How can I speed up my banks processing time for ebay payouts?

[shredder333]

I just started selling again on eBay after a long break and I like the new system of payouts directly to my bank.I know from my previous years of selling that new sellers need to wait until the delivery is confirmed until I have more sales history. My problem is last Fri the payouts were sent to my bank and my bank is showing a 4-5 day wait to process the funds and be available to me. It's a small local credit union and they take a long time to do everything so I was going to have my payouts go into my other bank account unless its normal to wait 4-5 days after each payout. Any tips or advice would be great like in the old days ebay wanted 25 transactions and $2500 in sales before they would allow you to have instant access to your funds.

[lisa5768]

Hi, once eBay sends the payout the time it takes to become available in your account is based on how quickly your credit union processes it. Your credit union likely credits transfers in batches since it is a small one. There is no way for you to speed that up. Each bank processes transfers on their own schedule. You could ask your credit union what days they process and adjust your payouts, if possible, so you do not have to wait as long.

[katzrul15]

@shredder333 

Are you on weekly payouts or daily?  Maybe switch to daily, if you are not already?

[theteamsetguy]

Your credit union is probably not directly online with the Federal Reserve bank. Many smaller credit unions are not online with the Federal Reserve bank. Since they’re not online with the Federal Reserve bank they use a larger credit union or bank that is online with the Federal Reserve bank to process their ACH transactions. This causes the delay.

I would get an account with one of the bigger banks like Wells Fargo, US bank, PNC, or Chase. In my case my account is at Wells Fargo and any sale I have on Monday is in my bank account by Weds.

[chapeau-noir]

Sorry for the derail but what's going on in that photo?

[buyselljack2016]

I have weekly payouts. They are done only on Tuesday. Available in my CU on Wednesday.

A few times I have set payouts for daily.  A Monday -Thursday payout has been in my account the next business day.

Not much happens with most banks/CU's  on weekends.

[mam98031]

Many small local banks are very slow to process ACH deposits.  It is an internal thing at your bank.  

If you want your money coming in faster, you will want to change banks to a larger bank.  For example, I do Weekly deposits.  They are issued every Tuesday morning.  I get an email from my bank [BOA] before noon on Wednesday.  For me this works very well and I've never had an issue with it since I've been in MP.

[dnasilver]

You do not need to use one of the well-known big banks for fast service. The little rural bank we use turns money just as fast as big banks and tend to be much cheaper and pay better rates. Funds released on Tuesday by eBay funds available to us no later than first thing Wednesday and typically by afternoon Tuesday.

[deltilogical]

My bank gets me my funds in 24 hours after payout, unless its Fri-Sunday - The cutoff seems to be about 3pm Thursday - so if I get paid at 3:01 Thursday, I won't get the funds until Tuesday.   I prefered the Paypal system.  But the politicians - those who do not produce anything but expropriate our labor - demand their piece of it because they will get their pension!

[mam98031]

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@dnasilver wrote:

You do not need to use one of the well-known big banks for fast service. The little rural bank we use turns money just as fast as big banks and tend to be much cheaper and pay better rates. Funds released on Tuesday by eBay funds available to us no later than first thing Wednesday and typically by afternoon Tuesday.

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Clearly that isn't true for all local banks.  The OP is with a local bank and has their deposits significantly slowed down.  Other sellers have reported the same thing from time to time with small local banks.  Now certainly some do structure their processes to accommodate ACH transfers faster, but sadly some don't.  So for the OP their option is to change banks.

That doesn't mean the OP needs to close their account at the smaller bank.  It only means they need a different one for their Ebay needs if they want their money faster.

[theteamsetguy]

Not all banks are directly online with the Federal Reserve Bank especially the smaller ones. My guess is your bank is one that is online with the Fed. The smaller banks that are not online with the Fed has to go thru a correspondent bank. Google the term correspondent bank and you see.