Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #5868940
Complaint Overview
Complaint ID: 5868940
Company: Payward Ventures INC. DBA Kraken
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Other transaction problem
State: California
ZIP Code: 91311
Date Received: 2022-08-11T12:00:00-05:00
Date Sent to Company: 2022-08-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I opened a Kraken account on XX/XX/XXXX. This included providing copious amounts of PII ( understandably ) and successfully inking my checking account for currency purchases. After confirmation that my account was opened and checking account linked, I put in a purchase order for {$250.00} of XXXX cryptocurrency. The order was placed ( minus Kraken 's fee ). I then attempted a {$250.00} purchase of another currency -- - and was told that the purchase could not go through. The next day, I was told that I could not purchase through my checking account, but could use a debit card -- - and a transaction fee to Kraken that was 300 % higher. It appeared to be some sort of bait-and-switch. They told me my checking account could not be used. I checked the balance in my checking account and found nothing had been deducted. I unlinked the account. A day or so later, I was told that my Kraken account had been closed. Shortly after that, I received an email stating I needed to arrange for payment of the {$250.00}. I explained that they initailly accepted by checking account ; they had closed my account; and I had unlinked it. Over the next two weeks there were several back-and-forth emails from agents -- - always sent around XXXX XXXX time. I had also seen XXXX rise in value about 20 %. They stated I had made the purchase and wanted me to empty my account. I asked for a full accounting. On XX/XX/XXXX, I received an email stating that my account was opened and I needed to withdraw the credit balance of {$46.00}. I was able to log-on and successfully re-linked my checking account ; but when I applied for withdrawal, Kraken again stated my checking account could not be used. I unlinked the checking account again. I am demanding a check for my balance of {$46.00} to be sent to me via USPS. This is an unscrupulous and dishonest organization. They have an F rating with the XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #5868940 about?
Complaint #5868940 was filed against Payward Ventures INC. DBA Kraken regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2022-08-11T12:00:00-05:00.
How did Payward Ventures INC. DBA Kraken respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Payward Ventures INC. DBA Kraken?
Yes, visit the Payward Ventures INC. DBA Kraken company profile at readthecomplaint.com/company/payward-ventures-inc-dba-kraken to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.