Can you use a Savings Account for Managed Payments instead of a Checking account?

[geofizz1]

Hello.  Ebay is forcing me into Managed Payments by April 25.  I have clicked the links to read up on MP.  And read plenty of comments on ebay boards.  Since I am just a casual seller, I may just leave ebay at this point, not sure.  I do not want to give them access to my one and only checking account.  And I'm not thrilled about opening a second one just for ebay.  Nowhere in their help pages do I see that you can use a savings account.  They refer to checking account or occasionally, bank account.  So does anyone know if you can use a savings account?

Also, are my buyers going to be able to pay with PayPal any longer?  Exactly what pay options will they have now, if I enroll in MP?

Thanks in advance 

[releasethekraken_1]

Yes, your buyers can still pay with PayPal. They can also pay with Google Pay, which wasn't an option until MP.

I'm fairly certain you can't use a savings account. Sellers have even reported problems using a credit union checking account.

[Anonymous]

Savings won't work...most banks and credit unions won't allow them due to the limited transfers due to Reg D. You wouldn't want to anyway, all your money would get stuck in your savings and you wouldn't be able to transfer it electronically once you reached the limit.

[kensgiftshop]

@geofizz1 

It has to be a checking account.

Yes, buyers will still be able to use Pay Pal.

With MP, they'll also have Google and Apple Pay.

Ebay has had access to my checking account since I joined in 2011 and I haven't had any problems.

[mtgraves7984]

For what it's worth... I opted into Managed Payments in August, 2019 with my (one and only) decades-old personal checking account. It allows for unlimited 'ins' and 'outs' with no fees. Nothing nefarious to report. Good luck.

[lamber9347 · Accepted solution]

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@geofizz1 wrote:

Hello.  Ebay is forcing me into Managed Payments by April 25.  I have clicked the links to read up on MP.  And read plenty of comments on ebay boards.  Since I am just a casual seller, I may just leave ebay at this point, not sure.  I do not want to give them access to my one and only checking account.  And I'm not thrilled about opening a second one just for ebay.  Nowhere in their help pages do I see that you can use a savings account.  They refer to checking account or occasionally, bank account.  So does anyone know if you can use a savings account?

Also, are my buyers going to be able to pay with PayPal any longer?  Exactly what pay options will they have now, if I enroll in MP?

Thanks in advance 

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The majority of posters on this forum are small sellers just like yourself. The negative comments regarding MP are all from folks who detest any sort of change. They fear it and make up things which simply aren't true. You really should read the posts that are favorable if only to hear the other side of the argument. 

You cannot use a savings account because all savings accounts are limited to 5 or less transactions a month. Buyers will now have more ways to pay you, including PP. My fees have actually gone down since I moved into MP. This is simply another way to manage your account and not some nefarious new system that will hack you or take your money.

At the end of the day, it's eBay's new payment system so you have the right to leave and no longer sell on this platform, or give it a shot and see that nothing bad will happen to you. Best of luck to you....

[mach128]

It needs to be type of account so you can give Ebay processor Power of Attorney, do you really want Ebay on your savings account?

[yuzuha]

If you're selling on a regular basis, it's a good idea to have a separate checking account for your business anyway. It makes bookkeeping much easier to have one account that is only used for money related to your sales.

[moderncoins999]

YOU WON'T GET THE RIGHT ANSWERS HEAR 1ST A CHECKING ACCOUNT REQUIRERS A CERTAIN AMOUNT A SAVING DON'T PLUS NOW EBAY WANTS YOUR SS # BDAY, TO MUCH INFO ,I HAD MY CARDS FU WITH FROM EBAY WHY DON'T THEY MAKE EPAL OR THEIR OWN CARD SELLING PENNIES WHEN A PHILIPPINES PERSON HAS NO KNOWLEDGE OF COINS AMERICA COINS OR DOSEN KNOW HOW TO FIX A MESTAKE LIKE I GET A RETURN FROM A IDEAM SITTING AT THE POST OFFICE FOR 4 WEEKS I GET A REFUND THEN IDEAM COMES I CONTACT SELLER TO PAY THE REFUND FOWARD THEY DON'T KNOW HOW  YOU CALL THAT COUSTMER SERVICE ARMATURES  WE COULD NOT FIX EBAY UNTIL THE BILLIONAIRES WORK THE PHONES 

[jffly]

I have called twice looking for a payment they sent me. I have asked customer service if I needed a checking account to receive payments.  I even told them that I set up with a savings account.  They said that was ok to have a savings account to receive my money and a checking account was ok too.  The mentioned nothing saying I needed a checking account only!  Even my bank said that that rule of only having 5 transactions per month for savings account is no longer true at this time.  They have eliminated that rule at the bank.

[dugoldstuff]

Even my bank said that that rule of only having 5 transactions per month for savings account is no longer true at this time. They have eliminated that rule at the bank.

Because of Covid, the Federal Reserve wanted people to have easier access to their money in their savings accounts. They gave banks the option to waive the usual limit on withdrawals in Regulation D. Some banks passed that waiver on to their customers and some didn't.

[cashmeredelight]

No but you wouldn't want to anyway. Another new change is occurring where Ebay will take your fees or other expenses from your bank act. Banks only allow4 withdrawals. and then usually assess fees to you would be easy to exceed 4, esp if items are returned or sales occur on your payout when you have no money built up again

[brick_nest_emporium]

This is incorrect information.  Savings accounts have a limit of 6 (not 5) WITHDRAWALS per month, not transactions.  You can deposit as many times as you want.  The only reason you can't use a savings account is because eBay won't let you.  It isn't any more complicated than that.

[kh-leslie]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.