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Cases When Coinify Refunds Bank Transfers

Our desire is to deliver transparent, convenient, and fast service. At the same time, just like other financial institutions, we must adhere to strict AML and KYC procedures.

To ensure that following these procedures do not complicate the use of our services, we have put an effort in communicating instructions to our customers upfront by using several communication channels and clear formulations. The messages regarding what our customers should specifically pay attention to are sent:

  • First, when the customer places an order

  • Second, in the confirmation email that Coinify sends out

In order to avoid unfortunate outcomes and delays in completing orders, we kindly ask you to read the list below and always pay attention to all the information and notifications set forth by us.

The cases when your bank transfer will be refunded are the following:

  • Customer sends an amount higher than his/her daily trading limits;

  • Customer sends a transfer from a bank account with a name different from the name on the document used to verify the customer’s Coinify Trade Profile;

  • Customer sends a transfer from a corporate bank account*

  • Customer sends a transfer from a sole proprietorship account*

  • Customer sends money twice for the same order (and does not create a new one)

  • Customer sends money without creating an order (and does not create one)

  • Customer refuses to fill in a Declaration of  Source of Funds or to submit Proof of Source of Funds documents. Note that these are mandatory compliance checks and customers need to pass them successfully in order to continue trading with Coinify

NOTE: When issuing refunds for the above cases, Coinify will apply Administrative Fees.

*Only Corporate Trade accounts approved by Compliance are allowed to send transfers from corporate bank accounts or sole proprietorship accounts.

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Published Date = 13/02/2018
Last Updated Date = 04/12/2019
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