates,” the statement concludes.
Comments on Coinbase’s blog reflect the frustration of customers affected in a larger way when the multiple charges made to their Coinbase account led to overdrafts of their bank accounts.
The card issuers and banks have requested that the MCC for digital currency purchases be changed by major credit card networks. As a result, it is expected that between January 22, 2018 and February 11, 2018, the refund and the restatement will have been made, which has resulted in erroneous charges. Customers may have a difference between the results of the new charge and the refund, but they do not have a single charge on their card statement.
We apologize deeply for any frustration this may cause. We are actively working with banks, processors and networks to improve the digital currency buying experience.