A little over a week ago I requested a withdrawal from my pinnacle account for $3500 to be paid via Bitcoin. At the time of the request the price for bitcoin was something like $102,100. At the time that the payment was processed the price of bitcoin was $102,917.37, so I'm getting screwed there, but I will give them the benefit of the doubt, and assume that had the price gone the other way, I would've benefitted. (Big assumption, but I will give them the benefit of the doubt). The real issue is that the exchange rate I got for my withdrawal was $104,245.28 which I was finally able to squeeze out of customer service after 9 days of waiting for an explanation. So basically, I got charged a $62 fee to make my transaction in addition to the actual bitcoin exchange fee which was only $1.37
See here:
They keep giving the reasoning that "there may be fees involved from the provider's side, that Pinnacle has no control over and cannot reimburse."
To me this is a bogus excuse for a couple reasons.
1. The exchange rate was never made known to me at the time of the transaction, and I was not given a chance to confirm or deny the transaction at that rate.
2. Anyone can make a bitcoin transaction at the market price of bitcoin and only pay the transaction fee. So to pass on the 'fee' of a marked up transaction rate onto the customer is ridiculous. The 3rd party providing this transaction is providing the service to Pinnacle. For them to claim that its not their fault and they have no control is not true. They could do the transactions internally but rather choose to use a 3rd party service that charges a markup.
3. If they can just slap on "there may be extra fees" then claim that I as the customer agreed to pay the fees, without ever knowing the amount, where is the line of unreasonable? What if the exchange rate had been $110,000? $150,000? etc... I am supposed to just accept that?
At the end of the day its only $62 and I will live, but it's the principle of it that is incredibly frustrating.
Is there any recourse for this issue?
Does anyone else with a Pinnacle account have any suggestions how to avoid this in the future? Would using Tether work better since (in theory at least) the exchange rate should always be $1?
See here:
HTML Code:
https://mempool.space/tx/aaa8eb44882b3b4b9eacebb9b21522107099d4e54a5eb61bd957729174951667
To me this is a bogus excuse for a couple reasons.
1. The exchange rate was never made known to me at the time of the transaction, and I was not given a chance to confirm or deny the transaction at that rate.
2. Anyone can make a bitcoin transaction at the market price of bitcoin and only pay the transaction fee. So to pass on the 'fee' of a marked up transaction rate onto the customer is ridiculous. The 3rd party providing this transaction is providing the service to Pinnacle. For them to claim that its not their fault and they have no control is not true. They could do the transactions internally but rather choose to use a 3rd party service that charges a markup.
3. If they can just slap on "there may be extra fees" then claim that I as the customer agreed to pay the fees, without ever knowing the amount, where is the line of unreasonable? What if the exchange rate had been $110,000? $150,000? etc... I am supposed to just accept that?
At the end of the day its only $62 and I will live, but it's the principle of it that is incredibly frustrating.
Is there any recourse for this issue?
Does anyone else with a Pinnacle account have any suggestions how to avoid this in the future? Would using Tether work better since (in theory at least) the exchange rate should always be $1?
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