Apparently, a whole bunch of customers of the Coinbase cryptocurrency exchange recently went through some false charges on account of Visa messing around and reversing or recharging transactions.
Coinbase not at fault.
Recently, many banks and have been quite funky in terms of cryptocurrency. Many even going so far as to totally prohibit the use of credit cards for cryptocurrency purchases. Coinbase highlights that Visa has changed its MCC, effectively granting it the right to impose extra fees on customers.
However, these excess fees only apply to credit card purchases. Meaning that users can still go about their cryptocurrency trading using their debit cards and direct bank transfers. Despite these recent bumps. Coinbase is actively working with a variety of other banks to resolve the MCC issue or to even implement no protocols tailored specifically for cryptocurrencies.
Coinbase under fire.
Redditors were quite vocal in their discontent for Coinbase. Going so far as to say that Coinbase emptied out one users SCOTIABANK account. However, the cryptocurrency exchange urges customers to please contact their bank or card issuers and query them regarding these unfair charges, as well as to submit a support ticket on the platform’s site.
Steps to be taken with banks.
The exchange platform has stated that it is currently working with many banks to try and resolve current issues so that customers will not face additional charges in the future. Additionally, customers that were erroneously charged will be refunded.
What can we derive from this? Well, banks banning the use of credit cards isn’t totally ridiculous. Considering the fact that when you use a credit card, you are essentially using the bank’s funds. However, what really bothers me is the fact that they are playing around with their policies and throwing additional charges upon customers. But thankfully Blockchain technology and cryptocurrencies are decreasing our need to rely on third parties.