Crypto wallet and exchange Coinbase admitted that some customers were erroneously overcharged for credit and debit purchases crypto, and promises to reimburse all concerned customers The blog Coinbase reports Thursday, February 15.
According to Mr. Coinbase, the problem was raised when banks and card issuers changed the merchant category code (MCC) for cryptographic purchases at the beginning of the month. This meant that cryptographic payments would now be treated as “cash advances”, which means that banks and credit card issuers could start charging a cash advance fee for encryption purchases
00pm PST that the extra fees were the result of Visa reversal and recharge transactions because of the MCC code change. Their update of Reddit adds that Coinbase is working with Visa and other major credit card networks to create a new MCC for crypto purchases, and that they “hope this does not happen. will have no additional charges “ for customers
Comments on Coinbase’s blog reflect the frustration of more affected customers when the multiple charges charged to their Coinbase account led to overdrafts their bank accounts. The average user Sam Yoo writes,
“Will you repay the overdraft fees that were incurred from this fiasco?”
Reddit Ipzi user posted to the Reddit page of Coinbase He was charged with 50 duplicate charges for a total of $ 67,000
The Coinbase blog writes that all customers who bought crypto on their exchange between January 22 and February 11 may have been affected. Any Coinbase customer who has been affected by additional fees is encouraged to report to Coinbase in order to help them find what exactly happened.