Between January 22 and February 11 it seems that customers were overcharged in an event that has been described as disastrous to some. Some people were unable to pay their rent and now risk losing the roof over their head according to some sources. One particular customer says they were charged up to five times for one purchase of $300 worth of BTC and this does not include overdraft fees.
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Coinbase blames the glitch on the recent changes to fees and charges made by some credit card companies and have promised a full refund to all those effected, though the overdraft fees and any compensation have not been discussed.
People took to reddit where some are saying they were charged 50 times which drained their bank accounts. A representative from Coinbase who goes by the name of Justin responded by saying:
Hi all, Justin from Coinbase here.
We're investigating an issue where some customers recently were charged incorrectly for purchases of digital currency with credit and debit cards. This is related to the recent MCC code change by the card networks and card issuers charging additional fees. We have identified a solution and any future purchases will not be affected by this issue.
We will ensure any customer affected by this issue is fully refunded. We expect this to happen for customers automatically through their bank. If you believe you were affected by this issue. Please contact support at support.coinbase.com.
We will be reviewing all card transactions from the last few weeks to ensure any affected customers are notified. We will post on our status page, Twitter and our blog with further updates.
I apologize for the trouble, we are working as quickly as we can to help anyone affected by this. Thanks!
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Coinbase will almost definitely be liquid enough to refund everyone so it is not a catastrophe for crypto but may be for some individuals, hopefully the glitch will be patched ASAP and it will not happen again.
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