Bank entered the wrong recipient message in wire transfer to Coinbase
Anyone dealt with something similar before? I wired a large amount of money (~$20K) from Wells Fargo to my coinbase account yesterday. The account and routing numbers for Coinbase were entered correctly by my bank. However, they fat fingered the unique ID that goes in the recipient message (I believe that ID is used by coinbase to reference my account). As a result, the funds weren’t credited in coinbase even though it was a same day wire transfer. I’m now worried I’ve lost my money. I’ve sent support tickets and emails to coinbase but I was in the evening and they probably haven’t seen it. Am I better off going to my bank in the morning to try to reverse the wire transfer?
I don't think reversing a wire transfer is a thing
Wells Fargo!!!
Have wells reverse it ASAP
Wells Fargo can reverse it
Got it fixed by Wells Fargo! Thanks for the advice everyone. Lesson learned to triple check everything before sending that kind of money
Happy to hear that!!!
How do you say Bank entered wrong info? Not clear of the chain of events here, care to elaborate?
In addition to the account number and routing number that belongs to coinbase, they require you to include a unique ID in the notes of the wire transfer. I believe coinbase uses this to identify you and route the funds to the right account. The banker at Wells Fargo mistyped the reference ID and I didn’t catch it until well after the wire transfer was initiated. Luckily for me it was caught during the transfer and they were able to successfully cancel and put my money back in my bank account.
Thanks
Another reason why I don't treat Coinbase or Binance or any crypto activity as "investing". This is gambling. I personally am only playing with money I'm ok with disappearing. Any of these exchanges could be shut down, hacked, money lost. Putting money into bitcoin or an altcoin is not the same as investing in something like Google or Amazon with real value. So much extreme volatility. Binance has been a workable tool, but it feels pretty sketch and very v0.01 version of software. Buyer beware! /end PSA
I'm not one to defend the merits of investing in bitcoin. This is actually fairly common procedure for quickly transferring funds to a broker. Oanda does this for example.
I hope you get this resolved. All of the exchanges I have seen have warning msgs that they are not responsible for the incorrect msgs. I hope coinbase will help you out.