Ok so here’s an interesting situation, apparently Coinbase will let you overdraft your bank account to buy coins?!!
Yesrerday while Coinbase was crashing due to high volume buying, I was trying to buy an ETH for around 1200. My buys weren’t going thru...or so I thought. Wake up today to see I’ve bought 3 ETH worth and am now overdrawn a good 2gs. So now I have to sell a couple of those ETH at a loss to bring my account back to current but the whole ordeal has got my mind running...
My first thought being this shyt just runs past overdraft protection huh, cuz I would have assumed the systems would have approved the first ETH transaction and then rejected the other two since they were all separate transactions.
My 2nd thought is Coinbase gives me 100k limit....so outside of catching a bank fraud/theft charge if I was bout that potential prison life I could in theory make a lick at the right timing. A couple days ago this would have been good to know when BTC was running from 24k to 40k.
Am I the only person who didn’t know that money is immediately drafted like that? Will the bank reverse the charges?