I am totally disgusted with the customer service at BlockFI. Here’s what happened to me.
I attempted to transfer USD to my BlockFI account from my bank. BlockFI took my money but never credited my account. They then instructed me to wait 10 days and if the funds weren’t returned or credited to have my bank pull them back so I did. What did BlockFI do next? They reported a returned ACH on my account and REVERSED sales of BTC and ETH I had made during this time which cost me $2,000!
Did I get an explanation of what I did to deserve this? No.
What did they offer in compensation? $20…
This company is the worst I have ever dealt with.
Case number 260003.
Update 6/22… same conclusion as previously stated, this company cares nothing for its’ customers. Your escalation led to another “pound salt” response. My loss ended up being about $3,000 as they also instructed me to maintain my crypto position that they put me in while this was worked out.
Response from BlockFiJun 22, 2021
Hey Michael, thank you for taking the time to share your feedback, and we sincerely apologize for the negative experience you've had with us. We have escalated your case to the appropriate team internally, and someone will reach out shortly to provide additional details if they have not done so already.
GS
Graham S.
Trustworthy but long withdrawal times
Sold governance and a good track record of managing liquidity. Keep an eye on the terms of monthly interest rates, which can change dramatically. The problem comes when you try to withdraw your money. Contrary to the ethos of crypto it feels more like a traditional bank taking Blockfi days before tokens are transferred out.
Response from BlockFiJun 16, 2021
Hey Graham, thanks for the review! Please note withdrawals are subject to a security hold and processed the next business day after that hold clears. This security hold is in place to protect our clients against fraudulent requests and to allow clients to cancel their request if the destination wallet is entered incorrectly. It also gives us time to ensure that the assets are being returned to the correct individual and that there is no suspicious activity. While we acknowledge this may cause a slight inconvenience, it is important to balance between speed & security.
BJ
Bish J.
Great Customer Service, No problems
I had contacted BlockFi to change my phone number and they gave me a phone call and asked to verify my identity, which all went smoothly.
The website is very easy to use. It shows the interest that has been accrued.
I have not withdrawn anything to date, so I have not experienced this part of the service.
Response from BlockFiMay 21, 2021
Thanks for the feedback Bish, we greatly appreciate it!
ST
Steve
Try to get your money out!
The interest accounts are very attractive and they gladly accept your money. However, if you want to withdraw funds and protect your bank account and identity, look elsewhere to put your money. In order to get an ACH or wire withdrawl, you must disclose your receiving bank name, user id and password! This info is absolutely not required to do either transfer! This information passed to a third party to accomplish the action. I finally got them to admit that they could do a wire transfer manually. However, two days were wasted with them trying to get me to disclose my bank credentials complaining that it would stress their operations personnel. For the manual transfer they want a copy of your identification, I used my DL, front and back and then use another third party to do live facial recognition. And my free wire transfer cost me $20.
Their "customer support" is primarily by e-mail and they repeatedly fail to answer the asked question.
In another situation, my financial institution made an error and left some of my information on a wire transfer for another individual. His money was sent to my account! BlockFi did not deposit the funds to my account due to the name mismatch. My financial institution advised me of their error and BlockFi contacted me to question the deposit. I repeatedly explained what had happened, but they somehow could not comprehend what had occurred. At one point they asked me to provide the other individual's account information! They blatantly lied to my financial institution saying I was not cooperating. All they had to do was reverse the wire transfer, all the needed information was right there on the inbound wire. It took 30 days to get the other individual's funds returned. And thanks to the one representative that actually did something and got the money returned.
From my interactions with BlockFi, I feel like their employees do not want to do any work. They either want you to use their system, disclosing unnecessary personal and financial information, or do all the work for them.
Response from BlockFiMay 14, 2021
Hi Steve, we appreciate you providing feedback on your experience and will gladly forward this to our team.
We use trusted providers for identity verification and for some withdrawals require this as an extra layer of security. This security measure has allowed us to identify fraudulent withdrawal requests in the past, and alert clients that their account may have been compromised. While we acknowledge this may cause a slight inconvenience, we are actively working to find ways to increase the speed of withdrawals while also remaining secure in order to protect our clients.
Our Client Services team can always be reached at https://blockfi.com/contact/ and funded clients also have access to a phone number to speak to someone in person. We're sorry to hear about your initial experience with the wire transfer, but were also glad to read that someone from our team was able to get the money returned successfully!
We hope that if you run into any issues in the future, you'll reach out and give us an opportunity to resolve them. Thank you for being a client!
CB
Caleb B.
I was happy with blockfi until they…
I was happy with blockfi until they lowered interest for the second month in a row. Ridiculous. And to get my money out they have one free withdrawal and then a .00075 btc fee which equates to 50$ - just to withdrawal my money. Blockfi has too high fees, ridiculous.
Response from BlockFiApr 29, 2021
Hey Caleb, we appreciate your feedback! Clients get 1 free stablecoin and 1 free crypto withdrawal per month. This resets on a monthly basis, so if you have already made a BTC withdrawal this month, you'll be able to make another free crypto withdrawal in just a few days. Our Client Services team would be happy to address any additional concerns you may have and can be reached at https://blockfi.com/contact/
DS
David S.
Excellent experience so far.
I have been using BlockFi for about 6 weeks to earn interest in stable coin. Their Website is very simple and intuitive. I have been able to transfer funds in and out easily with ACH through Plaid and the transfers have been recorded in both directions within 24 hours. I've had questions answered several times by their support department. They responded quickly and were polite, professional and knowledgeable. My experience so far with BlockFi could not have been better.
Response from BlockFiAug 6, 2021
Thanks so much for the feedback David. We take great pride in ensuring that our client service remains unmatched in the industry!
ME
Meme
THIS BUSINESS SUCKS IVE BEEN WAITING 5…
THIS BUSINESS SUCKS IVE BEEN WAITING 5 BUSINESS DAYS AND STILL CANT WITHDRAW AND THE MARKETS ARE BULLISH. READ FINEPRINT BEFORE MAKING AN ACCOUNT WITH THESE PEOPLE
Literally I don't know why I chose this company. I could've invested in xrp at 90 cents but NOOO now its at 1.80 If only blockfi didn't hold my money for hmm what is it now. 7+days and once you withdraw another business day to process security. Hell nah
Response from BlockFiApr 13, 2021
I sincerely apologize for the trouble you're having with your withdrawal. You can always reach out to us and receive swift support by emailing [email protected] or by going through our chatbot, which will submit a ticket on your behalf. Regarding moving crypto off of our platform, we place the highest level of importance on compliance here at BlockFi, so all protocols are put in place for your security above all else. That said, we have no restrictions or lock-up periods, so you can always withdraw your funds at any time. Withdrawals are subject to an 18-hour security hold and processed the next business day after that hold clears. This measure protects clients from fraudulent requests and gives us time to ensure that assets are being returned to the correct individual!
RA
Ra
Can't withdraw funds.?!
I like BlockFi for earning monthly interest. However, they decreased the amount of bitcoin you could effectively earn interest on with very little warning, but I was able to pivot and figure something out. However, I went to withdraw bitcoin and found a new identity verification check - which I completed and was awaiting its review. But, then I found out 6 days later that the withdraw was canceled because they couldn't verify my identity. I emailed support as per the cancellation email, only to get an auto-response that the the inbox wasn't being monitored... I feel like they're essentially making stuff up to stop me from withdrawing the bitcoin and so I am starting to question the legitimacy of their entire service.
Response from BlockFiApr 9, 2021
Hi Ra, we're sorry to hear about your experience withdrawing from the platform. We are actively working to find ways to increase speed of withdrawals while also remaining secure in order to protect our clients. A client services associate should have just reached out to you to make sure your issues have been resolved. Please let us know if there is anything else we can do to help, and thank you for being a BlockFi client!