Checking or Savings Account?

[doroncj]

Been awhile since I've sold on eBay (over a year).  Do eBay payments have to be deposited into a "checking" account or is a "savings" account okay, too?  In the past I've used a savings account that I purposely opened for eBay only and still have that bank account.  

[klhmdg]

Checking account only.

[mam98031]

It has to be a checking account.  Nothing else will work.

The following links are very informative and easy to read. Lots of great information in these articles that contain information you should be aware of. After you read them you will likely have questions. Come on back and ask whatever you need to.

https://community.ebay.com/t5/Payments-Resources/How-does-the-updated-eBay-payments-experience-work-...

https://community.ebay.com/t5/Payments-Resources/Have-questions-about-payments-Check-out-this-post-f...

https://community.ebay.com/t5/Payments-Resources/Infographic-How-payouts-work-when-eBay-manages-paym...

https://community.ebay.com/t5/Payment-Resources/Changes-to-the-eBay-invoicing-process/ba-p/32004201

https://community.ebay.com/t5/Payment-Resources/Know-your-options-to-pay-eBay-fees-and-selling-costs...

[doroncj]

Thank you!  Been a long time since I was a seller, lots of changes to catch up on.  Have a savings account that I used for eBay only.  Trying to decide if I should open a 2nd checking account?

[mam98031 · Accepted solution]

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@doroncj wrote:

Thank you!  Been a long time since I was a seller, lots of changes to catch up on.  Have a savings account that I used for eBay only.  Trying to decide if I should open a 2nd checking account?

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I often recommend opening a separate checking account to have you online sales to dump into.  I have one myself.  I sell on a few online sites and I have all the money from all my sales go to that checking account.  

It keeps it separate from my personal transactions and it makes it much easier on the bookkeeping side too.

[doroncj]

Agree with you 100%.  Started selling on eBay before you could post pictures (20+ years ago).  Thank you for your reply.....

[mam98031]

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@doroncj wrote:

Agree with you 100%.  Started selling on eBay before you could post pictures (20+ years ago).  Thank you for your reply.....

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Glad I could help.

[a_c_green]

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@doroncj wrote:

Thank you!  Been a long time since I was a seller, lots of changes to catch up on.  Have a savings account that I used for eBay only.  Trying to decide if I should open a 2nd checking account?

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First of all, forget the savings account, as that does not have a Routing number to make it accessible via ACH transactions; it's your checking account that offers that connectivity.

I would definitely recommend a separate checking account for eBay business to keep it separate from your private funds (you don't want eBay digging into your family funds to claw back an unexpected buyer refund), and it makes end-of-year tax return accounting much easier. I have a credit union checking account for eBay sales that has no fees and no limit on on-line deposits.

[doroncj]

Thank you for confirming on what I feel I need to do.  I agree and am uncomfortable with attaching eBay to my only checking account.  It's "too" active and don't want to keep track of eBay's bits n' pieces along with the rest.  I appreciate your time & advice - thank you!