Are You Having a Problem with Withdrawals and Deposits?

Having trouble with your CoinJar deposits or withdrawals? CoinJar users occasionally encounter issues that can be easily resolved once you understand what's happening. Here are some straightforward solutions to get your funds moving smoothly again.

Common deposit and withdrawal restrictions

Name matching issues

Problem: One of the most frequent issues users face is when the name on their bank account doesn't match the verified name on their CoinJar account.

Solutions

-Ensure your CoinJar account is verified with your legal name.

-Confirm you're using a personal bank account with the exact same name.

-If you've recently changed your name, contact support@coinjar.com to re-verify your CoinJar account with your new legal name.

Joint account restrictions

Problem: The CoinJar platform generally states that joint bank accounts cannot be linked to a CoinJar account.

Solution

-While the standard policy doesn't allow joint accounts, CoinJar can make provisions in some cases.

-Contact CoinJar Support to discuss your specific situation.

-Be prepared to provide additional verification if your request is approved.

-Consider linking an individual account instead for the smoothest experience.

Cooling-off periods

There is no cooling-off period for deposits and withdrawals for most CoinJar customers. The only exception is for UK customers, who have a cooling-off period of 24 hours after initial account creation, but not for subsequent deposits and withdrawals. This cooling-off period is thanks to local regulations.

Pending bank account status

Problem: Many customers notice their bank account shows as "pending" in the app, preventing withdrawals.

Solution: This happens when users miss a critical step in the bank linking process: After entering your bank details in CoinJar, your account is in "pending" status.

To complete verification, you must make a small deposit of any amount from this bank account to your CoinJar.

This deposit confirms the account is valid and active.

Your bank account will be successfully linked only after this deposit reaches your CoinJar.

Once linked, you can instantly transfer funds to your bank account.

Understanding deposit and withdrawal timeframes

Timeframes can vary across regions.

Using PayID

PayID Deposits:

-Usually received within minutes

-May take longer for first-time deposits (up to 72 hours)

-Can be delayed due to network issues or bank processing

Standard Bank Transfers:

-Typically processed by the next business day

-Can take up to 3 business days depending on your bank. Withdrawals:

-Usually arrives within minutes

Using Faster Payments

Faster Payments Deposits:

-Usually received within 1-2 hours

-First deposits may take up to 24 hours

-Subsequent deposits often arrive within an hour

Withdrawals:

-3:30 PM GMT cut-off time for same-day processing

-Most withdrawals received the next business day if made before cut-off

-Some banks may take up to 3 business days to process

Using SEPA

SEPA Deposits and Withdrawals:

-Both typically take 1-2 business days

-Some banks may take up to 3 business days to process

Key troubleshooting tips

Bank account not being verified?

If you've made a deposit but your bank account still isn't linked, check these common reasons:

Instant Buy deposit: These don't verify your bank. Make a deposit using a direct transfer of PayID instead.

Banking provider using grouped accounts: Some banks process transfers using accounts with different details than yours. Contact support@coinjar.com to confirm.

Incorrect bank details: Double-check the account details you entered in the Linked Accounts section.

Below is more information on how to link your bank account.

Steps to Link Your Bank Account (Website)

Sign into CoinJar and select More in the top menu

Navigate to Linked Accounts and click Add Account

Enter your personal bank account details and a nickname

Select Link bank account

Important: Make a small deposit of any amount from this bank account to your CoinJar

Your account will be linked once the deposit reaches CoinJar

Steps to Link Your Bank Account (App)

Go to the More tab in the bottom right corner

Select Linked accounts

Click on Link new bank account

Enter your bank account details and nickname

Select Link bank account

Important: Make a small deposit from this bank account to verify it

Your account will be linked once the deposit reaches CoinJar

Still having issues?

If you've tried these solutions and still can't resolve your deposit or withdrawal problem, please contact CoinJar Support who can provide personalised assistance to address your specific situation.

By understanding these common issues and their solutions, you'll be able to enjoy a hassle-free experience with your CoinJar account!