Coinbase Customers Angry At Additional Fees, Blame Service For Unauthorized Withdrawals

Investing, News | February 15, 2018 By:

Some Coinbase members are angry at the US exchange, claiming that their bank accounts are being drained without authorization or notice. The issue arose shortly after the service warned customers that banks would treat cryptocurrency purchases using credit cards as cash advances, resulting in higher fees.

A story reported by The Verge web site indicates that some users wound up having their acounts go to negative balances and were charged overdraft fees. The complaints have escalated in the wake of the bank’s decisions on charging their customers.

Coinbase has, so far, taken no position.  “We’re aware of the issue and will be posting updates via Reddit, Twitter and our company blog,” a spokesperson said in an email to the Verge. “We’ll be reaching out to affected users to solve the issue as required, as well as posting updates via social channels.”

Earlier this week, Coinbase halted PayPal withdrawals and disabled the ability to add new credit cards for US customers.  It also introduced Coinbase Commerce, a merchant tool.