Does FACEBANK works for selling?

[sader-8133]

Hello folks, how are you? Hope y'all are doing very well. 

I want to start selling here on eBay, but I don't have an US bank account. However, I'm opening a checking account on FACEBANK, an online bank. However, this bank is based on PR. Will it work? Since it has a routing number. Anyone who has sold anything on eBay uses this bank? Does it works well? 

Thank you for reading! ❤️

[kensgiftshop]

It has to be a checking account through a real bank.

Most of these online banks are not banks.

[mam98031]

It could be that I'm just not finding it, but I don't find that funds in Facebank are FDIC insured.  

[ebeths_eclectic_collectibles]

Not familiar with Facebank at all.  Use ally

myself and it definitely is a real bank with fdic protection

[ebeths_eclectic_collectibles]

They are not, I checked as I have not heard of them

[mam98031]

I would suggest that you contact Ebay for Business on Facebook, Instagram or Twitter for the better trained CSRs.

Here are your options for contacting Ebay Customer Service.  Please be aware that for social media CS, you send them a Private Message and briefly explain what your problem or issue is.  Feel free to leave your Name, address, phone number and/or your email address in this message.  It is private and secure and it may help to speed up the response for you.

https://twitter.com/askebay

https://www.facebook.com/eBay/

https://www.instagram.com/ebayforsellers/

Your options will be on the left.  If you use the link below you can only get to the Automated Assistant or Chat box type AGENT in the box and hit enter. You will then get more options.  Not all options are available 24/7.  It will depend on staffing available.  So sometimes you can request a call back and sometimes you can't.  Sometimes you have the Chat option available and other times it won't me.  If it is important to you to use one of those options, just try back later.

If you use a cell phone or other mobile device, you may need to turn off your Spam filter so that Ebay can call you.

If you are a seller outside of the US or Canada, you will need to use the Chat Option.

https://www.ebay.com/help/home

[ckimodog]

@sader-8133 

I believe you need an actual bank account.  Never heard of Facebank and I don't think eBay recognizes it,  but you can always try.

Good luck. 

[bonjourami]

And yet, you are registered in the U.S.?

[toomuchstuffagain35]

Where else would they register?

[mam98031]

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@toomuchstuffagain35 wrote:

Where else would they register?

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I think it came from a statement by the OP.  "I want to start selling here on eBay, but I don't have an US bank account. "  That kind of eludes to they have bank accounts but in another country or countries.  It really isn't clear as to where this seller is physically located at or why they specifically call out a US bank account instead of just saying they needed a bank account.

@sader-8133 

Are you physically located in the US or are you in a different country?

[slippinjimmy]

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@mam98031 wrote:

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@toomuchstuffagain35 wrote:

Where else would they register?

---

I think it came from a statement by the OP.  "I want to start selling here on eBay, but I don't have an US bank account. "  That kind of eludes to they have bank accounts but in another country or countries.  It really isn't clear as to where this seller is physically located at or why they specifically call out a US bank account instead of just saying they needed a bank account.

@sader-8133 

Are you physically located in the US or are you in a different country?

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The OP is in Puerto Rico. Facebank (not an actual bank) operates from Puerto Rico.

[toomuchstuffagain35]

They said they were in PR (Puerto Rico).

Unfortunately, for whatever reason, none of the major US banks like BOA, Chase, WF etc do business in PR. Citibank does, but only commercial.

[mam98031]

Well the did say the bank was in PR, but I missed where they said they were in PR.  Thank you.

[bonjourami]

"Well the did say the bank was in PR, but I missed where they said they were in PR.  Thank you."

Me too, my bad, turkey hangover.

[sierra_jhon]

Hello,

I understand that this message was initiated over a year ago. But as the topic it is still open I thought that I'd throw my hat in the ring.

I am not an investor in FaceBank. However, for the last 2 years I have had an account with them.

FaceBank is a real bank that is a member of the American Bankers Association or ABA and as such offer an ABA routing number (021502189) usable with a FaceBank account number for ACH transactions. They also offer international transfers (withdrawals and deposits) by SWIFT (FILCPR22 sometimes FILCPR22XXX).

they offer the following accounts: checking, savings, youth savings, credit cards and a type of temporary account used in the purchase or sale of real estate. They offer debit cards for the checking accounts as well.

The confusion that many seem to have is with the following 3 topics:

1. FaceBank is a hybrid bank based in Puerto Rico that follows banking laws of the US Federal government and the Commonwealth of Puerto Rico. This means that people inside the US and many people (depending on country of residence) outside of the US can open and maintain an account. Anyone that presently lives in PR is not eligible to open an account with FaceBank due to PR bank laws not US law or FaceBank policy.

2. FaceBank being headquartered in Puerto Rico means no FDIC. That said many people have Certificates of Deposit with Canadian banks (no FDIC) for higher interest rates for years and no issues with that. I have personally read financial outlook for FaceBank from MorningStar and they are a very conservative bank that weathered the C-19 pandemic without issues.

3. FaceBank is an online ONLY financial institution. Depending on your comfort in not having a physical branch that you can walk into, this can be a good or bad thing (your mileage may vary).

That said, credit cards and debit cards issued by FaceBank used in the US do not incur international transaction fees or surcharges, if you use one of their cards outside of the US or its territories you will incur such fees and charges.

(Source: I am a US citizen of Puerto Rican ancestry and formerly an employee BNY/Mellon International Funds Transfer Operations.