mam98031 • Volunteer Community Member • Buyer/Seller since 1999
It is important to understand that Ebay is now a Money Processor / Transmitter. When getting licensed for this function comes a lot of Banking and Federal requirements. One is the CIP [customer identification program]. Ebay has to comply with all this stuff and they have to confirm your ID in a certain way that the Feds require.
https://www.fdic.gov/regulations/laws/rules/8000-1600.html#fdic8000fra1020.220
So it isn't "ridiculous", it is LAW. BTW they are going to need your full SSN too and that is because of the changes that are happening to the 1099K in 2022.
The information Ebay needs has absolutely NOTHING to do with how many feedback you have, how long you have been on the site or how good of a seller you are. NONE of that is considered.
It is quite simple really. They do it because they are REQUIRED by LAW to do it.
@jda12121 wrote:Because the bots don't like white out.
Bots do not review the paperwork sent in regarding verifying our identities.
@redmodelt wrote:Maybe I had to give less information because I had already changed over to my checking account to pull fees from well before being asked to switch over to Managed Payments. All I had to do was last 4 of SS and re-enter checking account numbers. (don't think I have ever sold over the Oregon 1099 level, which has been $600 for quite a while now anyway)
Maybe the extra requested information is because of what some people are selling, dollar selling level or could be sales records; returns, charge back etc that put a seller in a higher risk category.
There can be many reasons why Ebay asks for more information from a seller. If the seller made a mistake with the initial information submitted, that will do it. An error in the routing number, their name on the bank account doesn't perfectly match their Ebay account set up, etc.
This is a good little article on just this subject.
Oddly enough there have been some sellers that have come to the threads that intentionally provided Ebay with incorrect information because they were trying to game the system or something. Then they were mad as heck at all the additional documentation they needed to submit so that Ebay could actually verify them as required by LAW.
@2thache93 wrote:So now when ebay has a breach, hackers will have our photo IDs as well as private bank account information. You think they'll help anyone out when that happens? At least before hackers would only get credit card info or something else superficial. I'm not comfortable with this.
Maybe. But Ebay is not at any more risk to getting hacked than any other internet site. There is an extra layer of encryption on this type of information too. I don't think too many people would agree with you about a credit card, but you are certainly entitled to your opinion.
I hope you do very well wherever you decide to go.
@richarcoo-62 wrote:This is from the IRS . There coming after you if you mess up. I guess it's the end of ebay for me. I'm not having my security threatened by a online company that has horrible customer service , rediculose fees and now wants to own your finances.
Some are making the mistake of thinking these new changes are Ebay specific when they are NOT. It is for ALL marketplaces that have their own money processing programs, without exception.
@redmodelt wrote:". I would not be surprised to see Craigs list and Facebook Marketplace soon to follow, re same information being requested."
Well from posts I have seen, looks like Facebook Marketplace is now asking for SS number from people that accept online payments.
They will have no choice if the site is acting as a money processor or has a money processing program. It is the law that they have to issue 1099Ks.
I don't think Craigs List processes any payment, so they wouldn't qualify to this like other sites that do process the money. It is ALL ABOUT who processes the money.
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