Seller payouts on hold until you update your account details…
So I just got off of an interesting phone call with customer support and was curious to see if anyone else has had a similar experience…
I started a new eBay account just over 2 years ago at the time was subjected to various Seller payout restrictions for the first 90 days as part of eBay’s “Managed Payments†protocols. There were sales that I made upwards of $1,000 that were held for 30 days by eBay before my funds were released to me. It frustrated me greatly at the time, but I went along with it as reps from eBay told me that it was necessary only for the first 90 days to “verify†me as a new customer and once this initial verification process was completed, funds from sales would no longer be subjected to hold times, which up until yesterday had been the case.
Yesterday, after receiving the funds from a $700 sale, my account was again put on restriction stating the following: “Your payments are on hold until you update your account details. Please update by April 01, 2023 to avoid further restrictions.†I am then given 3 options: 1) (“recommended†fastest option taking only 2 min to verify) to share the login information to my financial institution’s online, secure account granting eBay full access to all of my banking information - No way on Earth would I ever give that info to anyone, and never have I heard of anyone so bold as to even ask;
2) eBay sends 2 micropayments to verify (which is what they have been doing on a weekly basis anyway with my Seller proceeds, but for some reason takes 2-4 business days to complete); and 3) to send a ebay a bank statement (which can take over a week).
To make a short story long, I called customer support today to ask why they need to verify my banking information after 2 years of payouts without a single issue, the first rep Maria just read the script off of her cpu screen over and over again bc that’s all she could do, but her Supervisor, Marissa, is where it got interesting…
Marissa told me this verification was being performed to “comply with the requirements of the Federal Government†and that “everyone’s account gets verified at ‘some point.’ Shocked and in disbelief that being compliance with the Federal Government is NOT something that eBay would have been required to do prior to allowing me to Sell on its platform in the first place, I asked Marissa if I had been selling illegitimately for the past 2 years, and she simply said that if I wanted to continue to sell on eBay, I would have to go through this process and then politely asked me if there was anything else I needed help with.
All of this was triggered by a $700 sale and the bottom line is, in my opinion, and correct me if I am wrong here, but these holds are completely unnecessary and DO NOT have anything to do with verification of any kind. Simply put, eBay exercises its forcefully established power over its customers to place holds on larger payment amounts so that it can use said funds to earn interest or to invest them elsewhere for profit, sharing neither with its customers, the legal owners of principle payout. An act that Marissa’s frequently mentioned Federal Government views as Fraud and Theft - two crimes that according to Marissa and to eBay, you must be comfortable with in order to use their platform.
stainlessenginecovers
·3 years agoYou have to either give them the access they ask or nothing will change. It is safe to do. Most have a 'separate' account for eBay business anyway, so it doesn't mix with personal income, personal bill paying etc.
If you want to do it the slow way, they would need a scan (must be a very good high resolution) front and back of DL, a bank statement showing exact same name (including middle initial) as your eBay account and or a 'voided' check sometimes works.
These 'checks' are random and always ongoing for the payment processing company to continue sending payment and are nothing new.
sin-n-dex
·3 years agoWhen I set up my partner's account, which was registered to a corporation, in order to be verified for deposits I had to provide a recent bank statement showing the corporation name, and a T2 (Canada Corporation Tax Return). The tax return is like 100 pages long and it sounded like they were asking for the whole thing. I got the Notice of Assessment from Revenue Canada with the information on it they were asking for (name, address, business number, status) and sent that, voila, approved.
C.
714ricki
·3 years agoTry contacting the ebay for businss customer service agents on facebook. They should be able to shed more light on the situation.
Facebook
Good luck!