From Cointelegraph
Visa and payment processing company Worldpay issued a joint statement on the Coinbase blog today, Feb. 17, taking responsibility for charging Coinbase customers multiple times for the same transaction.Read more: https://cointelegraph.com/news/visa-worldpay-take-blame-for-duplicate-charges-on-coinbase-reverse-transactionsBefore admitting fault in the statement published by Coinbase today, Visa had at first shifted the blame back to Coinbase, telling the Financial Times on Feb. 16 that it had “not made any systems changes that would result in the duplicate transactions cardholders are reporting.”
However, the latest statement from Visa and Worldpay on the Coinbase blog clarifies:
“Over the last two days, some customers who used a credit or debit card at Coinbase may have seen duplicate transactions posted to their cardholder accounts. This issue was not caused by Coinbase.”
Coinbase has stated the error initiated from a change of the merchant category code (MCC) for crypto purchases earlier this month, which meant that crypto payments by card would be processed as “cash advances”. Coinbase reported Feb. 15 that the extra charges were a result of Visa reversing and recharging transactions due to the MCC code change.
Visa and Worldpay write that all of the reversal transactions should have been issued, and will be reflected in the customers’ account balances within a few days. Their statement concludes:
“If you continue to have problems with your credit or debit card account after this reversal period, including issues relating to card fees or charges, we encourage you to contact your card issuing bank. We deeply regret any inconvenience this may have caused customers.”
Coinbase must be pissed. All that negative press and it wasn't even their fault.
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Visa and other institutions are trying to discourage their clients from buying crypto in any way. I, as a Coinbase customer have witnessed it myself many time already. You always make very informative posts, thank you.
Below, you can see what message Coinbase resently sent to its customers.
“Dear Valued Customer,
Over the last two days, some customers who recently purchased digital currency with a Visa credit or debit card may have seen duplicate transactions posted to their cardholder accounts.
This issue was not caused by Coinbase. Please see our blog post for additional detail (also copied below)....”
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Give up on Coinbase. Too many issues no matter who takes the blame. Check out Robinhood instead. Free crypto trading coming soon. Register for a free randomized stock as well: https://share.robinhood.com/tunaida
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