Coinbase Exchange Says Unauthorized Charges Caused by System Glitch, Promises to Reimburse Customers
Coinbase Exchange company have been reported to have overcharged money from customers bank account. In some cases they have used up all their funds and left customers with significant overdraft charges.
Customers posted By on the Coinbase subreddit, complaining that their previous debits from their bank accounts had been repeatedly duplicated.
"My bank account went from a very comfortable to a negative account balance, not to mention the extra $5 and overdraft fees," wrote one user. "As a result, my rent check has recovered, and my bank has become more negative for a $25 charge. My landlord is not a good person and is in my case and I have nothing to offer him."
A member of the Coinbase workforce had suggested via Reddit that the problem may have been related to the company's recent decision to disable credit cards as a payment option on its platform. A follow-up post read:
"We can confirm that the unscheduled charges comes from our payment processing network. To the best of our knowledge, these unexpected costs are not permanent and will be reimbursed. We are undergoing joint investigations with the affected parties, and we will provide updates as soon as we receive them."
The glitch arose as some financial companies changed how they classify card purchases made on crypto exchanges, the company said. "We have come up with a solution, and any future purchase will not be affected by this issue, and we will ensure that every customer affected by this issue is fully compensated for the wrong fee," wrote the company on twitter. "We expect this to happen automatically through their bank."
However, Coinbase Exchange company is still developing and reports about overcharging and missing funds could damage its reputation.