Worldpay and Visa return mistakenly withdrawn funds to Coinbase users

19 February 2018

Late last week payment processor Worldpay and card network operator Visa reported that they are cancelling duplicate transactions, which resulted in unauthorized withdrawals of funds from the cards of card holders using the service of Coinbase cryptocurrency exchange.

In their blog post the two companies explained that Worldpay is working with Visa and Coinbase along with the issuing banks to reverse the duplicate transactions with the funds to be credited back to the accounts of card holders, adding that the problem was not through the fault of Coinbase. They also added that all refunds should appear on accounts of the Coinbase users within the days and most of them must have already been reflected on their accounts.

Coinbase is currently the largest cryptocurrency exchange in the United States enabling customers to trade major digital currencies. Increasing number of Coinbase users were reporting problems with unfair charges to their balances discussing the issue on Reddit and other social media websites. Some users reported high charges leading to zero balances on their bank accounts topped by overdraft fees. Reports reveal that no all card issuers were involved in the issue with unauthorized withdrawals.

The U.S. Commodity Futures Trading Commission published a statement saying that it was aware of the complaints posted by users and at the moment the Commission is investigating the case. The Consumer Financial Protection Bureau separately made a statement saying that they knew about the reports and expect the firms to follow all applicable regulations and laws with proper treatment of wrongly withdrawn funds of consumers. Card holders noting unauthorized charges on their accounts or card balances are strongly recommended to immediately contact their financial institutions.

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