MY MONEY is being held for ransom

[cameroncem]

Hi,

eBay is holding my realized funds for ransom. eBay's asking price to receive my funds is joint bank account access. My bank doesn't have, nor HAVE THEY EVER ASKED for this oversight of my bank account. eBay want s legal authority to take from my account whenever they deem necessary, and also transfer money into the account. This would set me up for absolute legal failure IF THEY MAKE A MISTAKE. Correct me if I'm wrong, I don't believe eBay will release their access to my account unless I add an account in it's place or close the account. I have zero faith eBay will not steal the money currently on hold in my eBay account. Here is my question, because I don't see any other options. 

If I close my eBay account will they send me my funds they currently have on hold?

Thank you

[lisa5768]

@cameroncem 

You can open a new checking account solely for your eBay money. This is what a lot of sellers including me have done. They only have access to that account not your main account.

If you choose not to register a bank account then eBay will hold your funds and they will be turned over to your state as abandoned funds. You then will be able to claim them from the state. This can be anywhere from 6 months to several years depending on your states laws.

[gator08041971]

What @lisa5768  said.

This is what I do.  I use a checking account just for eBay and that's all its for.  That way, I can keep it isolated from my main checking account(s).

[ebooksdiva]

As the other responders have said, open an account just to receive your payouts from eBay. I have a separate account just for eBay. My payouts arriving my bank account daily without any problems.

But hey, if you don't want to add your checking account, then the only other way to get your money from sales is to wait around 6 months or so when eBay sends your unclaimed payouts to your state as unclaimed property  where you can claim it. 

[cameroncem]

Thank you everyone, MY MIND IS BLOWN! 

SO, I have to create an account, give eBay access to the account, receive my money, close the account, and then tell everyone to include strangers NEVER to sell on eBay. Easy enough, I wish you all the best, thank you for your answers, this is absolutely absurd. I hope they never take anything they aren't entitled to. We DO NOT have enough money for that legal battle. 

[lakefor94]

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@cameroncem wrote:

Thank you everyone, MY MIND IS BLOWN! 

SO, I have to create an account, give eBay access to the account, receive my money, close the account, and then tell everyone to include strangers NEVER to sell on eBay. Easy enough, I wish you all the best, thank you for your answers, this is absolutely absurd. I hope they never take anything they aren't entitled to. We DO NOT have enough money for that legal battle. 

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That would work if you want to get the money.

[tobaccocardyahoo]

 You clearly do not have much experience in the business world and will probably have issues with the way that the banking and financial systems are evolving.

It is likely that physical money as we know it will be replaced with electronic money. I am not talking about bitcoin and the other cryptos, it is likely that the US treasury will be adopting an electronic currency and eventually all payments will be by electronic transfer.

Many people already have their bills sent electronically to their banks and for payment to occur automatically by the same ACH transfers that Ebay uses/

As for having a separate bank account for Ebay business, long before Ebay handled payment transfers, many Ebay sellers had a separate bank account for the far riskier PayPal, which was not a bank and not an experienced financial services company.

You clearly started selling here with no clue how internet marketplaces operate. All require you have a bank account or a service which emulates a bank account.

[monica-sells]

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@cameroncem wrote:

If I close my eBay account will they send me my funds they currently have on hold?

Thank you

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Sorry..I really had to respond to this question.....

Where/how would they send the funds if you do not give them a destination to send it to (banking account)?

....just curious

as suggested...it is really quite simple to open a bank account online to accept these funds...they generally are free, require only a inimal amount of verification (unless you use your current bank and open a secondary account, which require no verification process in most cases)

bonus...you could probably use this secondary account for other platforms that might need a destination to send your funds to.....

[kensgiftshop]

No, closing your account will not get the funds released if they have no place to send them.

If you're in no hurry for them you can wait until the funds are turned over to your states unclaimed property, then you can get the money from them.

[gator08041971]

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@kensgiftshop wrote:

If you're in no hurry for them you can wait until the funds are turned over to your states unclaimed property, then you can get the money from them.

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I'm still trying to wrap my mind around WHY anyone would want to even risk that process, let alone why it exists....  Yikes.

[toomuchstuffagain35]

Tell everyone not to sell on ebay because YOU don't understand how it works, but millions of other sellers have no issues?